Glasgow-based Krucial, which uses space technology to provide digital solutions, has secured follow-on funding of more than $3.7 million (£3m) as it continues to expand into international markets.
The funding round was led by existing investor the Scottish National Investment Bank, joined by the University of Strathclyde, Scottish Enterprise, and Dubai-based space and technology investor AzurX. It takes the total amount raised by Krucial to date to more than $7.5m following seed investment of $3.8m in 2021.
The money will be used to accelerate growth in core markets including energy, rail, aquaculture and agriculture in the UK and internationally.
READ MORE: Flagship launch as Krucial ponders funding
Founded by space experts Allan Cannon and Kevin Quillien, Krucial offers a full end-to-end digital infrastructure to connect operations from anywhere on earth. This allows enterprises to build solutions on the Krucial connectivity platform and deploy the latest IoT technology on sites and assets with no existing communications infrastructure.
Krucial already has clients in several industries and recently announced that it is working with Mowi, the world’s largest producer of farm-raised salmon, to continuously and accurately monitor key environmental parameters to benefit fish welfare. The company has also has strategic partnerships with organisations including Netherlands-based Amphibious Energy, which provides renewable energy to offshore and onshore locations, and Scottish telecoms specialist Logicomms.
“This funding is a clear vote of confidence in Krucial’s cutting-edge solution – especially given wider macroeconomic conditions," Mr Cannon said. "The ambition, potential and performance of Krucial to this point has proven our value to investors, who are backing us to take the next steps towards digitising the planet.
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“We know that tackling the most important issues of our time – from climate change to food security – requires innovative thinking and big ideas. This latest investment will unlock a host of new opportunities both in the UK and internationally in the $400 billion enterprise IoT market. While we’re a Scottish-based company, we’re global in outlook, and are aware of just how excited international partners are by our solution."
Simon Comer, director of sustainable investment at the Scottish National Investment Bank, said Krucial is an "excellent example" of the opportunities emerging from Scotland’s technology ecosystem.
"The company’s highly innovative solutions have an important role to play in improving connectivity in a wide range of industries across the globe," he added. "Its new partnerships with companies like Mowi and Logicomms demonstrate the diversity and expansion potential of its offering."
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