Welcome to the latest edition of the DIGIT Deal Roundup.

In September 2024, Scotland’s tech industry witnessed some major funding and acquisition wins across exciting sectors such as biotech, robotics, automation, and many, many more.

For a recap on the standout stories, take a look at our roundup below.

Funding and Investments

SNIB Invests £20 Million in ZeroAvia

The Scottish National Investment Bank (SNIB), Scotland’s state-owned development bank, has invested £20 million in ZeroAvia, the developer and manufacturer of zero-emission engines for commercial aviation.

Founded in California before growing a presence in the UK, ZeroAvia is developing the world’s first zero-emission, hydrogen-electric engines for commercial aircraft.

The investment completes the Series C funding round for the company, which is set to bolster the burgeoning aerospace supply chain in Scotland as the company seeks to create a manufacturing facility here.

Val Miftakhov, founder and CEO at ZeroAvia, said: “We have closed an exceptionally strong financing round to help us deliver the clean future of flight for the entirety of aviation.”

To read more, click here.

MiAlgae Clinches £14 Million in New Funding

Scottish biotech company MiAlgae, which grows environmentally-friendly omega-3 via recycling waste by-product, has received £14 million in fresh funding.

New investors SWEN Blue Ocean, Clay Capital, and Rabo Ventures backed the Scots firm alongside existing backers such as Scottish Enterprise, Social Investment Scotland (SIS) Ventures, and the University of Edinburgh’s Old College Capital.

The company, which is based at Heriot-Watt University, utilises by-products from whisky distillation to grow microalgae. The microalgae is a source of omega-3, a key ingredient for aquafeed, and can reduce reliance on wild fish as a source of this ingredient.

CEO of MiAlgae, Douglas Martin, said: “This investment marks a significant milestone for MiAlgae. The success of our demonstrator site has validated our technology at scale, attracting serious international support.”

To learn more, click here.

SOLASTA Bio Secures £10 Million Series A

Scottish agri-biotech firm SOLASTA Bio has completed an oversubscribed $14 million (£10.7m~) Series A funding round to help accelerate the development of its nature-inspired, peptide-based bioinsecticides.

The investment round was led by Forbion via its BioEconomy fund strategy, with co-lead investment from agricultural strategics FMC Ventures (FMC Corporation) and Corteva Inc., through its Corteva Catalyst platform.

Participation from existing investors included Cavallo Ventures (Wilbur-Ellis), Rubio Impact Ventures, Scottish Enterprise, UKI2S, SIS Ventures, and the University of Glasgow, bringing the total raised to date to $19 million (£14.5m~).

“With Series A now secured, it’s time for SOLASTA Bio to kick on to the next level and successfully hit our targets for commercialisation,” said CEO Shireen Davies.

To discover more, click here.

Leap Automation Gets £7.9 Million to Scale

A new £7.9m investment, led by £3.5m from the Scottish National Investment Bank, will enable scale and growth for industrial AI robotics specialists Leap Automation.

The Aberdeen-based company is set to create “new, highly skilled jobs and scale its IP development” following the fundraising round, which includes participation from Mercia Ventures and WA Capital.

Leap delivers robotic solutions for the manufacturing sector. Its AI-powered technology enables it to deliver robotic automation for companies of all sizes.

Ben Stuart, CEO, said: “From the outset we have strived to build simple, flexible and cost-effective robotic systems that solve our customers’ most pressing challenges.”

To read more, click here.

HonuWorx Receives Seven-figure Boost

Scottish underwater robotics company HonuWorx has received a seven-figure funding boost.

Based in Aberdeen, the robotics business creates autonomous, all-electric submarines to help cut costs and emissions for offshore repair and maintenance work.

The latest investment into the firm was led by Scottish angel syndicate TRICAPITAL, as well as national economic development agency Scottish Enterprise and existing investor UK Innovation and Science Seed Fund (UKI2S).

“We look forward to working with TRICAPITAL and Scottish Enterprise and to have the continued backing of UKI2S in our journey to change the game for underwater robotics,” said Lee Wilson, chief executive of HonuWorx.

To learn more, click here.

Willo Secures £1.8 Million in Latest Round

Willo, the Scottish recruitment technology platform, has secured £1.8 million investment in its latest round, including backing from the US founder of global email security giant Mimecast.

Investor and Mimecast founder Peter Bauer has committed £1.5m to the Glasgow-founded video interview scaleup, which he believes has “massive” growth potential in international markets.

Former chief digital officer of Visa Europe, Freeserve pioneer Mark Danby, and 1818 Venture Capital were among the other investors in this round.

“This is a significant moment for the team at Willo, and also for the Scottish tech start-up scene,” said Euan Cameron, CEO and co-founder.

To discover more, click here.

