Newcastle tech firm secures nearly $8m funding to drive strategic development
Tech firm IOTech Systems has raised $7.5m 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).
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 global growth strategy.
Keith Steele, founder and CEO of IOTech, said: “The latest raise is 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.”
Meanwhile, Stephen Price, investment director at Northstar Ventures, added: “IOTech is a business that we have been watching since formation and we were very pleased to support it back in 2018.
“We are now delighted to further support the growth of the company alongside an investor syndicate. IOTech is developing industry leading products that will drive the adoption of IoT solutions at scale.
“We have been extremely impressed with the team, their vision and their level of ambition which is truly global from the outset.”
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