A financial institution focused on driving innovation and economic growth in Scotland.
Portfolio
9
companies
Calcivis
Edinburgh biotechnology firm developing tools for the early detection and prevention of tooth decay.
Cumulus Oncology
Cumulus Oncology builds spin-out companies to accelerate the development of new cancer treatments.
Cyacomb
Cyacomb develops digital forensics software to help law enforcement detect harmful content quickly.
M Squared
M Squared develops cutting edge photonics and quantum technology systems for global markets.
Orbex
Orbex develops space rockets and launch services for small satellites.
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.
Verlume
Verlume develops subsea battery storage and intelligent energy management systems for the energy sector.
iGii
A nanomaterial producer manufacturing patented carbon-based 3D foam for advanced sensing applications.
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
Paul brings investment and business finance experience from roles at the Scottish National Investment Bank, Highlands and Islands Enterprise, Royal Bank of Scotland, and Bank of Scotland.
LinkedInRobin Tayal
Investment Director
Nicola Douglas
Executive Director of Innovation
Nicola brings investment and economic development experience from roles at the Scottish National Investment Bank, Highlands and Islands Enterprise, and public sector advisory boards.
LinkedIn
Rebecca Currie
Senior Associate of Investment
Rebecca brings sustainable investment experience from the Scottish National Investment Bank, following earlier roles at Handelsbanken and RBS.
LinkedInAlastair McMillen
Associate Director, Sustainable 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 investment was led by the Scottish National Investment Bank with backing from Archangel Investors and Par Equity.
"We are excited by the growth and impact potential of iGii, and we are pleased to be invested in the company's future, which includes scaling its products for a global market and bringing more skilled jobs to Stirling."
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 will support the Edinburgh biotechnology firm in bringing its FDA-approved medical device to international markets.
"Early diagnosis and treatment of tooth decay is essential, allowing patients to reverse the damage to their teeth before it is too late. This investment will enable us to launch our innovative product to global markets – first in the US and eventually in the UK – leading to faster diagnoses and early intervention treatments."
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."
