GeoDigital announced today that they have secured a new round of equity funding. In the press release they do not disclose the amount of the investment – $25 million, or the fact that General Motors is one of their new investors. This information was published, however, by Dow Jones’ Venturewire.
In a brief interview with Co-CEO Alastair Jenkins I learned that over the next two to three years part of the funding will be used to create a detailed, engineering grade, LiDAR-derived highway and urban core database for the U.S. and Canada. GeoDigital will own this valuable data which I imagine would be of interest to a number of groups – builders of autonomous vehicles and transportation agencies come to mind. In addition the funding will be used to develop software to further automate LiDAR data processing workflows.
Over the next two to three years the plan is to build and expand upon the current revenues from providing software and services to utilities to create a larger and more balanced business model that leverages the above mentioned database by providing proprietary software and LiDAR data as a web -based service to a variety of professional and engineering markets.
I will keep you informed of further developments.