The Cardiff-based company will use the investment to demonstrate the application of its 3D technology within the oil, gas and marine industries and to fully commercialise its 3D software products.
Established in February 2009 by Prof Christopher Gold and Dr Rafal Goralski, GeoVS’s technology converts maps or charts into 3D visual images or models, providing users with real-time information for a number of applications such as surface and underwater navigation, situational awareness around harbours and offshore platforms.
’GeoVS required an equity investment of £250,000 to secure a strong international market position from which to grow,’ said Alastair MacDonald, chairman and managing director of GeoVS. ’The company has already developed strong links with potential customers and we expect to be trading successfully by October.’
In the oil, gas and renewable energy context, GeoVS’s products will allow offshore projects to be simulated and any risks identified, evaluated and removed before the expense of actually performing projects.
Dr Rafal Goralski, the company’s technical director, noted that GeoVS’s core software is also applicable to other markets such as vessel traffic management systems for ports and harbours and as an aid to navigation for surface ships, submarines and airborne drones.
Finance Wales invested £5.75m through 30 early-stage investments in 2009-10. Finance Wales’s total direct investment in Welsh businesses currently stands at more than £157m through 2,400 investments since 2001.