The Scottish Chambers of Commerce (SCC), the business network, has strengthened its board of directors in a move to boost its fight for greater investment and support for Scotland’s businesses.
The new directors are Lindsay McGranaghan, senior vice president at CGI; Chris Lynch, trade and supply chain finance director at Santander Corporate Banking; Stuart Broster, founder and managing director of SDPN; Sarah Medcraf, CEO of Moray Chamber of Commerce; and Joanna Campbell, principal and CEO of Dumfries and Galloway College.
President Stephen Leckie said that the SCC is “building a great team to take our ambitions forward,” and that “it’s vital the voice of business is heard and action upon” in Scotland amid budget pressures for both the UK and Scottish governments.
Dr Liz Cameron DCE, the chief executive and director of the SCC, added that the new directors’ “exceptional business acumen, leadership skills and strategic insight will further strengthen our talented and dynamic team.”
Current SCC director Doug Smith, who also serves as a consultant with real estate firm CBRE Scotland, steps up to become vice-president. Speaking on this, he said: “I’m delighted to be taking up the role of VP.
“With an increased focus from governments on the importance of delivering sustainable economic growth and the opportunities which exist to deliver that, right across Scotland, this is a key moment to ensure that Scottish businesses of all sizes, and across all sectors, are fully enabled to play a part in meeting that challenge.”
Commenting on her new role, Lindsay McGranaghan said: “I’m honoured to join the board at such a pivotal time for businesses across Scotland.
“As we navigate the challenges and opportunities of the digital era, I look forward to working alongside my fellow directors to support the continued growth, innovation, and resilience of the Scottish business community.”
Chris Lynch further added: “SCC is an influential and strong representative voice for business communities in Scotland, and I’m delighted to have been asked to join the Board. I’m looking forward to getting ‘stuck in’ to help shape and deliver SCC’s future strategic priorities.
“Bringing my banking and finance sector experience, especially supporting SMEs and corporates with their international trade growth aspirations, I hope to add value to the dynamic, energetic and ambitious SCC organisation.”
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.”
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.”
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.
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.”
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.
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.
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.”
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.”
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.
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.
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.”
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.
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.
Burness Paull, the Scotland-based independent law firm, has appointed Mark Ellis as its new managing partner, working alongside Peter Lawson who will continue as chair.
Ellis brings considerable management experience to the role, having led the firm’s corporate finance team over the last six years. He also previously sat as an elected member of the firm’s governance board.
Specialising in private equity transactions and mergers and acquisitions (M&A), Ellis trained with legacy firm Burness before spending five years in London with City firms Hogan Lovells and Travers Smith. He returned to the firm as a partner in 2008.
Assuming the role from today, Ellis will continue to build on the successful growth strategy led by Lawson—who has been re-elected for a third time as chair—and outgoing partner Tamar Tammes, which has seen both fee income and profit grow by more than 50% since 2018.
Total headcount now exceeds 700, including 90 partners, as the firm has invested in strengthening core practice areas and diversified into new ones—not least cybersecurity, life science, and rural business.
Speaking on the appointment, Lawon, chair at Burness Paull, commented: “The revolutionary potential of generative AI, market consolidation, greater competition from non-traditional players, and wider economic volatility mean it is a time of considerable change for the legal industry.
“We need to recognise the challenges but also be confident about the opportunities and inherent advantages we have as an independent, Scotland-based firm.
“Mark’s qualities and track record mean he is ideally suited to take on the role of managing partner and I look forward to working with him to deliver our ambitious growth strategy.”
Ellis himself added: “Independent law firms across the world continue to lead the market and my ambition is to ensure Burness Paull retains and enhances this standing.
“We have remarkable talent right across our firm and together we will continue to strengthen our offering and grow our business – building on our success to date.”
Burness Paull has also made two further senior appointments who will play a key role in supporting the firm’s management.
Lindsay Wallace, previously general counsel partner with responsibility for the firm’s governance and regulatory obligations, becomes head of sustainability.
In this newly-created role, she will lead the delivery of the firm’s wide-ranging ESG strategy as it progresses towards its responsible business and sustainability targets, including net zero emissions by 2050 and near-term targets based on the Science Based Targets Initiative (SBTi).
Wallace will be succeeded as general counsel partner by Jill Moore. Moore has spent her entire career with Burness Paull, initially as a banking and finance lawyer before moving into the general counsel team where she spent six years as senior counsel for risk and data protection officer.
According to Bank of Scotland’s latest Business Barometer, business confidence in Scotland fell 16 points during September, down to 48%.
Companies in Scotland reported lower confidence in their own business prospects month-on-month, down 19 points at 47%. When taken alongside their optimism in the economy, which was also down 13 points to 49%, this gives a headline confidence reading of 48% (vs 64% in August).
Looking ahead to the next six months, Scottish firms identified their top target areas for growth as entering new markets (37%), investing in their team, for example through training (35%), as well as introducing new technology, such as implementing AI, automation, or digitalisation (30%).
The UK-level picture
Overall UK business confidence in September also dipped, to 47% down from August’s 50%.
Though there was a marginal increase in their own trading prospects (up two points month-on-month to 54%), UK firms’ confidence in the overall economy dropped nine points to 38%.
