DIGIT Deal Roundup | July 2022 – DIGIT.FYI

Michael Behr
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Edinburgh-based company CodeBase was awarded a contract worth up to £42 million to establish seven new tech scaler hubs across Scotland.
The Scottish Government investment will help tech founders scale-up their businesses by accessing advice and mentorship from industry experts at the hubs.
The Tech Scaler contract, one of the largest investments by the Scottish Government into Scotland’s potential as an entrepreneurial nation, was announced by First Minister Nicola Sturgeon ahead of an event at the new Barclay Eagle Lab Campus in Glasgow.
Partners include Google for Start-ups UK, Barclays Eagle Labs and Reforge, a leading San Francisco-based membership programme that teaches startups how to grow using Silicon Valley founders’ best practice.
The First Minister said: “Scottish tech startups and scaleups are already a very significant success story and the Scottish Government wants to do even more to build on the sector’s current strength.
“Tech startups right across Scotland will have access to world-class education and mentoring and opportunities for peer learning and networking through the tech scalers. For new companies at all stages of their development, Scotland will provide one of the most supportive environments in Europe.”
To learn more, read our full article.
Scottish Fintech startup Snugg raised £1.2 million in its first seed fundraising round in a bid to ‘revolutionise’ home energy efficiency finance.
The funding from private investors is being used to accelerate development of a unique, net-zero eco platform for UK homeowners and private landlords to make home energy efficiency improvements simpler and more affordable.
With some of the oldest housing stock in Europe and just over 20% of UK CO2 emissions coming from residential homes, improving the energy efficiency of existing buildings is critical to the UK meeting its net-zero targets.
In partnership with banks, installer networks and data providers, the Snugg platform will provide energy efficiency recommendations to homeowners based simply on their address.
Snugg Co-founder and CEO Robin Peters said: “We’re delighted to have raised the finance we need to accelerate the development of our new platform. We’re passionate about helping homeowners across the UK, and in international markets, tackle climate change by improving the energy efficiency of their homes.
“As part of the thriving Scottish Fintech community, we’re in the perfect place to forge the industry partnerships and access the skills we need to deliver a unique, market-leading digital proposition. I’d like to say a big thank you to our investors for their enthusiastic support for Snugg.”
Interested in reading more? Check out our full article.

Wireless communications company pureLiFi will target a global roll out of their technology after securing £10 million backing from the Scottish National Investment Bank.
The Edinburgh-based firm uses light to transmit data rather than conventional radio frequency systems such as WiFi and 5G.
By harnessing the light spectrum, LiFi is able to provide more reliable wireless communications with unparalleled security.
The use of the light spectrum means that LiFi can provide more efficient connectivity with overall requirements compared to traditional methods.
pureLiFi CEO Alistair Banham, said: “The bank’s investment will help us achieve our vision to connect everyone and everything with LiFi.
“We introduced our technology to the world from Scotland and it is important for us to grow our company and ecosystem from here.
“Our vision is for Scotland to be a recognised centre of excellence for LiFi. In the future customers from around the world will come to us for our innovative technology and leverage the wider photonics ecosystem that already exists here in Scotland.”
Our full article has more.

Scotland-based technology company Integrated Graphene will invest up to £8 million to scale up the manufacturing process of its 3D graphene foam, Gii.
The move will help the company meet surging global demand from the human diagnostics and energy markets.
The company’s investment plan will focus on scaling-up the manufacturing of its graphene enhanced electrodes and super capacitors which are currently being piloted by global blue-chips in human diagnostics point of care testing and smart label asset tracking applications.
Claus Marquordt, Co-founder and CEO at Integrated Graphene, said: “This investment marks a real tipping point for Integrated Graphene and the manufacturing of our unique 3D Graphene foam in its first two market-ready products.
“We are actively involved in projects with several global blue-chip companies to deliver high volumes of electrodes and super capacitors that address critical needs in accelerating point of care human diagnostics for a wide range of killer diseases and in enabling low-cost flexible and sustainable power systems for the booming IoT, Smart Label and Wearable tech markets.
“By investing now, we will be ready, this year, to produce millions of units per annum from a new facility in Stirling and to transfer the technology at scale to global partners in the future.”
For more, read our full article:

