Glasgow-based Krucial, a University of Strathclyde spinout has secured further funding of more than £2.9M as it continues to expand into international markets.
The latest investment in the company, which utilises space technology to provide digital solutions, was led by existing investor the Scottish National Investment Bank, joined by the University, Scottish Enterprise, and Dubai-based space and technology investor AzurX.
It takes the total amount raised by Krucial to date to more than £6M.
The investment will be used to accelerate growth in core markets including energy, rail, aquaculture and agriculture in the UK and internationally. Krucial already works with clients in several industries, including Mowi, the world’s largest producer of farm-raised salmon, to continuously and accurately monitor key environmental parameters to benefit fish welfare. The company has also recently announced a host of strategic partnerships with organisations including with Scottish telecoms specialist Logicomms.
Meryl Levington, Director of Innovation and Industry Engagement at Strathclyde, said: “Strathclyde Inspire, the University’s flagship entrepreneurship programme, offers entrepreneurial training and opportunities to every student, staff member and alumnus.
“Krucial is a hugely exciting spin-in company from Strathclyde whose innovative, space-based technology-led solutions offer real value to a wide range of customers and huge global potential.
The University is delighted to support the company’s growth and ambitions through our Strathclyde Inspire Investment Fund, and, through its links with our academic staff, to collaborate with the company on its research work.”
Krucial, founded by space experts Allan Cannon and Kevin Quillien, provides digital solutions that enable access to mission-critical data for industries with remote and hard-to-reach assets. Using a combination of state-of-the-art satellite and cellular technology combined with internet of things (IoT) devices and cloud services, it offers a full end-to-end digital infrastructure to connect operations from anywhere on earth.
Co-founder and CEO Allan Cannon said: “We know that tackling the most important issues of our time – from climate change to food security – requires innovative thinking and big ideas. This latest investment will unlock a host of new opportunities both in the UK and internationally in the $400bn enterprise Internet of Things market. While we’re a Scottish-based company, we’re global in outlook, and are aware of just how excited international partners are by our solution.”
Simon Comer, Director of Sustainable Investment at the Scottish National Investment Bank, said: “Krucial’s continued growth is an excellent example of the exciting opportunities emerging from Scotland’s technology ecosystem.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise said: “Supporting ambitious Scottish companies to scale and grow globally is something we at Scottish Enterprise are incredibly passionate about.”