ICE Angels, a group of Auckland-based early-stage investors, has invested an undisclosed amount into 3D visualisation company Nextspace, the organisations announced today.
While the amount of funding wasn't disclosed, ICEHouse director of start-ups Ken Erskine says the investment round will go towards developing Visual City, NextSpace's interactive technology for city planning.
“Visual City is another example of New Zealand stepping ahead of the pack in the 3D technology industry,” Erskine says in a statement. “Our investors were attracted to the technology’s export potential, which has already generated significant interest from a wide range of sectors overseas.
“We also see the potential for other businesses to built content-rich applications on top of the Visual City platform, thereby creating further export and employment opportunities.”
The funding is one of the bigger investements ICE Angels has made this year, Erskine says.
Visual City is a 3D visualisation software product that provides applications to engage communities and stakeholders in discussion around a city’s challenges and opportunities, including transport, utilities, and sustainable urban planning.
It is currently being used by a number of NextSpace customers, including Auckland City and Melbourne water utility South East Water.
Visual City includes technology developed by Right Hemisphere, which was acquired by SAP in September. NextSpace has a longstanding close relationship with Right Hemisphere.
According to today's statement, "Nextspace was originally established with government support in 2007 but is now a self-sustaining commercial company with 12 employees."