Headquartered in Glasgow, space tech startup R3-IoT has closed a fundraise of US$ 4.3 million in a seed funding round from notable investors like US-based VC Space Capital and the Scottish National Investment Bank, held on July 27 2021. The venture round also witnessed the participation of angel investors like former CEO of BlackBridge Ryan Johnson, CEO of Rendered.ai Nathan Kundtz, former GM of Revenue at Shopify Loren Padelford and the University of Strathclyde.
About the Company
Founded in 2018 by Allan Cannon and Kevin Quillien, R3 IoT is a space tech startup that facilitates firms to ingress upon important operational data by automating sensor data collection. The data is transported through cloud satellites to foreign operations. It presents the industry administrators to make more solid decisions and limit the scope of inefficiencies.
The Scottish startup claims to consolidate the cutting edge satellite intelligence tech with the most high-grade IoT to give standardised and end-to-end individual data services to up to 90% of the planetoid that demands a universal communications foundation.
Fund Utilisation
R3-IoT will use the funds to stimulate its foreign growth and expand its offices in North America. The startup is also looking forward to increasing its recruitment for 20 new roles over the next eighteen months in the domain of IT and business (sales and marketing).
The capital is an addition to the subsisting £1.2 million raised for the club between Unicef, Glasgow and the Commonwealth Games Federation before the ceremony in 2014.
What the Investors have to say
“We immediately saw the opportunity with R3-IoT, which is essentially Nest for organisations with remote industrial facilities. This is the right company at the right time that will benefit tremendously from new backhaul capacity coming online through low-Earth orbit satellite communications,” the Managing Partner at Space Capital, Chad Anderson, said. “Scotland is the perfect testbed for this capability that will enable mission-critical connectivity, and we are thrilled to join the efforts of Allan, Kevin, and the team at R3-IoT, supporting their growth into global markets where there is a huge demand for their services.”
“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,” said Professor Sir Jim McDonald, Principal and Vice-Chancellor of the University of Strathclyde.
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