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DIGIT Deal Roundup: January 2020

Dominique Adams

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DIGIT Deal Roundup December

DIGIT’s Deal Roundup column for January 2020 features new partnerships and funding from companies such as Float, Good-Loop and SHE Software. 

Contracts

BRIM

Mandy Haeburn-LittleFollowing an extensive EU tender procurement process, Business Resilience International Management (BRIM) has been chosen to partner with police to deliver ten new Cyber Resilient Centres.

BRIM will be expected to deliver a similar model to the Scottish cyber model, which has already been delivered through the Cyber Resilience Centre for Greater Manchester and the North East Business Resilience Centre.

BRIM CEO, Mandy Haeburn-Little, commenting on the win, said: “It has been a lengthy and at times exhaustive process, but a good one for all of us.

“We are absolutely delighted that we will be able to develop further the model which has been successful in other parts of the UK, and look forward to continuing to work very closely with partners in all areas of Policing including the Protect Network, the cyber security industry, the SBRC and IASME. We are proud that our model was recognised above other submissions and really looking forward to getting started.”

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


Funding

Aberdeen University 

Scottish charity, the Mary Jamieson Hall and John F. Hall Trust, has donated £600,000 to the university to support the development of a new imaging suite where the new Fast Field-Cycling MRI (FFC-MRI) scanner will be housed. Developed at the University of Aberdeen, where the first MRI was built in 1980, FFC-MRI has been hailed as the next step in the evolution of MRI technology.

Professor David Lurie, biomedical imaging expert and leader of the FFC-MRI project, said: “We’re really excited to be entering this next, crucial stage of the development of FFC-MRI and we are extremely grateful to the Mary Jamieson Hall and John F. Hall Trust for supporting the creation of this new imaging suite and funding a crucial Lectureship post.

“The new imaging suite will allow us to scan a much wider range of patients than before. Its location in the hospital will make it easy for patients to have an MRI scan immediately following their FFC-MRI appointment, which will help us to determine what extra diagnostic information is provided by our new imaging technology and how it can be used in the future to aid diagnosis.”

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


Beeks Financial Cloud Group

Gordon McArthur, CEO, BeeksScottish Enterprise has awarded Beeks Financial Cloud Group a £2 million research and development grant to accelerate its Beeks’ Network Automation project. The Glasgow-based firm plans to grow its headquarters and broaden its product offering, with a particular focus on the Tier 1 financial services market.

Over the next three years the grant will be paid in instalments, which are expected to contribute up to an estimated £2m based on an overall project spend of up to £4.2m.

Gordon McArthur, CEO of Beeks, commented: “We are extremely grateful for Scottish Enterprise in their support for our strategic Network Automation initiative. The project will further strengthen our position as a leading provider of cloud computing services to financial markets, increasing the differentiation of our offering and helping to accelerate our future growth.

“We are proud to service our international customer base from our Glasgow headquarters and are delighted to be able to continue to expand our team in Scotland.”

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


Diodes Incorporated

Diodes-IncorporatedUS semiconductor manufacturer Diodes Incorporated has received a £13.7m funding package from Scottish Enterprise towards a £47m project enabling it to develop its business in Greenock.

The funding package that has been agreed consists of a £12m research and development (R&D) grant towards a five-year project to develop more technologically-advanced transistors.

£1.7m will go towards a £3.4m training programme to enable employees to support this change. The company has also received £169,500 from Inverclyde Council to assist with development of the site.

Steve Dunlop, chief executive of Scottish Enterprise, said: “Following the positive announcement earlier this year that Diodes had acquired the business safeguarding these 300 jobs in Greenock, it’s great to see the company now planning for its long-term future in the town.

“By investing in its people and developing leading-edge technologies it will ensure it stays at the forefront of its industry as well as remaining an integral part of the local community. We look forward to working closely with the company as it continues on this growth journey.”

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


Float

FloatFloat has announced the completion of a £1.5m seed funding round, led by Marchmont Ventures.

The funding boost marks the first time that the cashflow forecasting firm has accepted venture capital investment and follows the formation of a new C-Suite team last year.

Float said the investment will enable it to open a new office in Australia, capitalise on the rapid growth of the cash flow forecasting sector and perfect its product offering.

Commenting on the VC funding, Float CEO and founder Colin Hewitt, said: “Cash flow management is critical to the survival and success of SMEs, and it remains the number one issue keeping business owners awake at night.

“We’ve seen a huge increase in demand with businesses looking for solutions to manage and forecast cash flow. As such, we’ve raised the funding required to grow our team and expand both locally and internationally. This demand is coming from the shift from desktop and paper-based systems to digital bookkeeping and cloud accounting solutions.”

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


Good-Loop

GOOD LOOP COFOUNDERS AMY WILLIAMS DANIEL WINTERSTEINEdinburgh-based ethical video platform, Good-Loop, has closed a $1.6m seed funding round.

Investors in the round include You and Mr Jones, New York-based investment firm Quaestus Capital Management, SIS Ventures, MarTech angel group, Galvanise Capital, and the Scottish Investment Bank – the investment arm of Scottish Enterprise.

This fresh round of funding will be used to expand the company’s teams in the US and Europe and further drive social good.

