CycloMedia, a provider of 2D and 3D mapping software, has secured EUR 13.8m growth capital financing
Avedon Capital Partners is pleased to announce that its portfolio company CycloMedia has secured EUR 13.8m of intermediate funding from ESO Capital to accelerate its expansion plans in Germany and North America and the introduction of a new camera system.
CycloMedia collects high quality and geometrically correct street level imagery and has developed specialist software, Globespotter, which can pinpoint any object, measure distances, provide 2D and 3D mapping overlays and gather inventory data. It is the market leader in the Netherlands and can integrate its software into any customers systems. Its technology can pinpoint to an average 10cm in accuracy compared to other technologies available in the market that operate based on 5 20 metres in accuracy. Local governments use Globespotter to assess real estate values, inspect various assets, roads and pavements and help their planning departments. Insurance companies also use the software to optimise acceptance, risk management and claim processes.
CycloMedia generates revenues of approximately EUR 20m and is a highly profitable business, employing approximately 120 staff with offices in Zaltbommel and California. The management team is led by CEO Frank Pauli, who joined in August 2013 having previously worked at Nokia Location and Commerce (formerly NAVTEQ) and Phillips Electronics.
CEO of CycloMedia, Frank Pauli added: Our recent contract wins in the USA and Germany have given us added impetus to forge ahead and establish a sales and marketing team in both markets to capitalise on demand for our technology. Cash-strapped municipal governments, utility companies and insurance businesses are increasingly looking for technology solutions that can drive better use of their budgets and provide more accurate information. We have the right technology at the right time to meet this demand.
Managing Partner of Avedon, Alfred Tulp added: We are already actively supporting the company since 2008 to create a stable basis in its core countries and to prepare for international growth. By attracting the right calibre management team, consisting of Frank Pauli and Naud van der Ven, who both have a strong background in international growth of technology companies, the company is currently very well positioned for an international breakthrough. We look forward to a continued fruitful cooperation with the management in realizing the ambitious growth objectives of the company.