The joint-most confident regions in the UK were the West Midlands and London, both reporting overall confidence of 59%. Only Northern Ireland, Wales, London, the South West and North West reported an increase in overall confidence.
Commentary on the findings
Speaking on the latest findings, Martyn Kendrick, who serves as Scotland director at Bank of Scotland Commercial Banking, said: “Despite this dip, which mirrors the broader UK trend, it’s great to see that Scotland remains one of the most optimistic regions in terms of its economic outlook.
“This optimism is well-deserved, given the array of events coming to Scotland this autumn, promising a boost for local SMEs.”
Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, also commented: “Although overall confidence fell this month, that fall was from a nine-year high and businesses remain positive about their own trading prospects.
“The joint-highest result this year could suggest that respondents still see a positive future for their own companies, which is also reflected in the largely unchanged employment figures.
“The more mixed picture for economic optimism points to some businesses maintaining a degree of caution. While we still expect economic expansion, it may occur at a slower rate than the first half of 2024.”
A new report from OpenText, the information management software company, has highlighted that the collaboration and coordination taking place between nation-states and cyber-crime rings to target global supply chains and further geopolitical motives has become a signature trend in the threat landscape.
OpenText’s in-depth research found that organised crime rings are supporting attacks by nation-states – possibly through direct collaboration or coordination – by attacking the same targets at the same time.
When it comes to when to launch an attack, the 2024 Threat Hunter Perspective report noted that attackers are keyed in on specific events, while nation-states also target specific days of the week for cyber-attacks. This is “turning the upcoming U.S. presidential election into a time of imminent peril,” the tech firm noted.
OpenText’s deep dive also discovered that evasion, misdirection, and masquerading are helping adversaries get around defences designed for direct attacks. Furthermore, many attacks are taking advantage of weak security fundamentals, with victims increasing their vulnerability by not taking basic cybersecurity countermeasures.
Company CISOs need to know not just the types of threats but also who is behind them, when they might occur, why they’re happening, and how they’re executed. Connecting these dots can help threat hunters gain a clearer picture of the risks organisations face, enabling more effective preparation and response.
“Our threat intelligence and experienced threat hunting team have found that nation-states are not slowing down and, as notable events like the U.S. presidential election get closer, every organization in the global supply chain needs to be on high alert for advanced and multiple cyberattacks,” said Muhi Majzoub, executive vice president and chief product officer at OpenText.
“Based on the report’s findings, enterprises need to be prepared for large-scale attacks, making adversarial signals, threat intelligence and defense capabilities more important than ever.”
The publishing of this new research follows shortly after another report, from the Nineteen Group, who found that a significant majority (72%) of the UK public believe that cyber warfare is likely to be the next step in modern combat.
Despite the UK government’s substantial investment in physical warfare, spending £54.2 billion on defence in the 2023/24 financial year, according to the UK Defence Spending report 2024, the majority of the public believes the next frontline will be in cyberspace.
The Hunter Foundation’s ScaleUpScotland 2.0 programme is seeking its second cohort of ambitious entrepreneurs.
The aim of the programme is to address and provide strategic support to businesses with high-growth potential, helping to grow their turnover to over £100 million.
Interested firms must be headquartered in Scotland, with current revenues in excess of £10m—as well as a record of strong year-on-year growth. Further, firms must have the potential to achieve further growth within the next five years.
However, the likes of biotech companies and others with high valuations but low or no revenue will be considered.
The programme is available to the CEOs and executive leadership teams of up to 12 companies, with the bosses gaining access to quarterly residential retreats at the Hunter Foundation’s headquarters of Blair Estate.
Applications close on 4 October, and the programme itself starts in January.
WEConnect Energy’s CEO, Richard Madden, was a participant of the ScaleUp 2.0 programme last year. Speaking on the experience, he said: “Being part of ScaleUp Scotland 2023 was a pivotal moment for our company.”
“The inspiring speakers, leaders and connections with other CEOs offered us expert guidance, reigniting our leadership team’s ambition and making the whole journey highly beneficial.”
Laura Davidson, the CEO of Tag Digital and who participated in both the ScaleUp core programme and then the 2.0 programme, also commented: “We went into ScaleUp in 2018 as a £2m business and by the end of 2.0 will almost have 10x growth.
“I love to see success in others and feel so proud when seeing the cohorts doing well and making big moves – it can be lonely and having people that really understand where you are is powerful.”
Sir Tom Hunter himself, the entrepreneur, philanthropist, and founder of The Hunter Foundation (THF), said: “To date our ScaleUp cohorts have added over £1 billion of turnover and created 5,000 plus new jobs and whilst we play a very small part in that growth we do believe it’s a pivotal role.
“Crucially, the peer-to-peer support the programme enables is fundamental to a money can’t buy support network for our entrepreneurs.
“Combine that with brilliant speakers who have been there and done it, and it’s compelling we believe and utterly necessary for Scotland’s economic growth.”
As climate change continues to increase the severity and frequency of extreme weather events, experts say that wave data is key to protecting Scotland’s coastal communities from the impacts of flooding.
