Data firm expands
Bellrock raises £1m as Langmead takes chair
Joining the board: Steve Langmead
Data analytics company Bellrock Technology, which recently appointed Steve Langmead as chairman, has raised £1 million from its long term investors, allowing the firm to double its workforce to 16.
The University of Strathclyde spinout was co-founded by chief executive Adam Brown and chief technology officer Professor Stephen McArthur and is gearing up for a landmark year which will include the next stage release of its Lumen software.
Mr Langmead, who is also a director telecoms firm Commsworld, is an experienced technologist and innovator. He became chairman of the Glasgow-based company in March.
He said: “Bellrock Technology is a significant part of the future of data science. Its Lumen software product stands on the threshold of delivering revolutionary change across all sectors — healthcare, oil and gas, public sector, manufacturing and finance — when it comes to data science and the speed, scale and cost of its deployment.
“Put simply, with Lumen, a company can deliver high-quality data science in minutes and hours, compared to existing methods that take weeks and months. Saving companies significant costs whilst improving their speed and effectiveness of decision making.”
Bellrock Technology was spun out of Strathclyde’s Institute for Energy and Environment in 2012, where its proprietary technology Lumen was developed from research led by Professor McArthur.
The university remains one of three long-term investors — along with the Scottish Investment Bank and Stirling-based ESM Investments, whose owner Steven Morris is on the Bellrock Technology board.
Mr Langmead said the seven-figure sum was a huge vote of confidence in Bellrock Technology and its future direction. Already the company has seen energy giants such as EDF subscribe to Lumen to help improve the monitoring of its UK nuclear reactors and supporting equipment.
He said: “EDF recognises just how powerful an asset data is. Thanks to Lumen, they can interpret data which enables them to maximise the value from their assets.