Eye in the sky firm secures £1.6m funding for expansion
A Birmingham company which provides information and intelligence to clients via aerial and satellite imagery has attracted investment of £1.68m.
Geospatial Insight uses expert analysis of imaging data to give 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 funding from the Foresight Williams Technology EIS Fund will enable the company to hire additional developers to expand its machine learning capabilities as well as specialist business development staff.
Established in 2012 by industry experts Dave Fox (CEO), Dan Schnurr (CIO), Adrian Watson (CFO) and Paul Fearn (CTO), a team that has worked together for more than 20 years in the sector, Geospatial Insight currently has 28 employees.
Alongside the fund’s investment, Geospatial Insight will benefit from the investment management and growth experience from Foresight’s team of investment professionals.
It will also benefit from the link to Williams Advanced Engineering who are well-equipped to help accelerate the development of Geospatial Insight’s machine learning capabilities.
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.”
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.”
