Scottish earth observation analytics firm Global Surface Intelligence has secured 775,000 pounds in funding. The investors were Par Equity, the Scottish Investment Bank and Green Angel Syndicate.
Edinburgh-headquartered Global Surface Intelligence Ltd (GSi), the earth observation analytics company, has received a further vote of confidence from investors, as the company secures second round funding, taking the investment in the company to £1.18 million since February 2013. Original backers Par Equity LLP and the Scottish Investment Bank have been joined by Green Angel Syndicate in the second round, which sees the trio commit a further £775,000. The investment is set to accelerate GSi’s growth plans, with the team projected to double, reaching 14, by 2016.
The company has developed predictive analytics and machine-learning software to turn raw earth observation data into commercially useful information about the environment. It is currently monitoring timber volumes in North America and Scandinavia and has been used on projects assessing forest carbon stocks across six continents. GSi is also supporting the Australian government’s soil carbon monitoring programme and its GSi-Platform, sits on some of the most powerful supercomputers in the world which are hosted by the Edinburgh Parallel Computing Centre at the University of Edinburgh.
Nigel Douglas, chief executive of GSi, said: “We are encouraged by this latest round of funding, which attracted a lot more investment than it had initially intended. While we could have kept going, it was decided to close the funding door at £775,000 before things got silly.
“Since our launch in 2012, we have developed advanced ‘big data’ analytics that enhance the accuracy of earth observations, which previously had been hindered by skewed results from cloud cover or atmospheric distortion. This gives us a much clearer view of the earth and whilst the environment is at the centre of the business, our patented technology can be applied to many different sectors. We are already developing global yield predictions for more than 120 different crops for the commodities market and this latest investment will allow us to build the team to meet increasing demand and further expand our agriculture crop yield services.”
GSi ‘s technologies help organisations make better environmental and business decisions. Its system processes, filters and analyses hundreds of thousands of satellite images, which allow users to carry out historical global big data time-series analytics as far back as 2001.
Paul Atkinson, partner of Par Equity LLP, added: “Since our initial investment in GSi, some 18 months ago, the management team has demonstrated its ability to develop the technology and strengthen its position in a truly innovative market. We remain firmly committed to help growing GSi into one of the leaders in this important global sector.”
About Global Surface Intelligence (GSi)
GSi has heritage back to 2009 when its first patents were registered, it was officially incorporated in 2012 and has its head office in Edinburgh, Scotland, UK. GSi has developed a very powerful software platform, which provides big data predictive analytics of satellite and other data. Using this platform, GSi can now observe our planet, in new ways and on new scales and using it the company has brought to market several niche products with a focus on environmental data solutions. GSi’s aim is to continue to innovate and commercialise other data-layers, which can help organisations make better environmental and business decisions.
This will be a combination of developing new internal products and by working with clients, universities and scientists to help commercialise other emerging data products.
About Scottish Investment Bank
The Scottish Investment Bank is the investment arm of Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF); the Scottish Seed Fund, the Scottish Recycling Fund and the Renewable Energy Investment Fund. SIB is also the cornerstone investor in the privately-managed Scottish Loan Fund and an investor in Epidarex Capital’s life sciences fund. These support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and more easily access finance.