R3-IoT’s £3.1 Million Funding Round

Harper Macleod’s team advised on the investment, as did US-based legal firm Wilson Sonsini.
Glasgow-headquartered space tech startup R3-IoT secured a £3.1 million investment as it prepares to expand internationally.

The satellite-enabled connectivity start-up closed a seed investment round led by US-based VC Space Capital, joined by the Scottish National Investment Bank.

Other investors include the University of Strathclyde, alongside North American-based Ryan Johnson, former CEO of BlackBridge, Nathan Kundtz, CEO of Rendered.ai, and Loren Padelford, former GM of Revenue at Shopify. Scottish Enterprise also become shareholders and continue to support the company.

Led by space technology experts Allan Cannon and Kevin Quillien, R3-IoT addresses challenges organisations face in digitising 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. The company’s full-stack digital platform – combining satellite, cellular, IoT and data analytics – provides organisations with end-to-end data services from any location, regardless of existing infrastructure.

Paula Skinner (Picture), the lead Partner in Harper Macleod’s corporate entrepreneurs, startup and investment team, advised R3-IoT on the deal along with Senior Solicitor Natalie Wallace. 
Involved fees earner: Paula Skinner – Harper Macleod LLP; Natalie Wallace – Harper Macleod LLP; Law Firms: Harper Macleod LLP; Clients: R3-IoT;

Author: Giulia Di Palma