Krucial secures USD $3.7mn funding to accelerate growth

• $3.7mn funding led by existing investor Scottish National Investment Bank, alongside University of Strathclyde and Scottish Enterprise, with new international investors including Dubai-based AzurX
• Takes total investment to date to more than $7.5mn
• Investment described as “clear vote of confidence in Krucial’s cutting-edge solution” by CEO Allan Cannon

Scottish scaleup Krucial, which utilises space technology to provide digital solutions, has secured further funding of more than $3.7mn as it continues to expand into international markets.

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 $7.5mn following seed investment in July 2021 of $3.8mn.

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 host 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, founded by space experts Allan Cannon and Kevin Quillien, provides digital solutions that enable access to mission-critical data for industries with remote and hard-to-reach assets. Using a combination of state-of-the-art satellite and cellular technology combined with internet of things (IoT) devices and cloud services, Krucial offers a full end-to-end digital infrastructure to connect operations from anywhere on earth. In practice, this enables enterprises and solution providers to build solutions on the Krucial connectivity platform and deploy the latest IoT technology on sites and assets with no existing communications infrastructure – meaning operators can get continuous data insights no matter the location or conditions.

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.

“As we scale even further, our priority in the coming 12-18 months will be to accelerate growth by delivering on our ambitious business plan and continue providing solutions that are transforming enterprise performance and sustainability. The opportunity in front of us is significant, and we intend on taking full advantage of the trust shown in us by our investors to continue delivering digital transformation for partners and customers globally.”

Simon Comer, Director of Sustainable Investment at the Scottish National Investment Bank, said:

“Krucial’s continued growth is an excellent example of the exciting 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. Its new partnerships with companies like Mowi and Logicomms demonstrate the diversity and expansion potential of its offering. Our funding will help maximise this potential, not only in the UK but enabling this Scottish-based business to increase its impact in the international marketplace.”

Meryl Levington, Director of Innovation and Industry Engagement at the University of Strathclyde, said: "Strathclyde Inspire, the University’s flagship entrepreneurship programme, offers entrepreneurial training and opportunities to every student, staff member and alumnus.

“Krucial is a hugely exciting spin-in company from Strathclyde whose innovative, space-based technology-led solutions offer real value to a wide range of customers and huge global potential.

“The University is delighted to support the company’s growth and ambitions through our Strathclyde Inspire Investment Fund, and, through its links with our academic staff, to collaborate with the company on its research work.”

Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise said: “Supporting ambitious Scottish companies to scale and grow globally is something we at Scottish Enterprise are incredibly passionate about.

“Krucial’s innovative technology has the potential to deliver enhanced digital connectivity across numerous industries and sectors. Scottish Enterprise has been pleased to provide a wide range of services to Krucial and we look forward to continuing work with the company as it continues its international journey.”

Anna Hazlett, Principal and Founder at AzurX, said:

"The Middle East region presents a significant opportunity for KRUCIAL products and services, and the requirement for IoT products and services in energy infrastructures is substantial. We also see great opportunity to support the evolution of ‘smart cities’ using digital infrastructure for day-to-day city and urban functions across the region, in addition to the global agricultural sector. This investment marks a first for AzurX in the $400bn enterprise IoT market, and one we are excited about developing with the team."

UK-based law firm Burness Paull advised on the investment.

About Krucial

Krucial is a cutting-edge digital solutions provider that provides access to mission-critical data for industries with remote and hard-to-reach assets. Using a combination of state-of-the-art satellite and cellular technology combined with IoT and cloud services, Krucial's solution provides an easy to integrate full end-to-end digital infrastructure that can connect any operation on the planet, unlocking digital transformation anywhere.

Krucial is working with Mowi in Ireland to provide continuous, accurate monitoring of environmental parameters. Read more here.

Find out more about Krucial’s strategic partnerships with Amphibious Energy and Logicomms.

Products:

• Krucial CONNECT connects IoT devices, such as sensors, to automatically and securely transmit data from assets, infrastructure and buildings from even the most remote, hard-to-reach and off-grid sites. Automatic switching between satellite communications and cellular technology enables the seamless connection of enterprise systems to IoT devices, helping organizations to remotely manage risks, improve efficiencies and digitize across multiple sites.

• Krucial’s Connected Seafarm product offers a drop-in digitisation solution specifically for the aquaculture sector. It comes complete not only with Krucial’s connectivity solution, but also sensors, a weather station and a bespoke Insights Platform which allows collected data to be viewed on mobile and desktop to help spot trends, identify issues and understand site conditions remotely. It can be deployed in just six hours with no user technical expertise required.
• Krucial has recently also announced its capability to enable fish farmers to feed remotely (away from site/shore) by communicating low-latency video and feed controls via satellite, in a service that could save the aquaculture industry millions while improving fish welfare and reducing waste.

About the Bank

The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland.

The Bank is an impact investor, focussed on delivering both commercial returns and mission impacts with its investments. The Bank is a PLC and operationally independent from government.

The Bank invests in business and projects connected to Scotland to deliver long term, patient debt or equity investment where the private market is failing to provide the support businesses and projects require to grow.  

The Bank’s missions are:

• Supporting Scotland’s transition to net zero
• Building communities and promoting equality
• Harnessing innovation to enable our people to flourish

The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects creating a perpetual investment fund to support the Scottish economy in the long term. The Bank was established in November 2020.

About University of Strathclyde

The University of Strathclyde is a leading international technological university based in the centre of Glasgow.

Inspired by our founding principle as ‘a place of useful learning’, our mission is to make a positive difference to the lives of our students, to society and to the world.

Strathclyde students benefit from an innovative and practical educational experience enhanced by its integration with our research capabilities, high-quality academic resources and an unparalleled industry engagement programme.

The excellence of our research is evidenced by the growth in range and scale of our research collaborations and by our performance in the Research Excellence Framework 2021 where almost 90% was rated ‘world-leading’ or ‘internationally-excellent’.

We have redefined how we collaborate and work with industry, government and the third sector to ensure innovation and knowledge exchange are fundamental activities that deliver tangible impact.

Strathclyde was named the Times Higher Education UK University of the Year 2019, the Sunday Times Good University Guide Scottish University of the Year 2020 and was awarded a Queen’s Anniversary Prize for Higher and Further Education for its excellence in energy innovation in 2020 and for excellence in advanced manufacturing in 2022.

About Scottish Enterprise

Scottish Enterprise (SE) is Scotland’s national economic development agency and a non-departmental public body of the Scottish Government. It supports businesses to innovate and scale to transform the Scottish economy by focusing on new market opportunities through targeted investment, innovation and internationalisation. Follow on Twitter and LinkedIn.

About AzurX

AzurX, a Dubai-based professional services and investment firm for the space and satellite sector, is the chosen partner to emerging and leading commercial space and satellite companies, national space agencies, government entities responsible for civil and national security space activities, and strategic investment arms. We provide advisory services and full support to secure investment, strategic partnerships, boost research and development and develop business in the United Arab Emirates (UAE) and the wider Gulf region. AzurX has a track record in bringing cutting edge space and satellite companies to the region as part of its ongoing strategy of facilitating high-technology access for the region and providing commercial and investment services to companies providing these strategic technologies.

AzurX collaborates and co-invests with investment arms and strategic development funds, as well as place direct investments in visionary founders and early-stage through to late-stage ventures embedded in the space sector - a unique, multi-generational opportunity primed to address some of the world's biggest challenges.