GeoDigital International said Wednesday that it has secured an undisclosed amount of funding. EnerTech Capital and Emerald Technology Ventures led the round with participation from previous backers that include NGP Energy Technology Partners and North Sky Capital. In conjunction with the funding, Scott Ungerer, managing director of EnerTech Capital, will join GDI’s board of directors. Headquartered in Hamilton, Ontario, GDI is a provider of next-generation 4D geospatial imaging and business intelligence solutions.
HAMILTON, Ontario, June 11, 2014 /PRNewswire/ — GeoDigital International, Inc. (“GDI”), the leading provider of next‐generation 4D Geospatial imaging and business intelligence solutions, announced today that it has raised an undisclosed amount of new equity financing from leading international investors. The round was led by EnerTech Capital, a prominent North American venture capital investor focused on the energy and power industries, and Emerald Technology Ventures, one of the world’s largest clean technology investors. They were joined in the round by GDI’s current investors, including NGP Energy Technology Partners and North Sky Capital. GDI will use the capital to fund the company’s product extensions and continued expansion in the United States, Canada and international markets.
“This financing will enable GDI to extend the reach of our cloud-based business intelligence solutions to meet a wide range of client needs. GDI’s solutions increase the reliability of the information on which our clients make mission-critical decisions and help them realize significant cost savings,” stated Abe Morris, co-CEO of GeoDigital. “We are proud that all of our major existing investors as well as leading international investors Emerald and EnerTech participated in this financing. These investors all have a superb track record of growing businesses across North America and internationally.”
“To make critical business decisions and ensure compliance with regulatory requirements, utility companies worldwide are turning to GeoDigital for geospatial imaging and mapping solutions to monitor and inspect their geographically dispersed assets with engineering precision. Our solutions enable our clients to achieve significant productivity improvements by managing subsequent field work, including through the use of web-enabled mobile devices,” said GeoDigital Founder and Co-CEO, Alastair Jenkins. “In addition, our solutions are creating path-breaking innovations in mapping to support autonomous (self-driving) vehicles.”
Scott Ungerer, Managing Director of EnerTech Capital, who will join the GDI Board of Directors, stated, “Our investment in GeoDigital was driven by the growing focus of utilities and other infrastructure owners on increasing operational efficiency and regulatory compliance as well as with the growing acceptance of geospatial mapping solutions to meet these challenges. GeoDigital is a market leader in providing these services and software solutions, and we expect GDI to help drive significant global growth. Our investment in GeoDigital also demonstrates our continued focus on investments in high-quality companies across Canada.”
Gina Domanig, Managing Partner for Emerald Technology Ventures, who will also join the GDI Board of Directors, stated, “We identified GeoDigital as possessing a unique technology that is capable of addressing multiple industry sectors. In the rapidly growing and evolving geospatial information market, offering Software and Information as a Service Solution positions GDI to serve the needs of leading utility and engineering companies.”
About GeoDigital International, Inc.
GeoDigital International, Inc. integrates the world’s most advanced imaging and data acquisition technologies to perform airborne and ground mapping services with LiDAR (Light Detection and Ranging) to deliver industry-leading business intelligence solutions for asset management and engineering. By providing access to geospatial information using proprietary software and web mapping technology in partnership with Google Earth and Google Maps Engine, GeoDigital offers utilities and engineering firms unrivaled access to their data anywhere, anytime to enable work planning, execution, and reporting. GeoDigital and its predecessor companies have a 20-year history in airborne mapping for the utility industry, providing leading-edge solutions for mapping, inspection, line rating and engineering analysis to customers across around the world.
For more information, please visit: www.geodigital.com
About EnerTech Capital
EnerTech Capital invests in companies that offer products or services that dramatically improve the profitability of producing or consuming energy. Founded in 1996, the firm has managed approximately $500 million and has delivered over 30 exits. EnerTech Capital is currently investing out of its fourth fund and has offices in Philadelphia, Toronto, Montreal and Calgary.
For more information, please visit: www.enertechcapital.com
About Emerald Technology Ventures
Emerald Technology Ventures is a globally recognized investor in the areas of energy, water and materials. Founded in 2000, Emerald has been a venture capital pioneer in these industrial sectors and invested in more than fifty companies to date. From offices in Zurich, Switzerland and Toronto, Canada, Emerald has managed three venture capital funds and two venture capital portfolio mandates totaling over USD 500 million. Fund investors include leading financial institutions, family offices and multinational corporations.
For more information, please visit: www.emerald-ventures.com
About NGP Energy Technology Partners
NGP Energy Technology Partners (“NGP ETP”) is a private equity firm that invests in companies that provide products and services to the oil and gas, power, environmental, energy efficiency and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million in committed capital and is led by professionals that have extensive experience investing across the energy industry. NGP ETP partners with experienced management teams executing on compelling strategic plans and works with them to drive significant value creation. NGP ETP is headquartered in Washington, DC and has an office in New Orleans, LA. NGP ETP is affiliated with NGP Energy Capital Management (“NGP ECM”). Founded in 1988, NGP ECM is a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in cumulative committed capital since inception. NGP ECM’s investment platform includes Natural Gas Partners, NGP Global Agribusiness Partners, NGP Capital Resources Company (NASDAQ: NGPC), and NGP Energy Technology Partners.
For more information, please visit: www.ngpetp.com
About North Sky Capital
North Sky Capital is an independent registered investment advisor that was established in 2000 to provide tailored private investment solutions for its investors. To date, North Sky’s tight-knit team has built 14 innovative funds spanning the full spectrum of private equity and energy infrastructure. North Sky Capital manages over $850 million in committed capital and is headquartered in Minneapolis, MN.
For more information, please visit: www.northskycapital.com