Our £1m investment in Internet of Things communication and data service provider, R3 IOT, will enable the business to scale up.
This investment primarily aligns to our innovation and place missions, but also supports our net zero mission.
R3 IoT combines pioneering satellite communications technology with adaptable and resilient “Internet of Things” sensing hardware to enable businesses to monitor, analyse and optimise their key assets, wherever they are in the world.
R3 IoT provides resilient data services with analytics to the 90% of the planet that lacks traditional communications infrastructure. The benefits of this technology are wide ranging and support a broad spectrum of different businesses, including connecting critical public safety infrastructure, aquaculture, telehealth monitoring of vulnerable individuals in remote communities and providing early flood warnings by analysing multiple isolated locations.
As a technology business based in Scotland, R3 IoT is a fantastic example of how by investing in innovative businesses we can enable our people to flourish and grow our economy of the future.
The Bank’s investment, alongside Strathclyde University and Space Capital provides the business with the investment it needs to grow. The investment will support the doubling of their Glasgow headcount, allow them to commercialise products and services, further develop analytics capability and expand into new markets and geographies.
Prior to the Bank's investment, R3 IoT received Covid-19 support from Scottish Enterprise in September 2020 from their Early Stage Growth Challenge Fund, established to support small and medium enterprises negatively affected by the Covid-19 pandemic. These funds converted into equity at the same time that the Bank made its investment.
"This high growth business is at the forefront of improving connectivity via satellite and Internet of Things technologies."Eilidh Mactaggart
CEO - Scottish National Investment Bank
Eilidh Mactaggart, CEO of the Scottish National Investment Bank said:
“This high growth business is at the forefront of improving connectivity via satellite and Internet of Things technologies, with the power to support multiple industries with data and analysis via satellite connectivity.
R3 IoT has emerged from Scotland’s thriving innovation and technology ecosystem and the R3 IoT team has ambitious plans to double its workforce in Scotland as they grow their products and services. The Bank is pleased to be investing alongside the US-based Venture Capital firm Space Capital, as well as Strathclyde University, from where the founders of R3 IoT graduated, demonstrating the strength of our home-grown talent.”
Allan Cannon, Founder & CEO of R3 IoT, said:
“The funding round supports our mission to digitise the planet. We have ambitious plans and are in a strong position to accelerate our international growth strategy. We are already seeing strong demand for our solution in EMEA and North American markets.
The investment is a clear recognition of the potential for our platform to broaden the reach of satellite technologies by focusing on what has been, up until now, the ‘missing piece’ in digitisation. After three years of bootstrapped growth, our aim is now to build a global company and take advantage of the rapid advances in space communications and IoT technology, from our base in Scotland.”
Alignment to the United Nations' Sustainable Development Goals
All of the investments we make support the UN's Sustainable Development Goals. The Goals supported by R3 IoT are listed below.
Good Health and Well-Being
Potential applications in telehealth have the ability to decrease costs and improve access to healthcare for the vulnerable.
Decent Work and Economic Growth
Quality jobs for people in Scotland and company with strong potential for growth.
Industry, Innovation and Infrastructure
The Internet of Things and off grid communication service from R3 IoT allows for resilient infrastructure and promotes sustainable industrialisation.
Responsible Consumption and Production
Decreasing waste and increasing efficiency at fish farms and other potential use cases helps ensure sustainable consumption and production.
The system can be powered by locally generated renewable energy whilst enabling more efficient operations, helping with climate action.