Launched in April 2017, Industrial Internet of Things (IIoT) software company IOTech, specialises in developing edge computing solutions for the control of devices and management of data. In addition to supporting the creation of a new company HQ, the funding will help accelerate new ‘out of the box’ product delivery as it focuses sales in the USA, Europe and Asia Pac regions.
With bases in Edinburgh, Newcastle and Taiwan, the company’s latest Series A funding round was led by Dell Technologies Capital, and includes additional investment from Société anonyme de Participation et De Gestion (SPDG), the holding company of the Périer-D’Ieteren family, Northstar Ventures, via the North East Innovation Fund supported by the European Regional Development Fund, and the Scottish Investment Bank, the investment arm of Scottish Enterprise (SE).
The successful funding round has been augmented by a £250,000 Regional Selective Assistance (RSA) grant from SE, which follows early stage SE Research and Development (R&D) grant support that was awarded in 2018 to help secure the company’s R&D Centre of Excellence in Edinburgh.
“This investment is recognition of the tremendous progress IOTech has made on three fronts: release of ground-breaking software products, the signing of key partners to expand global availability of our products and services, and adoption by customers in a number of critical IIoT vertical markets,” said Keith Steele, founder and CEO, IOTech.
Kerry Sharp, director, Scottish Investment Bank, said: “IOTech has gone from strength to strength since establishing its R&D Centre of Excellence in Edinburgh and this latest investment is testament to the hard work and vision of the company’s leadership team to deliver ambitious IIoT products that will have global appeal.
“We’re pleased to provide equity investment to IOTech following SE’s recent grant support for the company and look forward to supporting its continuing growth journey through the wide spectrum of support we offer to innovative technology companies.”
Gregg Adkin, managing director, Dell technologies Capital, added: “Today’s technology landscape has created tremendous opportunities for key IIoT players, like IOTech, to offer secure and disruptive solutions in support of the growing IIoT market.
“IOTech is uniquely positioned at the helm of this disruption through its innovative technology and strategic competitive offering. Dell Technologies Capital is confident that the company will continue to leverage our firm’s investment, domain expertise and industry relationships for exponential success.”