By Kristy Dorsey
Glasgow-based iOpt has landed a £1 million contract to install real-time monitors in social housing across Renfrewshire Council as the company prepares to launch a seven-figure fundraising to expand its operations.
Set up in 2016 by managing director Dane Ralston, iOpt provides remote monitoring through its Internet of Things (IoT) technology. The iOpt platform will be used to measure temperature, humidity and carbon dioxide levels to provide early alerts on issues such as ventilation problems and potential dampness.
The partnership will cover up to 2,400 homes over a four-year period. The first two years will see iOpt devices fitted into 1,100 empty residences as they are prepared for new tenants.
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Mr Ralston said the agreement is believed to be the first large-scale remote monitoring system to be deployed in the social housing sector anywhere in Europe.
iOpt’s lead investor is Mactaggart & Mickel Investments, the investment arm of the Scottish-based housebuilder, along with the Scottish Investment Bank and US-based IoT specialist Semtech. The trio put an initial £600,000 into the business 18 months ago to fund development of the iOpt system.
Mr Ralston said the company now wants to raise a further seven-figure sum that will allow it to expand from three to 12 employees. The firm will be looking to the property, data and technology sectors for investors who can add value to the business.
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