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."