A Scottish firm that is creating a digital waste tracking system has raised £1.5 million.
Topolytics, the Edinburgh-based data analytics firm, said the money will enable it to launch its WasteMap solution and extend the business commercially with new and renewed contract wins this year.
It said the money comes from “seasoned high-net-worth investors", and a grant from UK Research and Innovation.
The business targeted private investors who would bring experience of scaling data analytics and SaaS (Software as a Service) businesses globally.
The seven individuals are based in the US and UK, and a number of the US-based investors have built, scaled and exited billion-dollar financial data companies.
Others are noted players in private equity and investment banking, with track records of investing in and supporting high growth software and data companies.
The individuals "were attracted by the ambition of Topolytics to build a global data-driven insights business in the waste and materials sector, which is ripe for innovation”, it said.
“Topolytics has a growing global reputation for the insights available through our WasteMap platform,” said Michael Groves, Topolytics chief executive.
“It helps waste producers and recyclers to drive resource and cost efficiencies, to trace the movement of waste and measure their impact, whilst validating performance and improving the quality and reliability of ESG and carbon reporting.
“It is a privilege to be working with some leading players in their sectors, UK and international businesses alike, that see great commercial and environmental benefit from taking a fresh look at waste.”
Jane Stewart, director of Topolytics, said: “Topolytics is delighted to secure investment from high-net-worth investors who bring significant depth of experience in globally scaling data analytics and software businesses."
The firm said WasteMap is “becoming the defacto platform” for waste producers and the waste sector to process and analyse complex waste ‘supply chain’ data across multiple sites, regions and countries.
The funding enables the company to accelerate development of the platform and support its UK and international expansion plans.
Waterfront project for remote island community backed
A project to create waterfront facilities and a community hub at one of the most remote communities on an island on Scotland’s west coast has secured almost £250,000 in funding by Highlands and Islands Enterprise (HIE).
Ulva Ferry is situated on the far western coast of the Isle of Mull, around a 40-minute drive from Tobermory.
UK Government cuts stake in NatWest Group
The UK Government has trimmed its shareholding in NatWest Group, owner of Royal Bank of Scotland.
UK taxpayers acquired a majority stake in Royal Bank of Scotland after a £45.5 billion government bailout that prevented the bank from collapse during the financial crisis of 2008 and 2009.
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