As a result TUVN will take a seat on the board and also have a board observer. Both Par Equity and Scottish Enterprise will remain as investors in the company.

GSI is a market leading company providing commercial forestry data and analytics to support clients critical investment decisions. The company uses satellite imagery in combination with other data sources to deliver highly accurate and wide scale forest inventories. The principal market is in the USA where GSI has successfully won contracts with the leading timber management and forestry asset owners.

The investment will be directed at business development, sales and marketing to build on its current US reputation and footprint.

New hires will join by the first quarter of 2023 in the US while others will be recruited to add to the core team in the UK. GSI will also look to leverage its significant market knowledge of forest carbon into the European market.

Matt Tryburski, the company’s founder who is based in the US, will re-join the company as CTO on a full time basis in the next few weeks.

Peter Young, GSI’s CEO, said: “this investment is a major step forward for GSI and will drive the scale up we have planned for some time. It is a significant statement from TUV Nord to invest in a geospatial company of our size. I’m also excited to partner with them over the next few years to explore the application and potential of earth observation in their own businesses.”