Geospin, a Germany-based geodata analytics software spinout from Albert Ludwig University of Freiburg, secured a seven-figure euro sum (€1m = $1.2m) on Wednesday from private-public partnership High-Tech Gründerfonds and energy utility holding company Thüga.
Founded in 2016, Geospin is developing an enterprise software platform that matches a client’s internal data with geodata sources such as GPS to detail locational factors such as weather, traffic and points-of-interest.
The platform applies machine learning to the data to provide live geographical demand forecasts for products or services, and could also be used to aid municipal planners.
The cash will go towards further development and an expansion of Geospin’s two operating sites in Freiburg and Hamburg, as the company prepares a wider market release.
Geospin’s early clients include Thüga and industrial technology and appliance producer Robert Bosch, both investors in HTGF’s venture capital funds.
Five members of Freiburg’s Department of Information Systems Research co-founded Geospin – Sebastian Wagner, Johannes Bendler, Christoph Gebele, Niklas Goby and Tobias Brandt. They were helped by Dirk Neumann, who chairs the Information Systems Research unit.
Geospin previously received $17,700 in August 2017 for participating in car manufacturer Volkswagen’s Transparent Factory incubator scheme.
Sebastian Wagner, chief executive of Geospin, said: “Thanks to our software, it is now possible to analyse the hidden structures and dynamics of a city. We can then make these findings available to companies or cities to assist them in their strategic and operative decisions.”