The Scottish Environment Protection Agency (SEPA) have announced a significant advancement in their flood risk management capabilities with the deployment of Scotland’s first public “near-shore” wave buoys to monitor coastal flooding.
The buoys, deployed near Arbroath and Eyemouth, are part of a comprehensive, UK-wide WaveNet network coordinated by the Centre for Environment, Fisheries and Aquaculture Science (CEFAS), which provides critical information to better protect communities, infrastructure, and ecosystems.
The buoys themselves collect data such as wave height, frequency, and direction. By analysing the data, SEPA can develop more accurate flood risk maps and improve the monitoring, forecasting, and warning of coastal flooding events.
Steve McFarland, who serves as lead coastal flooding specialist at SEPA, said: “Our coastlines are on the front line of climate change impacts, and understanding the behaviour of waves is crucial for predicting and preparing for coastal flooding.
“The data from these wave buoys gives us invaluable insights into wave patterns and long-term trends, which are essential for creating robust flood risk models, protecting our coastal communities and helping them adapt to climate change.”
Enhancing Flood Forecasting and Monitoring Trends
The data collected by the wave buoys provides a more detailed understanding of how coastal areas are affected by waves and storm surges. By integrating real-time wave data into existing modelling systems, SEPA can identify areas most at risk of flooding and generate more precise flood risk maps that reflect the current and future risks of coastal flooding.
This improved accuracy also helps refine coastal flood forecasting. SEPA can use the data to better predict flooding from waves and provide timely warnings to communities, local authorities and emergency responders, enabling them to take pre-emptive actions to safeguard lives and property.
Beyond immediate forecasting and risk mapping, the wave buoys also offer data for monitoring long-term trends in wave behaviour. Understanding how wave patterns and intensity are changing over time is key for assessing the impacts of climate change on Scotland’s coastlines and for guiding future actions to mitigate and adapt to coastal flood risk.
What the New Data Has Already Provided
The agency said that new buoy data collected since February 2024 has already provided invaluable information about wave behaviour in the near-shore environment, helping to build an understanding of which weather conditions will result in the largest waves and better warn for coastal flood events.
Measuring wave height continuously from deployment to the present enabled SEPA to identify increased wave heights during storm events in South-East Scotland during Spring 2024, and allowed for more accurate coastal flood forecasting and enhanced warning communications.
The data has also identified locations where wave heights may be more extreme and the risk of coastal flooding impacts therefore greater. For example, wave heights at Eyemouth have tended to be higher than at Arbroath due to its more exposed location to waves from the North Sea.
“Continued monitoring of waves off the east coast of Scotland will allow us to track conditions during storm events over the next winter season and enable a better understanding of how waves close to the shore lead to coastal flooding during storms,” added McFarland.
“Ultimately this will allow SEPA’s coastal flood warnings and flood mapping to better represent local conditions, both now and in the future.”
Edinburgh-headquartered digital consultancy CreateFuture, formerly known as xDesign, has today announced the appointment of its new chief operating officer (COO) Emma Nicol.
Nicol, who brings more than two decades of experience in client service and operations, is the first addition to the consultancy’s leadership team following its rebrand earlier this summer.
Previously the European COO at digital consultancy Kin + Carta, Nicol was a key member of the global executive team, helping to support operational transformation and mergers and acquisitions (M&A).
Responsible for the operational performance of an 850-person team across six countries, she successfully managed the integration of multiple acquired businesses during her tenure there.
Nicol will now work with founder and CEO Euan Andrews to help execute CreateFuture’s ambitious strategic plan, and guide the organisation through its next stage of growth.
Her responsibilities will include overseeing client discovery, managing operations, and driving business transformation in partnership with consulting and delivery executives.
Talking about Nicol’s appointment, Andrews said: “Emma brings a wealth of experience and a proven track record in driving operational excellence and managing complex integrations.
“Her leadership at Kin+Carta was crucial in transforming their European operations, and we are excited to have her join us as we find new ways forward to improve, innovate and deliver for our clients.
“In her new role as COO, Emma will oversee day-to-date operations, lead internal change initiatives, optimise processes, and ensure our client-facing teams are delivering consistently.
“Her addition to our leadership team underscores our commitment to scaling operations and advancing our mission to create tomorrow, together, today.”
Speaking on her appointment, Emma commented: “The culture at CreateFuture was a significant draw for me, and I have great respect for what Euan and the team have established.
“As we scale, my focus will be on preserving that culture while introducing the right level of operational structure—one that supports, rather than hinders, our agility and innovation.
“I look forward to contributing my experience in operations and business transformation to help drive our strategic plans forward.
“Together with Euan and the team, I’m committed to refining our client engagement and supporting our mission to provide exceptional value as we grow.”
The Scottish government’s support programme for tech startups, Techscaler, now has almost 100 members in Dundee and Tayside—and says it sees signs of “moving the dial on tech entrepreneurship in Dundee and the surrounding region.”
CodeBase, which runs the Techscaler programme, is seeing Dundee evolving beyond the gaming sector with increasing numbers of tech startups in industries including healthcare, tourism, education, data analytics, and more.
