The cash injection, provided by Frontier Development Capital and Clydesdale Bank, will also see the firm significantly accelerate the development and marketing of new products to international markets.
Best known for its range of hand-held laser 3D mapping devices and accompanying software systems, GeoSLAM’s products are used across the globe to survey complex environments such as mines, tunnels and caves.
The company has had strong growth since its launch in 2012 and now sells its technology to over 80 distributors in more than 60 countries.
Most recently, GeoSLAM launched the ZEB-HORIZON, the next generation of hand-held 3D laser scanners, capable of rapidly capturing intricate land and building measurements from up to 100 metres away.
The mobile scanning device can, for example, be fitted to a drone, allowing users to survey hazardous or difficult to access structures such as wind turbines.
“We are an incredibly ambitious organisation and our recent merger, supported by this investment, has meant we are now able to use our combined experience in international distribution, innovation and R&D to deliver the next generation of products to clients in an incredibly wide portfolio of industries,” said CEO Shelley Copsey.
“The launch of ZEB-HORIZON in particular is set to revolutionise how SLAM contributes to a businesses’ data collection, and I know the next few months are going to bring tremendous international growth.”
Founded as a joint venture with Australia’s National Science Agency, GeoSLAM will use the multi-million-pound investment as a catalyst to bring more products to market.
Ondrej Okeke, investment director at Frontier Development Capital, added: “We are backing a very strong management team with considerable experience in developing technology and bringing innovative new products to market both domestically and overseas.
“By providing this finance, alongside Clydesdale Bank, we are supporting the rapid growth of GeoSLAM as it delivers improvements to its R&D capabilities and launches new laser mapping and monitoring products.”
The £5.4 million investment package includes £4 million from Clydesdale Bank and £1.4 million from Frontier Development Capital.