Edinburgh data-sharing platform, SICCAR, has raised £1.3 million in an investment round led by specialist technology investment house, Par Equity.
The new investment will enable the company to strengthen its product development and customer teams as the company builds on its success in two industry sectors.
With the funds, the firm said it plans to expand its executive team to include marketing expertise, customer engagement capability and product and technical resource as it refines the SICCAR platform.
Commenting on the investment round, SICCAR co-founder Peter Ferry said: “In funding the next stage of our growth we’ve found a partner with a depth of experience and connections across the industries we’re working in. We’ve access to Par Equity’s network and direct recent industry and technology knowledge.
“Their support will help ensure that we are able to build on our existing momentum to rapidly grow a successful business.”
SICCAR, previously Wallet.Services, uses distributed ledger technology (DLT) to consolidate an organisation’s data in a single place. This makes it easier to share data securely while keeping control in the owner’s hands, while also ensuring an auditable digital paper trail for compliance.
In high-value manufacturing, the SICCAR platform enables the secure sharing of data along complex supply chains. In the oil and gas industry, for instance, it allows manufacturing records to be generated and assured collaboratively, enabling efficient, high integrity operations, and creating cost savings.
The SICCAR platform has also been tested across the Scottish Public Sector around student support, disability entitlement, and health and social care interaction.
The technology has been used to reduce the burden of evidence for citizens in accessing public services and entitlements – by removing the need to repeatedly provide personal details to multiple government agencies. It also enables support to be targeted proactively to benefit the most disadvantaged in society.
Investment Manager at Par Equity Aidan MacMillan said: “We were attracted to SICCAR because of their unique approach, which enables the people who really understand the problem, the customers, to use distributed ledger tech as a tool to solve real pain points.
“The Scottish Public Sector alone has over 100 agencies that need to connect in a way that everyone can trust. Covid-19 has accelerated the move towards online eServices around the world and SICCAR has the solution they need.”
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Founded in 2016, SICCAR benefitted from the Scottish Government CivTech accelerator, which has a focus on solving the challenges of public sector organisations through innovative SMEs.
The company has also worked with the National Manufacturing Institute of Scotland and support from The Oil and Gas Technology Centre to refine its products for the manufacturing industry.
Colin Cook, Director, Digital Directorate Scottish Government Director of Scottish Government, said: “Wallet.Services were one of the first startups through the Scottish Government’s CivTech accelerator which looks to provide opportunities to companies in the GovTech sector via a range of innovative challenges.
“Wallet.Services worked with CivTech prepare the ‘Distributed Ledger Technologies in Public Services’ report and I look forward to this new investment giving them the opportunity of competing on an international level.”