“Dundee has a strong track record in tech startups, with storied entrepreneurs who have gone on to global success. At the same time, there is potential for the city to achieve even more,” said Lara Findlay, CodeBase’s head of regional engagement for Dundee.
“Since launch in late 2022, we have organised activity across Dundee, Angus, and Perthshire from a base here, with over 60 events and over 1,000 attendees, where participants can learn about the opportunities for entrepreneurs in the region,” Findlay added.
CodeBase has also recently partnered with the Flour Mill, the co-working and services office space at Commercial Street in Dundee.
While Flour Mill Dundee will now serve as Techscaler’s latest pop-up hub around Scotland, its dedicated hub in Dundee is located at the Abertay CyberQuarter, with the Dundee hub being one of 7 permanent hubs nationwide.
John Hume is the CEO and founder of Bookr, a participant on Techscaler’s “Startup Next Steps” programme in 2023, and has a desk at the Flour Mill.
Bookr is a technology company that’s developed a platform to help healthcare organisations streamline their clinical skills training and examinations, making it easy to book simulated patients for sessions.
Speaking on Dundee, Techscaler, and the Flour Mill, Hume said: “It’s very noticeable that Dundee and the surrounding region has a growing tech ecosystem, and Techscaler and the Flour Mill are important constituents who have helped drive our own successes.
“We like being here, the University of Dundee is one of our customers, and we have easy access to Scotland’s healthcare and NHS market.”
Techscaler has recently run an “Unplugged Montrose” event in the Angus town on 18th September, and a “Dundee & Tayside Founders Mix” on 19th September.
Individuals from across Dundee and Tayside’s tech and business scene can sign up for the next event on Friday 27th September, “Breakfast and Networking at the Flour Mill,” here.
The winners of the 2024 Scottish Financial Technology Awards have been announced, with Aveni.ai, the AI fintech firm, securing the prestigious “Fintech of the Year” award on the evening.
Hosted live at the Sheraton Grand Hotel in Edinburgh, this year’s awards recognised outstanding companies and individuals working in Scotland’s financial services and fintech ecosystem.
The packed ceremony helped kick off the Scotland Fintech Festival with a bang, and gave the ecosystem’s leaders and innovators the chance to celebrate following another eventful year both in and for the sector.
“It was fantastic to bring Scotland’s vibrant financial services and fintech communities together under one roof,” said Ray Bugg, the founder of DIGIT.
“Since its launch, the Scotland Fintech Festival has showcased the innovation and pioneering spirit of these industries far and wide, highlighting their importance to Scotland’s economy and her people. I expect 2024 will be no different.
“We’d like to offer our congratulations to both the winners and finalists on the evening.”
This year, Aveni won first prize in the “Fintech of the Year” category. The Edinburgh-based company faced fierce competition, with BR-DGE, LendingCrowd, AutoRek, Predictiva, and Encompass Corporation also in the running for the esteemed award.
Speaking to DIGIT after the win, Joseph Twigg, who serves as Aveni’s CEO, said that, “We’ve been around for four years or so, and we’ve been asked in previous years whether we want to submit an application for Fintech of the Year. We felt we hadn’t achieved enough, but this year’s been different.
“Our revenue has tripled, the number of people that work at Aveni at the start of the year was maybe 29, 30; right now it’s 50, by the end of the year it’s probably going to be 60. Our clients are starting to really expand the way they use our technology—we’re in a good place.”
The ceremony also saw Mickael Paris, Fintech Scotland’s marketing director, secure the Special Recognition award, honouring the ongoing work he undertakes to help ensure the Scots fintech ecosystem continues to innovate and thrive.
“I’m very humbled,” said Paris. “When I was told I’d won—and it’s the only award where you cannot submit an application yourself, and knowing who the judges were and how brilliant they are—I felt really humbled, and emotional, actually.”
Speaking on the ceremony itself, Paris added: “I think it’s a fantastic event; I think Ray and DIGIT, you guys are doing a fantastic job pulling the cluster together and I’m just very happy that tonight the best companies were recognised. I’m very honoured to be a part of it.”
The full list of winners from the 2024 Scottish Financial Technology Awards is as follows:
Best Fintech Collaboration: Lloyds Banking Group/GoCodeGreen
Best Use of Data/AI: Atto
Best Start Up/New Entrant: loveelectric
Climate and Environmental Impact: loveelectric
Digital Transformation: Soar
Evangelist: David McLeay at Lloyds Banking Group
Financial Services Innovation: TSB Bank PLC
Financial Technology Partner: Stellar Omada
Fintech of the Year: Aveni.ai
Fintech Leader: Colin Frame, Stellar Omada
RegTech Innovation: RegHub
Social Impact: Inicio AI
Special Recognition: Mickael Paris at Fintech Scotland
When people think of Scotland’s tech sector, their minds often turn to the central belt and cities such as Dundee and Edinburgh. But, just like Scotland itself, the cities only tell half the story. Beyond these urban centres, there are plenty of examples of thriving technology businesses in rural locations.
As the founder of ETB Technologies, a company based in Dalbeattie, I’ve witnessed firsthand the challenges and opportunities that come with operating a tech company outside a city. And as Scotland continues to develop its technology industry, it’s vital that the growing tech communities, which exist outside of the major city catchment areas, aren’t forgotten about.
