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eeGeo secures $5m investment for 3D mapping and VR innovations

Mapping company eeGeo, which counts the likes of Cisco and Samsung amongst its clients, has attracted a further $5m (£3.4m) in funding that will fuel its 3D mapping and virtual reality (VR) innovations.

The investment has been led by California-based finance company NetSol Technologies along with a range of unnamed private investors.

As part of the deal, eeGeo, who are headquartered in Dundee but have offices in London, will utilise some of NetSol’s technologies in exchange for services totalling $2.8m and a 15% stake in the tech firm.

Having only officially launched last year, the UK tech firm have already provided services to giants like Cisco and Samsung with its interior and exterior 3D mapping technology.

The company has also developed virtual reality maps which will feature on the Oculus Store, ahead of the Oculus Rift VR headset’s release next month.

Commenting on the link up with the American firm, Ian Hetherington, Chief Executive Officer at eeGeo, said: “Our two companies share similar values of developing transformative technologies in our respective industries.

“Partnering with NetSol allows us to leverage their pool of highly skilled technology professionals, as we execute on our growth objectives to becoming a global leader in interior 3D mapping technologies.”

Najeeb Ghauri, Chief Executive Officer of NetSol, added: “This is an opportunity to partner with a transformative company and grow a new revenue stream by collaborating on eeGeo’s disruptive product roadmap.

“At NetSol we have an immense pool of talented software engineers working on developing cutting edge solutions for our industry vertical.

“This partnership was born out of a shared confidence that this same talent pool could accelerate eeGeo’s product vision. We look forward to working with eeGeo as they continue to grow their business.”

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