Amy Williams, co-founder and chief executive of Good-Loop, commented: “This round of funding will help Good-Loop to further our mission of connecting people, brands and good causes around the world.

“Bringing You and Mr Jones and our other investors into the business at this stage will add a huge amount of value above and beyond cash as we prepare to scale up our operations.

“With industry luminaries like David Jones supporting us we’ll be well-positioned to deliver innovative marketing technology, industry-leading social insight and truly impactful brand purpose.”

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


SHE Software

Ministerial Visit at SHE SoftwareEast Kilbride-based software company, SHE Software, has been given a Research and Development grant of £1.4m by Scottish Enterprise.

The grant will be used to support the company’s £4m investment in a cutting-edge health and safety technology project and bolster its global growth.

In addition to supporting the firm’s expansion, the funding will be used to create 15 new jobs. The company will also be investing in its current team to develop their skill set to support its growth ambitions.

Minister for Business, Fair Work and Skills, Jamie Hepburn, said: “This is yet another example of how our investment is creating jobs and supporting growth in international markets.

“Scotland has a strong track record in exporting globally and through the excellent support of Scottish Enterprise and Scottish Development International companies like SHE Software can really grow.”

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


Logan Energy

Bill Ireland, CEO of Logan Energy & H2TecHydrogen technology firm Logan Energy has secured a £1m investment from Kelvin Capital to support the launch of an international collaboration with Chinese manufacturer Henan Lanxing Power Equipment.

The partnership, which is due to start in 2020, will see the Edinburgh-based company further develop its hydrogen technology and expand its operations in the Chinese market.

Logan Energy will carry out similar business functions in China to its current hydrogen tech activities throughout the UK and Europe.

The joint venture comes as the Chinese Government looks to develop a ‘hydrogen society’, which is driving hydrogen and fuel cell development.

Bill Ireland, CEO of Logan Energy, said: “We’re absolutely delighted that Lanxing has invested in Logan Energy. This demonstrates our standing in the industry and specifically the need for competent integration specialists in the rapidly expanding global hydrogen market.

“We are currently expanding into new areas and markets, and are excited to work with Lanxing to deliver innovative hydrogen technology solutions in China and further afield.”

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


SolarisKit

Faisal and SolarisKit collectorsEdinburgh-based clean tech firm SolarisKit has secured around £250,000 of funding from Innovate UK, the UK’s innovation Agency, through its Energy Catalyst Programme.

The company plans to use the cash injection to further develop its unique technology and to get pilot trials underway in Rwanda by September 2020, where 40% of household income is spent on energy to heat water.

Last year, the company secured £20,000 cash, and £9,000 in-kind support, by winning the Converge Impact Challenge.

The firm’s technology can reduce both energy costs and carbon emissions, which could transform the lives of low income families in developing countries.

Providing affordable clean heat to people across the the globe, but in particular, those living across sub Saharan Africa, as well as parts of Asia and Latin America is the company’s mission.

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


Topolytics 

Climate CrisisA number of firms, including two Edinburgh-based companies, Topolytics and Space Intelligence, have secured £170,000 to create AI-enabled tech through the Can Do Innovation Challenge Fund.

The companies are expected to use the cash to develop ways to tackle the climate crisis using artificial intelligence. They will work over a ten week period to develop their initial concepts, with up to three applicants progressing to phase two where they will be tasked with producing minimum viable product.

Four Glasgow-based companies will also benefit from the funding boost, including Arceptive, Trade in Space, IES – Integrated Environmental Solutions and ISC – Industrial Systems and Control.

Commenting on the announcement, digital economy minister Kate Forbes, said: “Our commitment to meeting ambitious emissions targets makes it vital that we develop new technologies – including harnessing the potential of artificial intelligence.

“Scotland has a proud tradition as a leader in technical innovation and is home to a huge array of companies pushing the boundaries of what is possible. I am excited to see what they produce with the support of this fund.”

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


Prodsight 

Tadas Ladudis CEO and Founder of ProdsightEdinburgh-based software firm Prodsight has raised £400,000 in pre-seed funding. The round was led by Techstart Ventures with participation from TrueSight Ventures and other private investors. The Royal Society of Edinburgh and Scottish Enterprise have also provided support to the growing startup.

Mark Hogarth, partner at Techstart Ventures, said: “Most companies are sitting on a growing pile of crucial customer feedback, but they lack the tools to actually make sense of it.

“We love that Prodsight unlocks this trapped value for customers by extracting actionable insights from customer feedback channels, allowing users to make the product changes that will matter the most.”

This investment will be used to grow the company’s remote team, which has members based in Edinburgh, London and Gdańsk. It will also expand the number of platforms its tech integrates with in 2020 to help users aggregate their customer feedback across all touch-points.

 


Upgrade Pack 

Upgrade Pack teamFintech startup Upgrade Pack has finalised investment of £1.5m from a private funding round.

This latest cash injection takes the company’s seeding funding past the £5m mark. The funding, which increases the firm’s market cap to £23m just 18 months after being established, will also facilitate the company entering the North American market with the opening of a Toronto office in H1 2020.

Group CEO Craig Unsworth commented: “With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond.

“That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating. It’s also a really pleasing validation of our strategy of growth through private investment rather than venture capital as we take our platform live this year.”

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


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Dominique Adams

Staff Writer, DIGIT

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