Geospatial Insight Satellite, an aerial and drone imagery specialist, is to further develop its visual intelligence technology after receiving a £3.5 million equity investment, its second funding round in only four years.

This includes funding from the Midlands Engine Investment Fund (MEIF) — operated by private equity house Midven — alongside Foresight Williams and VenturesOne.

Geospatial CEO David Fox said (www.geospatial-insight.com): “Over the next 12 months, we will be strengthening our machine learning expertise and developing new customer propositions that better inform enterprise decision making.

"By doing so, we will also further extend our leading position in delivering business intelligence and analysis derived from satellite, aerial and drone imagery.”

Pat Hanlon, Greater Birmingham & Solihull Local Enterprise Partnership’s board director for Access to Finance, said: “The MEIF was launched earlier this year to give innovative small- and medium-size firms such as Geospatial Insight the financial backing to take their business to the next level, supporting the wider economic growth of Greater Birmingham and Solihull.

"We encourage all like-minded companies to take advantage of the fund, which includes debt and equity finance ranging from £25,000 loans to £2 million of equity investment.”