A Southland investment company is investing money into a Dunedin-based company which offers weighing solutions to the international shipping industry.
Invest South have announced an investment of an undisclosed sum in BISON Group Limited.
Invest South invests in companies in the southern region seeking capital for growth.
A company of just three years, BISON Group Limited, has attracted international attention for providing solutions in the face of changing maritime laws.
READ MORE: Bison container weighing machine solution for logistics firms
Established in 2014, BISON offers weighing solutions to the international shipping industry.
Invest South chairman Peter Carnahan said that the investment firm was impressed by the product and the people in the business.
“We were particularly interested in BISON because of its positioning in the industrial weighing and shipping industry.”
BISON had worked during “significant change” in global regulations, he said.
Currently, BISON was responding to a new global compliance market arising from new international maritime laws requiring certified weighing of export containers.
Carnahan said since the changes, exporters required to know exactly how much their containers weighed.
BISON was at an earlier stage in its business life than they would normally invest, but Invest South saw its potential, he said.
“We think it’s a product and concept that should be of wide interest.”
BISON’s vision was to become the leading global provider of portable solutions for weighing and lifting containers.
Internationally, demand for BISON’s products has resulted in sales in over 20 countries and other unsolicited inquiries from more than 100 countries.
BISON Group Limited chief executive and co-founder Greg Fahey said the investment would allow them to build on the growth they had experienced in the past 12 months.
Fahey said in the past 12 months they had gone from a team of three to 11 on the back of strong demand for its products.
“There will be some new technology released over the next year, both hardware and software.”
“We’ve expanded in to Europe and we will be expanding in to America this year.”
Just last week, the company shipped a set of container scales to Virgin Galactic in California, he said.
Fahey said they planned to concentrate it effort in to sales and marketing in America.