MarTech Platform Triyit Raises £1.1 Million

Glasgow-based marketing technology platform Triyit has announced it’s raised £1.1 million growth finance as it gears up for global expansion.

The business, which specialises in connecting fast-moving consumer goods (FMCG) brands with target consumers, currently operates exclusively in the UK, delivering campaigns for many global FMCG brands including Kellogg’s, Mars, and Corona.

Triyit founder Alex Barron said: “We have seen demand for our hyper-targeted consumer engagement services skyrocket in recent years, tripling activity and enjoying record profits last year.”

To read more, click here.

PropEco Lands £275K in Seed Funding

PropEco, the Glasgow-based tech company which provides a platform to assess the long-term value and viability of property, has secured £275,000 in seed funding.

Lead investor in the funding round is Symvan Capital, a London-based venture capital firm that supports early-stage, high-growth technologies companies. The University of Strathclyde’s Inspire Entrepreneurs Fund also participated.

The Scots firm said that the cash injection will be used to accelerate its mission of providing property professionals, lenders, and insurers with advanced data and analytical tools to manage the impacts of rapidly-evolving social and environmental trends, such as climate change, on properties.

Founder and CEO Chris Hardman, a serial entrepreneur with a background in cleantech, said: “Symvan Capital and the University of Strathclyde’s decision to invest in PropEco underscores the growing importance of integrating environmental and social factors into financial and property decisions.”

To learn more, click here.

Cyber and Fraud Hub Secures Two-year Funding

A “substantial” donation to support the Cyber and Fraud Hub’s first two years has been provided by car industry firm Arnold Clark to help more people to stay safe online.

The undisclosed funding will allow the Hub, which was launched earlier this year by the Cyber and Fraud Centre — Scotland, to continue its work for its first two years. During this, the team expects to help hundreds of people through education, victim support, and the recovery of funds.

Since launching in June 2024, the Hub has provided advice and support to 40 individuals affected by the growing threat of cyber and fraud crime, has worked on fraud cases worth £228,000, and helped recover £87,000 so far for victims.

“This funding from Arnold Clark represents a major step forward in collectively addressing the growing threat of cyber and fraud crime,” said Jude McCorry, the CEO of the Cyber and Fraud Centre.

To discover more, click here.

Scots Gov Backs Six R&D Projects

Six research and development projects borne from business/academia collaborations have been awarded funding through the Scottish Inward Investment Catalyst Fund (IICF).

The fund was set up by Interface and the Scottish Government to attract companies from outwith Scotland to collaborate with Scottish academic institutions to create future opportunities in R&D and manufacturing and grow the economy. IICF has awarded just under £60k to six projects involving universities and a college.

Business minister, Richard Lochhead, said: “Scotland is open for business and we are committed to attracting further overseas investment to help boost economic growth.

To read more, click here.

Scots Green Hydrogen Projects Get £7 Million

Up to £7 million in Scottish Government funding has been announced to help launch green hydrogen projects throughout the country.

The funding is being offered to support the development stage costs of green hydrogen production projects with capacities ranging from 5 to 400 megawatts—enough to produce hydrogen to heat over 16,000 homes.

Funding will also go towards work supporting the hydrogen supply chain and storage solutions, as well as playing an important role in helping the industry scale up to respond to market demand.

Alasdair Allan, acting minister for climate action, said: “Our energy sector, and the development of green hydrogen in particular, will play a crucial role in growing Scotland’s economy and delivering on our net zero targets.”

To learn more, click here.

Acquisitions

Quorum Cyber Acquires Difenda

Quorum Cyber – with offices in Edinburgh, UK, and Tampa, Florida, US – has announced its acquisition of Difenda, a Canadian-based, full-stack Microsoft security managed services company.

In a press release, the company states that the announcement “underscores Quorum Cyber’s global momentum and strengthens its position as a leader of Microsoft Security services.”

Since 2008, Difenda has grown to over 80 employees and serves a diverse range of customers across the manufacturing, financial services, energy, retail, technology and healthcare industries.

Federico Charosky, CEO and founder of Quorum Cyber, commented: “I am thrilled to announce our acquisition of Difenda. Many things attracted us to Difenda, but what stood out were our shared objectives and values, and the fundamental integrity of both teams.

To discover more, click here.

CB Technology Acquired by Elite Electronic Systems

Livingston-based CB Technology, the electronic product manufacturer, has been acquired by Northern Irish company Elite Electronic Systems.

With the rival companies having a combined turnover of £50m, the deal creates one of the largest electronic manufacturing firms in the UK.

With the acquisition, Elite Electronic Systems hopes to strengthen their reputation by integrating CB Technology’s 25 years of industry expertise, particularly in sectors such as energy and power monitoring.

“This acquisition is a pivotal step for Elite as we continue to grow and innovate in the EMS industry,” Jonathan Balfour, CEO of Elite Electronic Systems, commented.

To read more, click here.