The Scottish National Investment Bank is a development bank providing long-term debt and equity investments to support a fairer and more sustainable Scottish economy.
Portfolio
7
companies
Cyacomb
Cyacomb develops digital forensics software to help law enforcement detect harmful content quickly.
Orbex
Orbex develops space rockets and launch services for small satellites.
Cumulus Oncology
Cumulus Oncology builds spin-out companies to accelerate the development of new cancer treatments.
Verlume
Verlume develops subsea battery storage and intelligent energy management systems for the energy sector.
PneumoWave
PneumoWave develops a wearable biosensor platform for remote respiratory monitoring.
R3-IoT
Satellite-enabled connectivity platform providing end-to-end data services for remote operations.
M Squared
M Squared develops cutting edge photonics and quantum technology systems for global markets.
Eilidh Mactaggart
CEO
Eilidh brings investment banking and asset management experience from roles at MetLife Investment Management and Commonwealth Bank. She currently serves as chief executive officer of the Scottish National Investment Bank.
LinkedInPaul Callaghan
Investment Director
Robin Tayal
Investment Director
Nicola Douglas
Executive Director of Innovation
Rebecca Currie
Senior Associate of Investment
The funding follows an initial investment in 2023 and will support international growth.
"I am delighted to take on the position of Chair at Cyacomb. Through my time working with the company, I’ve seen the impact its technology makes and its growth opportunities. As Chair, I’m looking forward to building on the momentum within the company and supporting its mission to enable the swift and thorough identification of harmful digital content."
The funding follows backing from six investors, led by a £10.5m injection from the Scottish National Investment Bank.
"Orbex is one of only two space rocket manufacturers in the UK, and the only one to also operate its own spaceport. Our technology is pivotal in making the UK a hub for European orbital launch, and we are entering a critical phase of development. We are building a sustainable, cost-effective launch vehicle to compete with the best of Europe’s spaceflight manufacturers. This additional funding will support our goal to push on into an operational launch phase, and scale our business when the time comes."
The funding round was led by Eos Advisory and includes participation from the Scottish National Investment Bank.
"This funding round marks an important milestone for Cumulus, as oncology remains a critical area of scientific innovation and unmet medical need. At Cumulus, we're not only innovating at the scientific level but also offering a uniquely differentiated process for decision-making and prioritisation in drug discovery and development. The business model enables only the strongest science to be translated from discovery into clinical trials. Our portfolio approach aims to enhance the ultimate success rate in cancer therapy development, which currently remains unacceptably low. It also provides an alternative approach to the de-risking of early-stage oncology investment. We are grateful for the support from Eos and the Scottish National Investment Bank enabling us to continue investing in our existing companies and expand our portfolio of new biotechs, advancing our mission to develop the next generation of cancer therapies."
The funding round was led by the Scottish National Investment Bank alongside participation from Par Equity, Orchard Venture Capital, and Scottish Enterprise.
"This is an enormous step forward as it will provide the funds necessary to execute significantly larger projects, which will in turn, grow the strength and diversity of our team."
The Scottish National Investment Bank led the Series A round to accelerate clinical validation and regulatory submission of the company's respiratory monitoring platform.
"We are delighted to close this round and thank both our existing investors and the Scottish National Investment Bank for their support,"
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.
"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."
The funding package comprises a £20m debt facility from Santander UK and £12.5m in growth capital from the Scottish National Investment Bank.
"Santander is delighted to have provided M Squared with £20m of debt facilities to support their strategic buyout and future growth ambitions."
