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DIGIT Deal Roundup: December 2019

Dominique Adams

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DIGIT Deal Roundup: December 2019

DIGIT’s Deal Roundup column for December 2019 features new partnerships and funding from companies such as Commsworld, Trickle, Cyan Forensics and Waracle. 

Funding 

Commsworld

Ricky Nicol, CEO of CommsworldFollowing an investment of an undisclosed sum, Edinburgh-headquartered telecoms and ISP provider, Commsworld, is aiming to achieve another year of double-digit growth and to expand its services throughout the UK.

The company, which already employs more than 100 staff in the UK, enjoyed revenues of £21.5m for the financial year that ended December 2018, and its 2019 revenue is thought to have surpassed that figure. This fresh funding has come from the private equity branch of Lloyds Banking Group.

Ricky Nicol, CEO at Commsworld, said: “We had the choice of a number of options for investment, but we have built a strong relationship with LDC who share our vision for the business and can provide the right balance of support, experience and contacts to help us deliver.

“LDC’s investment is a real signal of our intent to further invest in our offering and capacity so we can continue to disrupt the market. Rest, assured, we’ll be targeting another year of double-digit growth.”

Want to find out more? Read the original article here.


Current Health

Current HealthCurrent Health, a Scottish medtech firm, has raised £9m as part of a Series A funding round led by MMC Ventures. Par Equity and the Scottish Investment Bank, Scottish Enterprise’s investment arm, were among the investors that participated in the round.

The Edinburgh-based startup, formerly known as Snap40, said it will use the funding to support its international and domestic growth plans. The firm said it will open a US headquarters in New York City and further expand its team.

Last year, the company completed a seed funding round that saw the company secure $8m, which helped enable the firm to double its employee count and add key members to its executive.

Kerry Sharp, director at Scottish Investment Bank, said: “Current Health was established to help healthcare professionals keep people healthy and alive. In a very short period of time, the company has taken its idea of proactive healthcare and developed scalable platform technology capable of achieving that aim.

“We are genuinely excited to continue our support for Current Health’s domestic and international growth.”

Want to find out more? Read the original article here.


Cyan Forensics 

Cyan ForensicsCybersecurity startup Cyan Forensics has secured £1.3m in funding from a consortium of investors, including SIS Ventures, Mercia, the Scottish Investment Bank and other private investors. This latest injection of cash takes the total amount raised by the firm to £2.8m.

The Edinburgh-based business said the funding will be used to boost its ongoing expansion and to target new markets in Northern Europe.

Ian Stevenson, CEO of Cyan Forensics, commented: “We’re excited to have raised the funds which will now allow Cyan Forensics to deliver the next stage in our significant growth plan.

“We’re grateful to our existing investors for their continued confidence and support, and delighted to welcome the new investors joining us on this journey.

“A key focus will be expanding our reach within the UK as a result of our partnership with the Home Office and into international markets.”

Want to find out more? Read the original article here.


Novosound

NovosoundThe University of the West of Scotland spin-out has received a funding boost of £3.3m. The investment round was led by the Foresight Williams Technology EIS Fund, which pledged £1.5m, alongside £500,000 from the Foresight Scottish Growth Fund.

The company said the funding will enable it to match fund a R&D grant for product development from Scottish Enterprise. The funding will also go towards helping the firm target new industries and expand into global markets.

Existing shareholders, including Par Equity, Kelvin Capital, Gabriel Investments and the Scottish Investment Bank, added an additional £1.3m to the pot.

Dave Hughes, founder and CTO of Novosound, commented: “This investment is really exciting for the team at Novosound as it will help us scale our operations and launch our advanced sensors for industrial monitoring and inspection.

“We are delighted to be working with Foresight and Williams, who have proved themselves thus far as the ideal partners for our growing technology business.”

Want to find out more? Read the original article here.


Robotical 

Scottish RobotScottish edtech firm Robotical has raised £43,291 from a Kickstarter campaign, exceeding its goal of £30,000 with more than 200 backers.

