• Geospatial Insight is a leading provider of satellite imagery analysis for insurance, investment and corporate sectors
• Established team with +20-year track record in the sector
• The Fund supports disruptive technologies with high performance engineering capability and proven investment management
LONDON, 26 April 2018: Foresight Group (“Foresight”) announces the £1.68 million investment from the Foresight Williams Technology EIS Fund (“the Fund”) into Geospatial Insight (the “Company”).
Geospatial Insight is a leading provider of satellite imagery analysis for the insurance, investment and corporate sectors. Their product combines satellite imagery with video, positioning and commercial data and provides qualitative and quantitative analysis to produce actionable business intelligence tailored specifically to their clients. The Company also provides loss estimation and claims analysis services to the insurance sector.
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 and plans to hire additional developers to expand its machine learning capabilities as well as specialist business development staff.
Alongside the Fund’s investment, Geospatial Insight will benefit from the investment management and growth experience from Foresight’s team of investment professionals. In addition, the Company will benefit from the link to WAE (“Williams”) who are well-equipped to help accelerate the development of Geospatial Insight’s machine learning capabilities. The Company’s focus will continue to be on the creation of scalable information products, delivered by proprietary machine learning software, enabling significant reductions in labour costs and greater overall capacity.
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.”
Craig Wilson, Managing Director, WAE, said: “Williams is pleased to be entering into this new partnership agreement with Geospatial Insight and to have the opportunity to be involved in enhancing its valuable business intelligence service offerings within a growing market.”
Dave Fox, CEO, Geospatial Insight 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.”
This is the Fund’s fourth investment, following investments into following a £500,000 investment into Southampton-based Utonomy, a ground-breaking intelligent gas grid solutions provider last September; Codeplay, an Edinburgh-based software developer and software consultancy business involved in Heterogeneous Systems and The Salford Valve Company (“Salvalco”), a company providing ecologically sustainable aerosol valves.