DIGIT Deal Roundup – August 2018
Welcome to the August edition of the DIGIT Deal Roundup. This month we cover new funding, partnerships and deals for companies including: Zonefox, Brightsolid, Datavita and Edinburgh Napier University.
Datacentre and cloud services provider, DataVita, has landed £4.6 million in funding from long-term banking partner Santander Corporate & Commercial. The cash injection is expected to lead to the creation of up to 50 new technology jobs in Scotland.
DataVita’s Managing Director, Danny Quinn, commented: “Our datacentre has been developed to meet the requirements of the thriving Scottish IT industry and in a short period of time, more and more customers are recognising us as the market leader in technology services.
“This latest round of investment from Santander allows us to accelerate our growth with the creation of up to 50 technical jobs and new innovative services.”
Cameron McNair, Relationship Director at Santander Corporate & Commercial, said: “DataVita is not only at the forefront of the tech sector but also a great asset for the local economy, for Scotland and the UK, and is well placed to capitalise further on the growing business need for such hybrid IT services. We are delighted to support DataVita’s ambitious growth plans, and we look forward to working with them as they expand their offering.”
AI-driven instant pay Fintech, Previse, has secured $7 million in fresh funding to accelerate its operations. The company has raised the funding from European investor Augmentum Fintech PLC and US venture capital firm Bessemer Venture Partner along with other backers.
According to Previse, the funding will be used to develop its product which utilises machine learning to help companies pay suppliers instantly on receipt of an invoice, thus reducing inefficient payment terms that cost the world’s businesses $300 billion each year.
Although based in London, the company has a presence in Edinburgh. Earlier this year, with a £800,000 grant from Scottish Enterprise the company was established a new base in Glasgow, creating 37 new jobs. With this fresh injection of cash, it is expected the company will soon add to its workforce. The firm’s financial backers also include Hambro Perks and John Gildersleeve.
Leading Scottish cloud solutions company, Brightsolid, has been awarded a new contract to support Improvement Services in adopting a ‘cloud-first’ approach. The new contract will see Brightsolid, Scotland’s only dedicated co-location and managed cloud solutions company, support and facilitate the migration of services operated and managed by the Improvement Service – the national improvement service for local government in Scotland – onto the next generation of the cloud.
As of August 2018, the company will begin supporting the organisation’s cloud transition, enabling the Improvement Service to minimise disruption to existing customers, exploit new technologies and innovate in the delivery of public services; with the flexibility and scalability offered by enterprise cloud capability.
Malcolm Smith, Chief Sales Officer at Brightsolid, said: “Throughout our working relationship with the Improvement Service, we have supported the organisation’s requirements with a dedicated hosting service and IT infrastructure.
“However, the client now wants to consolidate and develop its platform for digital services and broader portfolio and migrate to the next generation of cloud. This will provide them with much more flexibility and the capacity to provide their customers, and the customers of their partners, with innovative, streamlined citizen-centric services.”
Bede Gaming, whose clients include Mecca Bingo, Pink Casino and betUK, will be using ZoneFox’s world-class security platform which combats the growing issue of insider threats. The gaming company processes hundreds of millions of transactions per month via its iGaming platform.
As the gambling and social gaming industries continue to digitise, the IP and technology that enables Bede’s platform to power operators online betting places has become more valuable.
Not only will the platform protect Bede Gaming’s IP, it will also secure and support the company’s practice of allowing their staff to work remotely. With a workforce of 160, at any one time, up to 20 employees can be working from a location outside of the firm’s headquarters.
Dr Jamie Graves, CEO and founder, ZoneFox said: “Bede is a forward-thinking company that recognises the importance of data across the business. As it continues to grow in a competitive marketplace, its commitment to data protection, privacy and security will make it a valued partner to brands who recognise that a good security posture is vital to growth, expansion, and customer retention strategies.
“Over the last couple of years, we’ve built up a significant portfolio in the online gaming industry, Bede is a great addition to our client portfolio. We’re looking forward to working with them and their clients in the igaming industry, now and in the future.”
Edinburgh Napier University’s School of Computing has announced that it will team up with newly-formed tech company Hypervine Ltd. The partnership will explore the potential of blockchain solutions in regards to data recording problems which can jeopardise complex construction projects.
This follows a series of construction industry scandals, such as the Edinburgh school PFI schools crisis and the Grenfell Tower tragedy, which have underlined the need for stronger audit trails.
Annual losses due to construction errors is estimated to be around seven times the total annual profit of the UK industry. This joint-effort between Hypervine and the University will investigate ways in which blockchain can incorporate security into complicated construction processes – thus creating trust, building compliance and boosting productivity. Supported by the Scottish Funding Council, the collaboration will run until November 2018 and was brought about by Interface.
Paul Duddy, CEO and founder of Hypervine, said: “Digitising infrastructure, construction and facility maintenance industries through blockchain technologies will yield significant improvements across the sector that will have wide ranging positive economic and social economic impacts for both private and public sectors.”
Professor Bill Buchanan OBE, Director of the Blockpass Identity Lab, said: “The nature of the construction industry is that there are many stakeholders involved, and making sure that each part of the process is working as it should can be difficult. A blockchain solution will aim to integrate digital signing into the key parts of the process.”
Origo, an Edinburgh-based not-for-profit fintech orientated organisation, has joined Scottish Financial Enterprise (SFE) as it continues its expansion. Anthony Rafferty, Managing Director of Origo, said: “We are delighted to have joined Scottish Financial Enterprise at a time when Origo is developing an even higher profile within the industry for creating solutions that deliver significant improvements to systems and services, helping progress the industry with greater efficiencies and the ability to better serve its end customers.”
“Origo has considerable experience of working collaboratively with the industry and draws on the significant talent within the Scottish financial services community. Joining SFE makes complete sense for us as it will help us connect further with other industry members as well giving us the opportunity to support the work SFE is doing to strengthen the industry and benefit the local economy.
“As part of SFE, we hope to have productive discussions with fellow members, government and policymakers on how we can further support innovation in the industry.”