Global Surface Intelligence (GSI) has agreed a seven-figure investment from Alter Technology TUV Nord Group (TUVN), in exchange for a minority stake.
As a result, TUVN will take a seat on the board and also have a board observer. Both Par Equity and Scottish Enterprise will remain as investors in the company.
The Edinburgh-based geospatial company provides commercial forestry data and analytics to support client investment decisions.
It uses satellite imagery, in combination with other data sources, to deliver accurate and wide-scale forest inventories. The principal market is in the US, where GSI has successfully won contracts with timber management and forestry asset owners.
The new investment will be directed at business development, sales and marketing, to build on its current US footprint.
New hires are set join by the first quarter of 2023 in the US, while others will be recruited to add to the core team in the UK.
GSI is also looking to leverage its market knowledge of forest carbon into the European market.
Matt Tryburski, the company’s founder - who is based in the US - will re-join as chief technology officer on a full time basis in the next few weeks.
Chief executive Peter Young explained: “This investment is a major step forward for GSI and will drive the scale-up we have planned for some time.
“It is a significant statement from TUV Nord to invest in a geospatial company of our size - I’m also excited to partner with them over the next few years to explore the application and potential of earth observation in their own businesses.”
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