Krucial raises a further $3.7m for growth
Comms company Krucial, which uses satellite technology to bring connectivity to remote locations, has secured further funding of more than US $3.7m (£2.96m) to help the business grow.
Krucial uses Internet of Things and space-based technology to provide secure digital links for sites were cellular communications are unreliable or non-existent. It has developed a package, the Connected Seafarm, designed to ensure real-time connectivity for marine fish farms.
The investment 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 (£6m).
The investment will be used to accelerate growth in core markets including energy, rail, aquaculture and agriculture in the UK and internationally.
Krucial already works with clients in several industries and recently announced it was 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 recently announced a number of strategic partnerships with organisations including Netherlands-based Amphibious Energy, which provides renewable energy to offshore and onshore locations, and Scottish telecoms specialist Logicomms.
Krucial co-founder and CEO Allan Cannon said: “This funding is a clear vote of confidence in Krucial’s cutting-edge solution – especially given wider macroeconomic conditions. 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.
“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 $400bn 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.”
UK-based law firm Burness Paull advised on the investment.
