£3.1M Investment for Glasgow Space Tech Startup
Satellite communications startup R3-IoT raises £3.1million funding to develop a technology to boost connectivity in remote areas.
13:23 28 July 2021
R3-IoT, a Glasgow-headquartered satellite communications startup, has secured a £3.1million seed investment round led by US-based VC Space Capital and joined by Scottish National Investment Bank.
Other investors include Nathan Kundtz, CEO of Rendered.ai, North American-based Ryan Johnson, former CEO of BlackBridge, the University of Strathclyde and Loren Padelford, former GM of Revenue at Shopify.
The new funding will be used to develop a technology to boost connectivity in remote areas, help companies with end-to-end data services and accelerate the firm's international growth strategy. The firms also intends to establish its presence in North America as well as hire people in 20 new roles over the next eighteen months.
R3-IoT was established in 2018 by Allan Cannon and Kevin Quillien with the goal to address the challenges faced by organisations who intend to digitise their business operations. It provides a full-stack digital platform that combines data analytics, IoT, satellite and cellular technology and offers organisations end-to-end data services from any location.
Jan Robertson, Interim Director of Growth Investments at Scottish Enterprise, said: “R3-IoT is an exciting young company with big global ambitions. Scottish Enterprise is proud to have helped it reach this milestone moment by providing it with an integrated package of support, including participation in our High Growth Ventures programme and equity and grant funding through the Early Stage Growth Challenge Fund, and look forward to working with the company as it goes from strength-to-strength.”
Professor Sir Jim McDonald, Principal and Vice-Chancellor of the University of Strathclyde added: “It is wonderful to see an early-stage company such as R3-IoT, which has such firm Strathclyde roots, successfully concluding this seven-figure funding round with external investors. We look forward to following and supporting the company’s future successes as it expands and grows.”