The company plans to use the funds to scale up the production of the latest version of its Marty the Robot product.

Backers will, in return, receive a variety of Marty v2 product bundles, ranging from a single robot up to the whole school/council pack, which contains 50 units.

In addition to its successful crowdfunding round, the company also won a Global Innovators Grant from Expo 2020 Dubai.

Sandy Enoch, founder and CEO of Robotical, commented: “I want to thank all of our Kickstarter backers and Expo 2020 Dubai for awarding us the grant. This money will really allow us to accelerate production of Marty v2, scale up our operations and start some great new initiatives, including a robotics competition.

“Having witnessed the joy that Marty has spread in schools, I’m looking forward to seeing how pupils and teachers respond to the new features we have been working on for v2.”

Want to find out more? Read the original article here.


Trickle

TrickleEdinburgh-based tech startup, Trickle, has secured £1m in seed funding from a host of angel investors.

Founded in 2018 by Scottish entrepreneur Paul Reid, the firm specialises in HR software that helps businesses with employee engagement.

Organisations such as Scottish Power, the Scottish Government and Eden Scott have are already signed up to Trickle.

At the end of October, Trickle won CivTech’s 4th cohort (Challenge 8) to work alongside West Dunbartonshire Council on its people engagement.

Want to find out more? Read the original article here.


Waracle 

WaracleDundee tech firm Waracle, one of the UK’s largest mobile app developers, has received a £4.8m investment from BGF, to support the company’s long-term growth goals.

The funding will be used to accelerate the firm’s organic expansion, broaden its geographic reach and continue its digital product development.

Commenting on the funding announcement, Waracle CEO Chris Martin said: “We’ve built a fantastic business over the last 12 years, investing in great talent and building long-term partnerships with some of the UK’s most recognisable brands.

“We’ve now identified the right partner in BGF, with a great team that understands and supports our growth strategy. BGF’s expertise, coupled with Duncan’s knowledge and experience, will be invaluable as we enter this next stage of our growth.”

Want to find out more? Read the original article here.


Partnerships

Edinburgh Napier University 

Trimble Technology LabCalifornia-based SaaS company Trimble has gifted the university equipment and software to establish a state-of-the-art technology lab for architecture, engineering and construction (AEC).

The partnership will enable Napier to expand its training and research in a range of areas, including 3D building design, digital fabrication and the sustainable built environment.

Professor Andrea Nolan, principal and vice-chancellor of Edinburgh Napier University, commented: “We are proud to be joining forces with Trimble to create the first dedicated Trimble Technology Laboratory in Scotland.

“This generous gift means students and researchers across Edinburgh Napier University will have access to technologies broadening our applications of surveying, 3D building modelling, performance analysis and digitally empowered delivery for the built environment in new and exciting ways.”

Want to find out more? Read the original article here.


SoConnect

SoConnect Campbell Fraser and Bob Bazley

Borders-based IT and telecoms firm, SoConnect, has merged with Edinburgh-based IT managed service provider, Netopa. The pair have combined to form a single group, providing SoConnect with a base in Edinburgh’s city centre and adding an established IT managed service offering to company’s existing operations.

It is estimated the deal will take the pair’s staff headcount to 30 and its revenue to nearly £4m in the region during its first year of trading.

Following the merger, SoConnect founder and CEO, Campbell Fraser, will retain his role and Bob Bazley, founder of Netopa, will join the board of SoConnect – also taking up the role of COO.

Fraser said: “From day one, our vision has been around providing great value market-leading Internet and communication services with first-class customer support. Netopa has built a fantastic reputation among its customer base and the deal is a great strategic fit for SoConnect.

“Bringing Bob and the Netopa team on board strengthens our offering and gives us a footprint in Edinburgh which will be important as we look to grow the team.”

Want to find out more? Read the original article here.

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Dominique Adams

Staff Writer, DIGIT

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