finance

Scottish space tech start-up receives £3.1 million seed funding



A Scottish space technology start-up has announced plans for expanding internationally after securing £3.1m in funding, led by US-based venture capital firm Space Capital.

Satellite connectivity start-up R3-IoT also received part of the funding from the Scottish National Investment Bank and the University of Strathclyde, alongside Ryan Johnson, former chief executive of BlackBridge; Nathan Kundtz, chief executive of Rendered.ai; and Loren Padelford, former general manager of revenue at Shopify.

Scottish Enterprise also becomes a shareholder and continues to support the company.

Its expansion plans will see 20 new roles created during the next 18 months in its engineering, technical, sales and marketing functions.

The investment will also help expand its commercialisation of the technology ahead of market launch and to help establish a base in the US.

Led by space technology experts Allan Cannon and Kevin Quillien, R3-IoT hopes to address challenges organisations face in digitising business operations, products and services due to a lack of, or unreliable, communications infrastructure.

The company’s digital platform combines satellite, cellular, Internet of Things (IoT) and data analytics, giving organisations end-to-end data services from any location, regardless of existing infrastructure.

R3-IoT’s technology wirelessly connects smart devices such as sensors – on, or offshore – automatically transmitting data via the cloud to an insights platform.

It is aimed at organisations which require connectivity 24/7 in sectors including aquaculture, utilities, infrastructure, digital health, emergency services and energy.

Allan Cannon, chief executive and co-founder of R3-IoT, said: “We have ambitious plans and are in a strong position to accelerate our international growth strategy and take advantage of the rapid advances in space communications and IoT technology, from our base in Scotland.”

Chad Anderson, managing partner at Space Capital, said: “Scotland is the perfect testbed for this capability that will enable mission critical connectivity and we are thrilled to join the efforts of Allan, Kevin and the team at R3-IoT, supporting their growth into global markets where there is huge demand for their services.”

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