Data solutions and property technology firm, Utopi, has secured a further £5m investment from the Scottish National Investment Bank, supporting the Glasgow-based company to secure and resource several long-term income contracts.
Utopi’s technology collects data from multi-tenant buildings, tracking and measuring six different performance indicators: temperature, humidity, air quality, light, noise, and motion.
The company’s in-house specialists then provide data-informed recommendations, tailored to the property, to reduce the building’s environmental footprint, create a healthier environment for residents, and improve the value of the building for investors and asset managers.
The Bank initially invested £5m in Utopi in 2023, which supported the business to grow from 12 employees to 55 and supported a 500% revenue growth in the first year of the investment.
The latest investment will help unlock the company’s next phase of growth, which includes an initial contract with global real estate company, Mapletree Investments Pte Ltd, to provide electric panel heaters and smart sensors for 1,500 student rooms within its UK student housing properties.
Jonathan Burridge, CEO and co-founder of Utopi, said: “The support and investment provided by the Scottish National Investment Bank have been transformative for Utopi. Their strategic guidance and alignment with our growth vision have enabled us to expand our team by attracting top-tier talent from across Scotland, develop innovative product solutions, and explore new international markets.
“This partnership has also allowed us to contribute meaningfully to the Scottish economy. With significant client acquisitions, such as Mapletree, Collegiate and Greystar, we are committed to delivering exceptional value to our customers and reinforcing our position as the leading data solution provider in the multi-tenant real estate sector.”
The Bank invests in Scottish businesses and projects that support the development of a fairer and more sustainable economy. SNIB has stated that its investment in Utopi aligns to its mission to address the climate crisis through growing the net zero economy, and its mission to scale innovation and technology.
In 2024, Utopi was named the 72nd fastest growing business in the UK by UBS’s UK Fast Growth Index, named as 5th for Hardware and PropTech in The Sunday Times’ 100 Tech List, and was ranked 18th in the UK by Deloitte’s Fast 50 Tech list.
Richard Skillen, director of investment portfolio management at the Bank, said: “Scale-up companies have huge potential to transform the Scottish economy. Utopi is a great example of what this looks like: an innovative Scottish tech company supporting a more sustainable future, with a globally scalable product.
“Utopi’s success in securing long-term contracts is a testament to the value its technology brings to its existing customer base, and we are pleased to continue to support the next stage of the company’s growth.”