A Glasgow space tech firm has secured almost £3 million in a funding round led by the Scottish National Investment Bank.
Krucial, formerly R3-IoT, will use the financing, supported also by the University of Strathclyde Scottish Enterprise and new investors Dubai-based AzurX, as part of plans to ‘scale-up’.
It takes the total amount raised by Krucial to date to more than £6m following seed investment in July 2021 of £3m.
The investment will be used to accelerate growth in core markets including energy, rail, aquaculture and agriculture in the UK and internationally.
Krucial already works with clients in several industries and recently announced it was working with Mowi, the world’s largest producer of farm-raised salmon, to continuously and accurately monitor key environmental parameters to benefit fish welfare.
The company has also recently announced a host of strategic partnerships with organisations including Netherlands-based Amphibious Energy, which provides renewable energy to offshore and onshore locations, and Scottish telecoms specialist Logicomms.
Krucial, founded by space experts Allan Cannon and Kevin Quillien, provides digital solutions that enable access to mission-critical data for industries with remote and hard-to-reach assets.
Using a combination of satellite and cellular technology combined with internet of things (IoT) devices and cloud services, the firm offers a full ‘end-to-end digital infrastructure’ to connect operations from anywhere on earth.
In practice, this enables enterprises and solution providers to build solutions on the Krucial connectivity platform and deploy the latest IoT technology on sites and assets with no existing communications infrastructure – meaning operators can get continuous data insights no matter the location or conditions.
Krucial co-founder and CEO Allan Cannon said: “This funding is a clear vote of confidence in Krucial’s cutting-edge solution – especially given wider macroeconomic conditions. The ambition, potential and performance of Krucial to this point has proven our value to investors, who are backing us to take the next steps towards digitising the planet.
“We know that tackling the most important issues of our time – from climate change to food security – requires innovative thinking and big ideas. This latest investment will unlock a host of new opportunities both in the UK and internationally in the $400bn enterprise IoT market. While we’re a Scottish-based company, we’re global in outlook, and are aware of just how excited international partners are by our solution.
“As we scale even further, our priority in the coming 12-18 months will be to accelerate growth by delivering on our ambitious business plan and continue providing solutions that are transforming enterprise performance and sustainability. The opportunity in front of us is significant, and we intend on taking full advantage of the trust shown in us by our investors to continue delivering digital transformation for partners and customers globally.”
Simon Comer, director of sustainable investment at the Scottish National Investment Bank, said: “Krucial’s continued growth is an excellent example of the exciting opportunities emerging from Scotland’s technology ecosystem. The company’s highly innovative solutions have an important role to play in improving connectivity in a wide range of industries across the globe.
“Its new partnerships with companies like Mowi and Logicomms demonstrate the diversity and expansion potential of its offering. Our funding will help maximise this potential, not only in the UK but enabling this Scottish-based business to increase its impact in the international marketplace.”
Meryl Levington, director of innovation and industry engagement at the University of Strathclyde, said: “Strathclyde Inspire, the University’s flagship entrepreneurship programme, offers entrepreneurial training and opportunities to every student, staff member and alumnus.
“Krucial is a hugely exciting spin-in company from Strathclyde whose innovative, space-based technology-led solutions offer real value to a wide range of customers and huge global potential.”