Building a Business in Rural Scotland
I love the outdoors, and, having already settled in Dalbeattie, it was the perfect location for me to build a business. It’s easy to assume that setting up a tech company in a more remote area would be limiting. In fact, I can confidently say that being outside an urban hub has its perks.
Physical space is far less restricted and more affordable than in cities. This freedom allows businesses to grow without the high overhead costs associated with urban settings, such as expensive business rates.
Additionally, being part of a smaller community creates opportunities to foster meaningful connections, something we’ve experienced firsthand at ETB Technologies through local events and sponsorships.
The Location-based Challenges
Of course, there are challenges too. For instance, one of the biggest hurdles we’ve faced is connectivity—both in terms of internet infrastructure and logistical services.
When we started ETB, we operated out of two rented offices, one of which served as a workshop. There weren’t many other options in Dalbeattie, but the goal wasn’t to move to a bigger town like Dumfries, as the business was originally intended to remain small.
However, as we grew to a company that now employs 68 staff and ships more than 8,000 packages to more than 70 countries every year, finding suitable premises and coping with limited courier options became a challenge, especially when competing with urban-based companies that had the luxury of later pickup times and faster delivery services.
Another major obstacle has been staffing. Finding the right talent isn’t always easy. Our first employee was a former colleague, and many of our early hires came from local ads or people I knew personally.
Fortunately, Dalbeattie has fewer tech opportunities, which has helped us attract local talent eager for a career in the sector. Creating an environment where people want to work is important and having close links to your community is crucial to this.
Helping Establish a Pipeline for Local Talent
If you’re thinking long term though, retention isn’t enough on its own. A big company in a small community can be crucial to the local economy. It’s vital to tap into this and cultivate the next generation of the tech workforce.
For instance, is there scope to partner with a local school or college to help support students with a particular interest in STEM? What about work experience or apprenticeships for local young people?
We recently worked with Dalbeattie High School to help develop a new computing science course that more accurately reflected the current tech landscape and partook in a school conference to promote STEM jobs as potential career options.
In this vein, if I could offer one piece of advice for anyone considering setting up a techbusiness in a rural location, it would be to think ahead. When ETB started, we didn’t anticipate the growth we would experience, and while we’ve managed to adapt, scaling requires a different approach.
It’s essential to plan for growth from the outset—ensure that the area you’re in can accommodate your business’s long-term needs. If your business is scalable, ask yourself whether your current location can support that growth, or if you might be better off choosing a more strategic location from the start.
Better Infrastructure for Rural Areas
While rural businesses can thrive, further investment in infrastructure is essential. Improved transport links and better connectivity would make a huge difference, levelling the playing field for businesses that have to compete with those in urban areas.
Faster internet, reliable courier services, and better transport would also allow rural companies to meet customer demands and expectations in the same way that city-based businesses do.
Thriving in Scotland’s Rural Areas
Ultimately, the challenges we face as rural tech businesses are real, but they are also surmountable. What’s more, for every hurdle or bump in the road that comes with building a technology business outside one of the main Scottish cities there is a positive, or an opportunity that simply wouldn’t be afforded to a company based in Glasgow, Edinburgh or Dundee.
With careful planning, a focus on community, and ongoing investment in infrastructure, there is no reason why tech businesses in Scotland’s rural areas can’t continue to thrive.
Amid a shift towards portable digital identity (PDI), Gartner has predicted that at least 500 million smartphone users will be regularly making verifiable claims using a digital identity wallet (DIW) by 2026.
Today, identity verification (IDV) in the form of a user taking a picture of their identity document, like a passport, and then taking a selfie is a go-to method.
However, due to challenges with the traditional IDV model, solutions based on portable digital identity have emerged—and are beginning to mature.
“The market is entering a transition period as PDI solutions are starting to mature, which in the next five years, will reduce the demand for standalone IDV,” explained Akif Khan, VP analyst at Gartner, speaking at the Gartner Security & Risk Management Summit in London this week.
Today’s Identity Verification Challenges
The currently-used IDV model of a user being asked to do the ID-plus-selfie process repeatedly is not ideal, Gartner said, with Khan further adding that: “The processes in place today are focused and limited to core identity data (name, date of birth, address etc.).
“As more and more processes move online, there is a need to tie many other attributes to a user’s identity, such as educational or workplace qualifications, proof of employment, not to mention healthcare data.”
PDI Solutions Replacing Repeated IDV?
A PDI is best defined as a digital identity that contains all the necessary attributes for identifying someone in the digital world. PDI also means that the user maintains some level of control over security and privacy.
The principle of PDI is that the user proves their identity with a trusted entity, and once authenticated, it is recorded as an identity assertion. That identity assertion is either stored with the party that verified their identity (centralised model) or saved in a DIW on their smartphone (decentralised model).
Decentralised models offer the benefit of using verifiable credentials, which allow users to make assertions without revealing more data than they need to—for instance, proving that you are over 18 years of age without sharing your date of birth.
