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INTERNET-OF-THINGS BUSINESS IOTECH SECURES $7.5M SEED FUNDING

News

20 Nov 2019

Northstar Ventures is delighted to have supported IOTech Systems which has raised $7.5m investment with the help of global computing firm, Dell.

The Newcastle headquartered tech company, which was set up two years ago, builds and deploys open and secure software edge platforms for the Industrial Internet of Things (IIoT) helping drive IoT innovation, global market adoption, velocity and scale. The investment round was led by Dell Technologies Capital and was supported by the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, SPDG and Scottish Enterprise.

The capital raised will now support the company as it continues on its ambitious global growth strategy. Specifically, the fund raise will strengthen IOTech’s ability to significantly expand channel support and acquisition capability across the US, Europe and APAC, accelerate product delivery and extend its professional service offerings particularly to support customer pilots and subsequent production deployment. 

Keith Steele, founder and CEO of IOTech, said: “The latest raise is testament to the hard work of the team at IOTech who continue to develop ground-breaking technology for our customers. Our goal is to help grow the North East’s tech hub and this investment enables us to take a huge step towards doing this.

“We are delighted to have worked with Anna McGill and Jennifer Boynton at Gordon Brown Law Firm. Their sector knowledge and experience with local businesses is second to none.”

Anna McGill, a corporate partner at Newcastle-based Gordon Brown Law Firm LLP (GBLF). has provided legal advice on all fund raising activity since IOTech was set up.

Last year the company received $2.5m in early stage seed funding to accelerate the development of its products and expand its presence in the city.

She said: “IOTech has already built a strong reputation in the North East and the business is a great example of a tech success story for our region.

“The substantial investment also reflects the great promise that IOTech holds for so many people in our region and also in Edinburgh thanks to the investment from Scottish Enterprise. We are delighted to have worked with Keith on this transaction and look forward to supporting the team at IOTech as they embark on the next stage of their growth journey.”

Stephen Price, investment director at Northstar Ventures, said: “IOTech is a business that we have been watching since formation and we were very pleased to support it back in 2018.  We are now delighted to further support the growth of the company alongside an impressive investor syndicate. IOTech is developing industry leading products that will drive the adoption of IoT solutions at scale. We have been extremely impressed with the team, their vision and their level of ambition which is truly global from the outset.”

 

Posted By
Sharon McKee

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