Expanding R&D centre
Data firm IOTech creating 50 jobs backed by £6m deal
New data company bases HQ in Edinburgh
A £6 million investment in software company IOTech Systems (IOTech) will help establish its HQ in Edinburgh and create more than 50 jobs.
Launched in April 2017, the industrial internet of things (IIoT) company, specialises in developing edge computing solutions for the control of devices and management of data.
In addition to supporting the creation of a new company HQ, the funding will help accelerate new ‘out of the box’ product delivery as it focuses sales in the US, Europe and Asia-Pac regions.
With bases in Edinburgh, Newcastle and Taiwan, the company’s latest Series A funding round was led by Dell Technologies Capital, and includes additional investment from Société anonyme de Participation et De Gestion (SPDG), the holding company of the Périer-D’Ieteren family, Northstar Ventures, via the North East Innovation Fund supported by the European Regional Development Fund, and the Scottish Investment Bank, the investment arm of Scottish Enterprise (SE).
The funding round has been augmented by a £250,000 regional selective assistance (RSA) grant from SE, which follows early stage SE Research and Development (R&D) grant support that was awarded in 2018 to help secure the company’s R&D Centre of Excellence in Edinburgh.
Keith Steele, founder and CEO, IOTech, said: “This investment is recognition of the tremendous progress IOTech has made on three fronts: release of ground-breaking software products, the signing of key partners to expand global availability of our products and services, and adoption by customers in a number of critical IIoT vertical markets.”
Kerry Sharp, director, Scottish Investment Bank, said: “IOTech has gone from strength to strength since establishing its R&D Centre of Excellence in Edinburgh and this latest investment is testament to the hard work and vision of the company’s leadership team to deliver ambitious IIoT products that will have global appeal.”