Newcastle-based IoT business secures £5.8m seed funding
Newcastle-based tech firm IOTech Systems has raised £5.8m 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 fundraise 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 a 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.”