From BlackEnterprise.com

Press, The; Christchurch, New Zealand

Venture capital firm No. 8 Ventures has made its first investment in Wellington, paying $2 million for a minority stake in technology firm Surveylab, which appears poised to win large contracts with the US military.

Surveylab’s invention, the "ike", combines a global positioning satellite (GPS) system, laser, digital camera, inclinometer and compass with a handheld computer.

It can be used to photograph and record the GPS co-ordinates of objects up to 50 metres away.

The ike has been used in Iraq and Afghanistan by the US to record the position of landmines and to survey poppy fields.

The devices have also been used by the Rotorua District Council to survey municipal property.

Surveylab will use the venture capital funding to up its marketing efforts in the United States, where Surveylab has set up an office and is negotiating several deals.