Governments across the world are already taking action. The European Commission (via eIDAS Regulation) will require all EU member states to make a DIW available to citizens by 2026. However, many vendor products are available today that enable organisations to benefit from PDI for targeted use cases, too.
Speaking on how PDI solutions can be implemented in the workplace, Khan suggested that “CISOs can use a readily available decentralized identity wallet product and issue it to their employees. The wallet could then be integrated into their employee onboarding, account recovery and IT help desk workflows. This is ultimately improving security by introducing strong authentication and improving UX by removing the need for repeated IDV.”
To celebrate its 10th anniversary, The Data Lab is today launching a programme of activities and events to mark the significant milestone—while looking ahead to the next 10 years of driving innovation, building community, and skills in data and AI across Scotland.
A series of events in Glasgow, Dundee, Aberdeen, Inverness, and Edinburgh will take place across October and November. From forensic scientist Professor Niamh Nic Daéid in Dundee to 2024 Iron Viz champion Chris Westlake in Edinburgh, the events will celebrate local industry experts and look ahead to the future of AI and data innovation in entrepreneurship, data visualisation, energy, and more.
The celebrations will also culminate in The Data Lab’s flagship conference, DataFest—the eighth edition of the event—held from May 12th to 13th 2025 at the Assembly Rooms in Edinburgh, where the conference began in 2017.
The Data Lab has recently transitioned to become part of Scotland’s Innovation Infrastructure, a long-term investment in the national innovation centres programme funded by the Scottish Funding Council (SFC).
It is one of four SFC-funded Innovation Centres alongside IBioIC, Built Environment — Smarter Transformation, and Digital Health & Care Innovation Centre, connecting Scotland’s universities and colleges with industry and with public and third-sector organisations to create economic and societal benefits.
Heather Thomson, who serves as interim chief executive of The Data Lab, said: “Over the past decade, The Data Lab has helped 1,500 organisations harness the power of data and AI to solve real-world challenges, boost business growth, and develop the next generation of data talent. We’re excited to celebrate our achievement with our community through an exciting programme of activities and events over the coming months.
“Looking ahead to the next ten years, we will continue in our role of facilitating connections across tertiary education, industry and the public sector supporting Scotland to become a global leader in data and AI innovation, building the talent pipeline through skills development, to create economic and societal impact.”
The University of Aberdeen’s scientists are developing an AI-enabled smartphone app to help skin cancer patients thanks to nearly half a million (£421,000) in funding from Cancer Research UK.
The forthcoming phone app will aim to help people previously treated for melanoma examine their skin regularly to reduce anxiety and help catch recurrence of the disease.
A built-in AI chatbot will assist users with uploading high-quality images and information about potentially worrying skin changes, so concerns can be quickly triaged and dealt with by human healthcare professionals.
A tablet version of the app, called ASICA, has already been trialled with a group of patients who had previously been successfully treated for melanoma.
Around 120 melanoma survivors used the app for a year to regularly check their skin, and then send photos and text about any areas of concern to a specialist doctor for review.
The university said that the app was found to be effective, leading to quicker resolution of concerns and reducing anxiety for users.
However, some users struggled to maintain monthly skin checks and provide high-quality text and images for the specialists to review.
The new funding from Cancer Research UK will go towards the development of the enhanced smartphone version of the ASICA app, featuring an integrated AI chat bot.
Professor Peter Murchie, the chair in primary care and lead of the academic primary care research group at the University of Aberdeen, explained: “Melanoma can return, and we know the quicker recurrence is diagnosed, the more likely treatment is to be successful.
“If melanoma survivors check their total skin once per month, they are more likely to spot recurrence or if a new melanoma has appeared. They can then get medical attention at the earliest stage.
“We believe this technology will not only be reassuring for patients, help them receive any treatment they need quickly but will also be more efficient, resulting in fewer NHS appointments, lower costs and less travel for patients.
“AI will never replace the need for human healthcare professionals in diagnosing cancer but can be of great support and reassurance for patients and in directing them to healthcare professionals when needed.”
Primary teacher Adele Hughes, from Stonehaven in Aberdeenshire, has welcomed the project.
The mum of two was diagnosed with melanoma just a month before her 40th birthday.
After six surgeries and 18 cycles of immunotherapy, Adele has now been cancer free for three years.
But she lives with the awareness that the cancer could return, and has regular surveillance scans and check-ups every six months at Aberdeen’s Albyn Hospital.
Hughes said: “This project represents a fantastic initiative for individuals like myself who have experienced melanoma and continually navigate the possibility of its recurrence.
“This app not only aims to relieve anxiety by providing access to professional healthcare support when necessary, but it also holds the potential to save numerous lives.
“Its proactive approach could significantly enhance the well-being of those affected by this condition.”
A trilateral agreement between the UK, US, and Canada has been signed for collaborating on the research, development, testing, and evaluation of AI and cyber technologies to aid resilience and security.
With the collaboration, the goal is to continue reducing technological risks so that “new capabilities can transition into operational use as quickly as possible,” the UK government said.
For instance, one research project already underway is the Cyber Agents for Security Testing and Learning Environments (CASTLE) programme, training AI to autonomously defend networks against persistent advanced cyber threats.
