Birmingham-based Geospatial Insight, which provides information and intelligence via aerial and satellite imagery, has received £1.68m investment to expand its capability.
The funding from the Foresight Williams Technology EIS Fund will enable the company to add to its 28 strong employee pool to expand its machine learning capabilities as well as specialist business development staff.
The firm uses expert analysis of imaging data to provide other companies an information edge over their competitors.
Their services can provide clients in the finance and insurance sectors with independent research in areas such as risk analysis, investment evaluation, asset monitoring, and event impact assessment.
The company was established in 2012 by CEO Dave Fox, CIO Dan Schnurr, CFO Adrian Watson, and CTO Paul Fearn, a group that had worked together in the sector for more than 20 years.
Dave Fox said: “We are delighted to receive investment from the Foresight Williams Technology EIS Fund. During the next 12 months we will be strengthening our machine learning expertise and developing new customer propositions that better inform enterprise decision making.
“By doing so we will also further extend our unique expertise and solidify our position as market leaders in intelligence derived from satellite, aerial and drone imagery.”
Geospatial Insight will also benefit from the investment management and growth experience from Foresight’s team of investment professionals.
John Holden, principal, Foresight, said: “We are delighted to be backing this experienced and capable team.
“Since the company’s foundation in 2012, they have established a strong market position and our investment will support further product development and a growing customer base.
“The Foresight Williams Technology EIS Fund has had a busy and successful start to 2018 and we look forward to the rest of the year with more deals in the pipeline.”
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