Space Capital Leads $4.3m Investment in Scottish-based Space Technology Start-up R3-IoT
Space Capital, R3-IoT | August 02, 2021
R3-IoT, a satellite-enabled connectivity start-up, has closed a $4.3million seed investment round led by New-York based Space Capital, as it gears up for global expansion.
Led by space technology experts Allan Cannon and Kevin Quillien, R3-IoT addresses challenges that organizations face in digitizing business operations, products, and services due to a lack of, or unreliable, communications infrastructure.
Focused on the market gap underserved by the current space race, R3-IoT aims to provide value extending beyond connectivity. Its full-stack digital platform - combining satellite, cellular, IoT and data analytics - provides organizations with end-to-end data services from any location, regardless of existing infrastructure.
Other investors participating in the round include North American-based Ryan Johnson, former CEO of BlackBridge, Nathan Kundtz, CEO of Rendered.ai, and Loren Padelford, former GM of Revenue at Shopify. Advisers included US-based legal firm Wilson Sonsini.
Ahead of market launch later this year, the investment will drive continued innovation and commercialization of R3-IoT’s technology and help accelerate the company’s international growth plans, including establishing North American operations. The expansion plans will also see 20 new roles created over the next eighteen months in its engineering, technical, sales and marketing functions.
Allan Cannon, CEO and Co-Founder of R3-IoT said: “The investment is a clear recognition of the potential for our platform to broaden the reach of satellite technologies by focusing on what has been, up until now, the ‘missing piece’ in digitization. We have ambitious plans and are in a strong position to accelerate our international growth strategy.”
R3-IoT’s technology wirelessly connects smart devices such as sensors – on, or offshore, automatically transmitting data via the cloud to an intuitive insights platform - helping organizations to remotely manage risks, improve efficiencies and digitize operations across multiple sites and locations.
It is aimed at organizations who require resilient connectivity 24/7, and sectors - including aquaculture, utilities, infrastructure, digital health, emergency services and energy - with operations in remote areas that lack traditional communications infrastructure.
Chad Anderson, Managing Partner at Space Capital, a seed stage venture capital firm investing in the space economy said: "We immediately saw the opportunity with R3-IoT, which is essentially Nest for organizations with remote industrial facilities. This is the right company at the right time that will benefit tremendously from new backhaul capacity coming online through low-Earth orbit satellite communications.”
“Scotland is the perfect testbed for this capability that will enable mission critical connectivity and we are thrilled to join the efforts of Allan, Kevin and the team at R3-IoT, supporting their growth into global markets where there is huge demand for their services.”
Loren Padelford added: "The R3-IoT team is building a platform which fills a critical need for organizations worldwide. The ability to easily and quickly monitor physical sites and operations remotely allows central teams to operate more efficiently and effectively, saving assets, time and improving outcomes.”