Other research and development areas of interest include defining and creating trustworthy AI systems; human-AI teaming; protecting, detecting attacks on, and measuring the health of the information domain; and producing tools that result in more resilient and secure systems.
The methodologies, algorithms, capabilities, and tools created will be focused on real-world challenges, with the Defence Science and Technology Laboratory (Dstl) taking the lead for the UK, the government noted.
The collaboration has come about following the rapid pace of technological development, “and the future challenges in an ever-changing geopolitical environment.”
Speaking on the agreement, Dr Paul Hollinshead, who serves as Dstl’s chief executive, said: “This partnership with two of our closest allies will help keep the UK secure at home and strong abroad today and in the future.
“Together, we are driving value for money for our respective taxpayers while creating mission critical capabilities through science and technology, keeping our countries and our people safe.”
Dr Nick Joad, the director of science and technology at UK Ministry of Defence (MoD), also commented: “Our international research collaborations with both the US and Canada are some of our most vital and enduring partnerships.
“This agreement cements our collective commitments to advancing emerging cyber security technologies such as cyber security and artificial intelligence to enhance the defence and security of our nations.”
From January 1st 2025, all newbuild homes in Scotland will be built with gigabit-capable broadband connections, the Scottish Government has announced.
New legislation amending building standards will require housing developers to ensure that all newbuild homes have the physical infrastructure as well as a gigabit-capable connection, subject to a £2,000 cost cap per dwelling.
The government said that, where this isn’t possible, newbuilds should have the next fastest broadband connection within the cost cap.
A gigabit-capable connection can deliver broadband services at speeds of at least one gigabit, equal to 1,000 megabits per second (Mbps).
The connections are often, but not always, delivered by full-fibre and can also be delivered via technologies such as cable and fixed wireless access.
The government’s confirmation of gigabit-capable connections fulfils a Programme for Government commitment, and follows a consultation where it was welcomed by the majority of network operators and housebuilders.
Back in September 2023, DIGIT reported on the possibility that Scottish newbuilds could come with gigabit-capable connections, amid the initiation of the three-month consultation period.
Speaking on the announcement today, Scottish Government business minister Richard Lochhead said: “Connectivity is no longer a luxury, but an essential part of everyday life enabling remote working, access to public services, education, and health.
“That’s why the Scottish Government is using its powers to reduce the barriers to accessing faster broadband so Scotland’s people and businesses can make the most of the opportunities connectivity brings.”
The announcement also follows a recent report from Ofcom, which found that more than 97% of UK homes could have access to gigabit-capable broadband by 2027 if providers deploy their networks as planned.
Its latest Planned Network Deployments report also showed that 29 million properties could have full-fibre availability by 2027, thereby covering 96% of properties across the country.
The University of Dundee has been named Innovative & Entrepreneurial University of the Year at an awards ceremony celebrating entrepreneurship and engagement in higher education.
This year’s Triple E European Awards ceremony was held at the 2024 ACEEU Europe-Africa Forum in Lisbon.
The Scottish university was recognised as championing an entrepreneurial culture, with enterprise and engagement standing alongside teaching and research as key pillars of its activity.
This ranking was determined by factors such as number of patents, spin-out companies created, and recent portfolio success.
It follows the university being named in 2023 as the UK’s top university for spin-out success by Octopus Ventures.
Dundee secured the top place due to its “incredibly high” average exit value for its spin-out companies, bolstered by Exscientia—the biotech company using AI to support drug discovery.
In 2021, the biotech floated on the US NASDAQ at a valuation of $2.9 billion (£2.2bn~), and raised $510m (around £406m) in its IPO alongside private placement.
Speaking on the latest recognition, Dr David McBeth, who serves as vice-principal of enterprise and economic transformation at the university, said: “This honour recognises Dundee’s commitment to developing entrepreneurship among our students, alumni and staff and places Dundee at the forefront of innovative practice among European universities.
“We have a strong track record stretching back many years in creating new businesses based on world-leading science, especially in health and life sciences, and our enterprising staff and students.”
“Both our Centre for Entrepreneurship and our Research & Innovation Services have been regularly cited as leaders in terms of innovative and impactful practices for supporting start-up and spin-out companies,” McBeth added.
“We are continuing to strengthen and invest in our innovation pipeline, including with the establishment of a new Life Sciences Innovation Hub in Dundee, a significant addition to Scotland’s capacity to grow and retain new companies, and this award will only further boost our efforts.”
The UK government is to clamp down on late payments, a pervasive issue costing small- and medium-sized enterprises £22,000 per year and which consequently leads to the closing of around 50,000 businesses a year.
The new Labour government said that it will consult on tough new laws which will hold larger firms to account, and get cash flowing back into businesses.
In the meantime, legislation being introduced in the coming weeks will require all large businesses to include payment reporting in their annual reports, putting the onus on them to provide clarity about how they treat small firms.
Enforcement will also be stepped up on the existing late payment performance reporting regulations, which require large companies to report their payment performance twice yearly on GOV.UK.
Consultation on the raft of measures is set to be launched in the coming months, and will also consider a range of further policy measures to address poor payment practices, the government said.
