Space tech firm Krucial raises capital to expand
Space technology firm Krucial secured further funding of more than $3.7mas it continues to expand into international markets.
The investment was led by existing investor the Scottish National Investment Bank, joined by the University of Strathclyde, Scottish Enterprise, and Dubai-based space and technology investor AzurX.
It takes the total amount raised by Krucial to date to more than $7.5m following seed investment in July 2021 of $3.8m.
The investment will be used to accelerate growth in core markets including energy, rail, aquaculture and agriculture in the UK and internationally.
Krucial already works with clients in several industries and recently announced it was working with Mowi, the world’s largest producer of farm-raised salmon, to continuously and accurately monitor key environmental parameters to benefit fish welfare.
The company has also recently announced a host of strategic partnerships with organisations including Netherlands-based Amphibious Energy, which provides renewable energy to offshore and onshore locations, and Scottish telecoms specialist Logicomms.
Krucial, founded by space experts Allan Cannon and Kevin Quillien, provides digital solutions that enable access to mission-critical data for industries with remote and hard-to-reach assets.
Using a combination of state-of-the-art satellite and cellular technology combined with internet of things (IoT) devices and cloud services, Krucial offers a full end-to-end digital infrastructure to connect operations from anywhere on earth.
In practice, this enables enterprises and solution providers to build solutions on the Krucial connectivity platform and deploy the latest IoT technology on sites and assets with no existing communications infrastructure – meaning operators can get continuous data insights no matter the location or conditions.
Mr Cannon said: “This funding is a clear vote of confidence in Krucial’s cutting-edge solution – especially given wider macroeconomic conditions. The ambition, potential and performance of Krucial to this point has proven our value to investors, who are backing us to take the next steps towards digitising the planet.
“We know that tackling the most important issues of our time – from climate change to food security – requires innovative thinking and big ideas. This latest investment will unlock a host of new opportunities both in the UK and internationally in the $400bn enterprise IoT market.
“While we’re a Scottish-based company, we’re global in outlook, and are aware of just how excited international partners are by our solution.”
Burness Paull provided legal advice on the investment.