New 1.8 Million Euro Funding Fuels Technology Innovation at Sitemark

25 Jul 2018

We are pleased to announce that Sitemark has raised an additional 1.8 million Euro funding provided by the EU’s Horizon 2020 program. Together with our previous capital raise of 1 million Euro this is a huge endorsement for Sitemark as an industry-leading technology provider with high global potential. Out of 1658 proposals submitted from all over Europe, we are a proud member of the group of 63 organizations (the only from Belgium) receiving this funding.

The Horizon 2020 SME Instrument offers “Europe’s brightest and boldest entrepreneurs the chance to step forward and request funding for breakthrough ideas with the potential to create entirely new markets or revolutionise existing ones.” Receiving this funding is a great vote of confidence by the EU and it makes us very proud and resolute in our commitment towards innovation and growth.

This funding will be used towards developing new solutions for inspections of vertical structures within the existing 3 industries where Sitemark operates: Mining, Construction and Energy. Examples of where our solution is currently deployed include the building of some of the largest wind farms in Africa, inspection of complex conveyor belt structures in Europe’s largest open pit mine, and construction monitoring on the A7 and A9 highways in Germany.

“Sitemark’s mission is simplifying drone based inspections to a point where it can be deployed at scale in a reliable and consistent manner. This has been a key factor of how we have been able to deploy our solution towards customers across the globe” says Vishal Punamiya, Sitemark’s CEO. “Developing solutions for vertical structures allows us to rethink innovative ways to deal with flight automation, image processing, data analytics, and how enterprises make full use of the data generated.”

This funding will also go towards establishing local presence in markets like India, Japan, Australia, and the US. These countries are becoming some of Sitemark’s key markets outside of Europe. Additionally, our team in Europe will be welcoming an additional 8 to 10 new talented individuals to our already growing team to further support the companies new ambitions.

Exciting times ahead for the Sitemark team!

Read the full press release here

About Horizon 2020

Horizon 2020 is the biggest EU Research and Innovation programme ever with nearly €80 billion of funding available over 7 years (2014 to 2020) – in addition to the private investment that this money will attract. It promises more breakthroughs, discoveries and world-firsts by taking great ideas from the lab to the market. https://ec.europa.eu/programmes/horizon2020/