A highways technology company headquartered in Lancaster has secured a £2.7m investment from the BGF to further expand its services.
Gaist – which is also expanding into Keighley – captures and analyses continuous, high-definition imagery about road conditions and the network. It has developed this into proprietary software, which can be imported into the asset management systems of highways network operators, local authorities, mapping companies, major utilities and other blue-chip businesses.
It has been working closely with the Department of Transport to develop a smarter approach to the identification, management and repair of potholes and has collected more than 1.5 billion megabytes of imagery over the past ten years.
Gaist‘s technology, known as HighwayView, has been attracting attention from the likes of the Middle East and Asia.
Founder and chief executive Steve Birdsall, managing director Paula Claytonsmith and director of innovation and research Stephen Remde will use the investment to accelerate its information and machine learning research within HighwayView and expand its teams to support its proposed growth.
Birdsall said: “Domestic demand for our services continues to grow. At the same time, we are delighted to see our AI-driven technology gain international recognition. Both of these areas represent significant opportunities.
“To date, we have self-funded investment into the company and in collecting and productising our data sets. Bringing BGF on board as a non-controlling investor will allow us to accelerate our growth plans and respond to the growing demand for our services and expertise.”
BGF investor Pinesh Mehta added: “Improving our roads has been a burning issue in recent months, but there is also a growing and longer-term requirement – from both the public and private sectors – for access to accurate and detailed data to better understand the behaviour and utilisation of our road networks.”
Via Insider Media.