eeGeo, a United Kingdom-based interactive 3D mapping company, raised $1.1m from NetSol Technologies, Inc. (Nasdaq:NTWK), a Calabasas, USA-based global business services and enterprise application solutions provider.
The deal is part of a a collaboration agreement, under which NetSol will invest $556k now an additional $556k in August 2016 and will provide technology services to eeGeo of approximately $2.8m over time. In total, through both agreements, NetSol will own approximately 15% of the company on a fully diluted basis.
Founded in September 2010 and led by Ian Hetherington, CEO, eeGeo provides a platform that enables businesses to visualize local search results, businesses, destinations and marketing content within an interactive 3D environment, encouraging user acquisition, engagement and retention. The solution, which currently has mapped the U.S., Britain, Canada and Japan, and a host of iconic cities around the world, is used by top brands from a range of sectors including retail, tourism, smart cities, local media and advertising, the Internet of Things and property, including Cisco and NTT DoCoMo, to deliver 3D map experiences for both interior and exterior locations.
The company has offices in San Francisco, London and Dundee.