DATA-mining specialist Global Surface Intelligence (GSi) says it is “encouraged” to have secured second-round funding totalling £775,000, which it will use to speed up its growth plans and taking investment in it since February last year to £1.2 million.
The Edinburgh-based company, which specialises in earth-observation analytics, said the latest investment came not just from original backers Par Equity LLP and the Scottish Investment Bank, but also Green Angel Syndicate, which focuses on eco-friendly opportunities.
GSi’s chief executive Nigel Douglas said the latest round attracted far more investment than originally intended, with the decision made to stop the funding at the £775,000 mark “before things got silly”.
The company said the sum will let it boost its team “to meet increasing demand and further expand our agriculture crop yield services,” with its headcount projected to double to 14 by 2016.
It processes, filters and analyses satellite images and Mr Douglas noted that it is already developing global yield predictions for more than 120 different crops for the commodities market.
He said: “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.”
The business was praised by Paul Atkinson, partner at investment firm Par Equity LLP, who said: “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.”