Edinburgh-based work-surfing startup Swurf has secured significant funding from two investors as the business targets global growth.
Skyscanner co-founder Gareth Williams and Anna Lagerqvist Christopherson, co-founder of the award-winning Boda Bar Group in Edinburgh, have both pledged an undisclosed sum to support the startup’s expansion.
The firm has also appointed its first director outside Scotland, who will focus on accelerating growth in England.
Swurf Founder Nikki Gibson said: “Getting investment from Gareth and Anna represents a major step forward for Swurf as we continue to expand quickly. It’s great that successful investors and entrepreneurs of their calibre have chosen to support Swurf and have bought into our ambitious plans.”
Gareth Williams added: “I was attracted to invest in Swurf because it has a real purpose, fills a gap and is building a community.
“I can see similarities between the Swurf concept and that of the Skyscanner business I co-founded which shook up the travel booking market and has achieved global success. Swurf is growing quickly and I can see the potential for it to be rolled out globally as remote working looks set to stay.”
Read our article for the full story.

The skies above Scotland could soon be buzzing with drone deliveries after a consortium led by NHS Scotland and AGS Airports secured £10 million in funding from UK Research and Innovation (UKRI).
The CAELUS consortium, which brings together more than a dozen industry partners, aims to develop the UK’s first medical distribution network using drones.
Plans laid out by the consortium would see drones used to transport essential medicines, blood and other medical supplies throughout Scotland, including to remote and isolated communities.
Public Health Minister Maree Todd said the project has exciting potential for both NHS services and the future of drone deliveries in Scotland.
She commented: “This innovative project will help position Scotland at the forefront of drone technologies to deliver essential healthcare supplies to people more quickly and provide equity of care between urban and remote rural communities.”
If you want to know more, check out our full article.

The University of Strathclyde has been awarded almost £1.4 million in funding to help translate university research to have real-life impact.
The funding is being provided by the UK Research and Innovation’s (UKRI) Impact Acceleration Account (IAA) supporting early-stage translation of UK research to real impacts, transforming public services, creating new jobs, attracting private investment, and forging new partnerships with business and charities.
Commenting on the new funds, Professor Tim Bedford, Associate Principal, said: “We are delighted by the renewal of this funding which is helping our researchers to create new spinouts and form new partnerships with companies to develop their most exciting and innovative research ideas and activities into real-world impacts.
“IAA funding has been at the core of many of our major industry centres and we look forward to developing even greater impacts across the Strathclyde Innovation Ecosystem with this new EPSRC funding.”
For more, read our full article.

Glasgow-based biotech startup Revive Eco has raised over £400,000 as part of a crowdfunding campaign.
With an original target of £150,000, the company has now brought in 797 investors through Crowdcube, hitting a pre-money valuation of £1.25 million.
The company creates palm oil alternatives using old coffee grounds for the food and drink and cosmetics industries. Through this, it aims to reduce deforestation from palm oil production and utilise the more than 500,000 tonnes of coffee grounds wasted in the UK each year.
With the new funding, the company aims to scale up the manufacturing capacity and launch its products to market.
Launched in 2015 by alumni of the Strathclyde Business School, Fergus Moore and Scott Kennedy, Revive Eco has already raised more than £700k in private investment and grant funding.
Kennedy said: “We are incredibly excited to scale up Revive, creating additional green jobs, and providing truly sustainable raw materials to the likes of the cosmetics and food and drinks industries on an even larger scale.”

Glasgow-based tech startup Gigged.AI has been awarded £100,000 in funding to scale development of its digital talent sourcing platform.
The Scottish Enterprise grant will be used to re-platform the firm’s product following a period of heightened demand and expand into North American markets.
Using AI-driven technology, the Gigged platform matches businesses with internal talent and external freelancers for projects. A talent matching algorithm then pairs the client with the most suitable people from either the company’s internal workforce or Gigged.AI’s talent network of freelancers
Commenting on the funding, CEO Rich Wilson said: “In 2021 we launched our Minimum Viable Product (MVP) to test demand. We learnt quickly there was a huge demand from SMEs to tap into freelance talent while a huge opportunity for larger enterprises to tap into internal talent.
“This grant allows us to build both solutions on one platform which will boost innovation and reduce staff attrition.”
Wilson added: “North America is a huge target market for Gigged.AI and we have a significant pipeline already generated.
“This grant allows us to deliver to that pipeline in early 2023 while SDI have already created strong links with future investors and clients in Silicon Valley.”
Want to know more? Read our full article.

