Space tech firm R3-IoT to go global after funding deal
Co-founders Allan Cannon and Kevin Quillien
Satellite-enabled connectivity start-up R3-IoT is planning international expansion after closing a £3.1million seed investment round led by US-based venture capital firm Space Capital, joined by the Scottish National Investment Bank.
Other investors include the University of Strathclyde, alongside North American-based Ryan Johnson, former CEO of BlackBridge, Nathan Kundtz, CEO of Rendered.ai, and Loren Padelford, former GM of Revenue at Shopify. Scottish Enterprise also becomes a shareholder and continues to support the company.
Led by space technology experts Allan Cannon and Kevin Quillien, R3-IoT addresses challenges organisations face in digitising business operations, products, and services due to a lack of, or unreliable communications infrastructure.
Allan Cannon, CEO and Co-Founder of R3-IoT said: “The funding round is clear recognition of the potential for our platform to broaden the reach of existing satellite technologies by focusing on what has been, up until now, the ‘missing piece’ in digitisation.
“We have ambitious plans and are in a strong position to accelerate our international growth strategy and take advantage of the rapid advances in space communications and IoT technology, from our base in Scotland.
“The investment will drive continued innovation and commercialisation of our technology ahead of market launch and help establish North American operations, where we are already seeing strong demand.”
The company’s expansion plans will also see 20 roles created over 18 months in its engineering, technical, sales and marketing functions.
Advisers on the investment were US-based legal firm Wilson Sonsini and UK-based law firm Harper Macleod.