R3-IoT secures £3.1m seed investment led by Space Capital to fund international expansion
The Glasgow space technology start-up has raised £3.1m from investors including Space Capital and the Scottish National Investment Bank to scale its connectivity platform.
R3-IoT develops satellite-enabled connectivity and data analytics platforms that help organisations digitise operations in remote locations. Based in Glasgow, the company bridges gaps in traditional communications infrastructure.
Glasgow-based R3-IoT has secured £3.1m in seed funding to scale its operations globally and expand its team. The round was led by American venture capital firm Space Capital, with participation from the Scottish National Investment Bank, the University of Strathclyde, and several angel investors. Scottish Enterprise also took equity as part of the transaction.
The capital will support the commercialisation of the company's full-stack digital platform, which combines satellite, cellular, and IoT technologies to deliver continuous data services. R3-IoT plans to establish a footprint in North America and create 20 new engineering, technical, and commercial roles over the next year and a half.
Investor perspective
"We immediately saw the opportunity with R3-IoT, which is essentially Nest for organisations with remote industrial facilities. This is the right company at the right time that will benefit tremendously from new backhaul capacity coming online through low-Earth orbit satellite communications."
Chad Anderson
Managing Partner, Space Capital
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Fund research and development
- 04Invest in sales and marketing
Investors
Chad Anderson
Space Capital
Eilidh Mactaggart
Scottish National Investment Bank
Jim McDonald
University of Strathclyde
Ryan Johnson
Nathan Kundtz
Loren Padelford