The Net Zero Technology Centre (NZTC) has launched applications for the fifth startup cohort of its TechX Clean Energy Accelerator.
With up to £100,000 of grant funding available for 12 clean energy startups, the programme will help high potential companies scale up through mentorship, specialist technology development guidance, commercial support, and access to an extensive industry network.
Backed by its global Strategic Partners – BP, Equinor and ADNOC – the Clean Energy Accelerator presents opportunities for participating startups to refine their business models and investor propositions, find potential field trials, raise additional funding and more.
TechX Director Mark Anderson commented: “It’s clear startups will play a key role in the journey to net zero. TechX offers an environment that will help early-stage companies discover their full potential, spark new ideas and grow at pace.
“I am delighted that applications for the next cohort of our award-winning programme are now open. This is an exciting and essential process to be undertaking; discovering the next round of trailblazing startups that can help us accelerate the future of clean and affordable energy.”
Interested in learning more? Read our full article.

Small firms founded at universities in Scotland saw the highest number of equity investment deals to UK spinouts last year, according to new research.
New data collected by the British Business Bank found that, of the 211 equity deals involving spinouts across the UK during 2021, 44 (21% of the total) came from Scottish academic institutions – the highest figure of any other area of Britain.
It was the second year in a row Scotland was top for equity investment deals in university spinouts after recording 64 in 2020 – ahead of the South East’s and East of England’s with 41 each.
Equity investment deals in Scottish spinouts continued a positive trajectory into the first half of 2022, including an £8m investment in Elasmogen, a biotechnology business spun out from the University of Aberdeen, and a £1.2m investment in WellFish Diagnostics, an aquaculture spinout from the University of the West of Scotland.
Barry McCulloch, senior manager, UK Network, Scotland at the British Business Bank, commented: “Scotland is home to a number of world-class research institutions that are developing ground-breaking products and processes, particularly in sectors such as life sciences and technology.
“It’s highly encouraging to see Scottish businesses accounting for the highest proportion of equity investment deals to spinouts, with access to finance helping entrepreneurs turn research concepts into commercial ideas.
“Investing in research-led businesses is an essential part of fostering an innovation economy and the British Business Bank is committed to driving sustainable growth and prosperity across the UK, including ongoing funding for R&D-intensive businesses such as spinouts from Scottish universities.”
Our article has the full story.

Renewco Power will expand its platform into the US with the acquisition of a 1.5GW pipeline of early stage utility-scale solar projects alongside 500MW of battery storage projects from Beaufort Rosemary, an experienced Virginia-based developer.
As part of the deal, the Scottish-based renewable power business is also forming a partnership with Beaufort Rosemary to jointly develop more sites, with the goal to bring 3GW of solar and storage projects to the ‘ready to build’ stage within five years.
The venture will focus on states in the Southeast and Midwest of the US where there is a lower penetration of renewables and which have new ambitious clean energy generation goals.
Renewco’s move to the US is being supported by a further funding commitment of £24m from Corran Capital, the clean energy and sustainability investor, which raised the capital from low carbon infrastructure company, SSE plc. This brings Renewco’s total funding commitments to £48m just nine months from formation.
Gavin McCallum, CEO of Renewco, commented: “I am delighted to have completed this acquisition, expanding the Renewco platform to the US and enabling us to accelerate the clean energy transition in one of the world’s largest renewables markets.
“I am excited to be working in partnership with such an experienced and established developer as Beaufort Rosemary. Their Founder and CEO, Kevin Casey, and I worked together in the US power sector in the early 2000s and I have every confidence in our joint ability to create a large and growing pipeline of solar and storage projects in the US.”
Find out more in our full article.

Eight people have been made redundant following video firm Ajenta’s decision to bring in liquidators.
This is despite the company posting record trading in recent months – the impact of the pandemic’s restrictions in supplying the company’s hardware to clients had too much of an impact on cash flow.
Ajenta acquired the Vscene platform in 2018 from educational charity JISC. Since then, its developers and engineers have further tailored the service to provide secure video collaboration for over 10,000 customers in education, research and public sectors worldwide.
The liquidation means that eight staff have been made redundant, with a small team retained to provide the Vscene service to existing customers while liquidator Henderson Loggie explores prospects for a sale of the business and assets.
Ajenta founder and director John Wilson said: “Like many businesses we experienced a damaging drop off in trading activity during the pandemic which has resulted in a mounting cashflow deficit.
“Vscene provides immersive virtual classroom technology that provides flexible and equitable access for remote students into physical classrooms. We are now seeing sharply increasing demand for our services as educational institutions continue to develop hybrid models for teaching and learning.”
Want to know more? Read our article for the full story.
Michael Behr
Senior Staff Writer
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