R3 IoT
Our £1m investment in Internet of Things communication and data service provider, R3 IOT, will enable the business to scale up.
"This high growth business is at the forefront of improving connectivity via satellite and Internet of Things technologies."
Eilidh MactaggartCEO - Scottish National Investment Bank
Key Information
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Amount Invested
£1m
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Location
Glasgow
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Co-funders
Space Capital
Strathclyde University
Private individuals
Key Quotes
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.
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Goal 3
Good Health and Well-Being
Potential applications in telehealth have the ability to decrease costs and improve access to healthcare for the vulnerable.
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Goal 4
Decent Work and Economic Growth
Quality jobs for people in Scotland and company with strong potential for growth.
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Goal 9
Industry, Innovation and Infrastructure
The Internet of Things and off grid communication service from R3 IoT allows for resilient infrastructure and promotes sustainable industrialisation.
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Goal 12
Responsible Consumption and Production
Decreasing waste and increasing efficiency at fish farms and other potential use cases helps ensure sustainable consumption and production.
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Goal 13
Climate Action
The system can be powered by locally generated renewable energy whilst enabling more efficient operations, helping with climate action.