Further, the government will work closely with small and large businesses as well as groups such as the Federation of Small Businesses (FSB) to discuss what additional measures can be considered to crack down on late payments.
The Issue of Late Payments
Every quarter, over half (52%) of small firms in the UK suffer from late payments, meaning roughly 2.6 million small firms face this issue, with the FSB describing it as one of the biggest problems facing SMEs.
While late payments are just one part of the problem, some SMEs are even forced to take out loans to manage cash flow in the interim.
New research published by the Department for Business and Trade found payment problems multiply further down the supply chain you go, resulting in smaller businesses generally experiencing more issues with late invoices than larger firms.
Speaking on the government’s plans, Tina McKenzie, who serves as FSB’s policy chair, said: “This is what real change looks like. Listening to small firms and prioritising action to tear down each and every barrier to growth.
“The Business Secretary has clearly recognised the importance of eradicating bad payment culture, which so devastates the UK supplier base and holds back growth.”
McKenzie added: “There will be so many decisions the Government needs to get right, early – an actively pro-small business budget, a good industrial strategy and tackling late payment.
“Announcing this programme of work today is a huge confidence boost for the small business community and a clear signal the new Government intends to stand up for small firms.”
FSB’s research via its Small Business Index (SBI) for the second quarter of 2024 found that more than three-fifths of small Scots firms (62.5%) experienced issues with late payments.
Not only is this significantly higher than in the previous quarter (57%), but nearly a third of businesses (32.29%) also reported that the problem was getting worse.
The rise in late payments came as confidence among small businesses slipped into negative territory, with the SBI in Scotland falling by 17.7 points to -7.
This followed the first positive reading for a year in the first quarter of 2024.
According to newly-published research from The Alan Turing Institute, there’s no evidence that AI-enabled misinformation meaningfully impacted the results of the recent UK election and the European elections.
The researchers, based at the Institute’s Centre of Emerging Technology and Security (CETaS), identified only 16 confirmed viral cases of AI disinformation or deepfakes during the UK’s general election, and just 11 during the EU and French elections combined.
However, there are emerging concerns regarding realistic parody or satire deepfakes that, while created with humour in mind, can include misleading elections claims that could be perceived by some voters as fact.
Further, politicians, and particularly women, were targeted with deepfake pornography smears, harming their wellbeing and creating potential risks for their professional reputations.
Additionally, it was discovered that voters confused legitimate political content with material that was AI-generated, highlighting the potential for public confidence to be eroded beyond a general election context.
When it comes to the ways in which AI could in fact be beneficial to the democratic process, the researchers highlighted various examples found in the recent elections.
These include the amplification of environmental issues through clearly-labelled AI-generated parodies from climate campaigners, and fact-checkers such as Full Fact using AI to evaluate political claims more quickly than through human review alone.
The Institute’s latest research comes on the back of a prior study which found limited evidence that AI has stopped a candidate from securing a win when compared their actual result to their expected result.
It also follows a separate study which discovered nearly nine in ten people (87.4%) in the UK were concerned about deepfakes impacting the election results.
Speaking on the new findings, Sam Stockwell, lead author and research associate at The Alan Turing Institute, said: “Echoing our previous report, there remains no evidence AI has impacted the result of an election, but we remain concerned about the persistent erosion of confidence in what is real and what is fake across our online spaces.”
“It’s right that people are sceptical about the information they see, but by ensuring we use reliable sources, and cross reference them with others, we can all be more confident about getting the information we need to inform our decisions at the ballot box.”
The Smart Things Accelerator Centre (STAC) has opened its new “thebeyond” campus at Glasgow’s Skypark, which CEO and co-founder Paul Wilson says will be Europe’s largest “smart things” hub.
The 22,000 square foot campus comprises a fully furnished electronics lab, a fabrication lab, and an R&D space, in addition to a media lab, an event space, and a 250-desk coworking and hot desk area.
“The launch of thebeyond takes STAC to the next level as we continue on our mission to build world-class startups who can compete on a global level,” said Wilson. “We support our companies through mentorship, access to talent, funding, and networks, and it’s a model which is unique on the Scottish tech scene.”
“We now have a comprehensive environment to accelerate the entire product development process, providing inventors and developers with the tools and resources needed to bring their ideas to life, from concept to prototype,” he added.
thebeyond has been delivered via STAC’s partnership with the UK government and Glasgow City Council, supported by a multi-million private and public sector investment. This includes £2.5 million from global investment firm Federated Hermes, aimed at transforming Glasgow into a global smart things and IoT innovation hub.
The campus will be what Wilson describes as STAC’s “fourth pillar,” alongside STAC Scale, the industry-led 18-month mentorship programme that has supported four cohorts totalling over 50 companies to date; talent platform STAC Jobs; and STAC Invest, set to launch over the next few weeks, connecting investors to IoT and smart things startups who are set to scale.
STAC itself is supported by a range of UK and international corporates, including Pelion, Plexus, and Keysight Technologies. The technology accelerator announced its latest industry partnership in June, to provide an innovation pipeline for Swedish carmaker Volvo Cars, a pioneer in the electric vehicle (EV) market.
“Our mission is to transform Scotland’s rich research and innovation into entrepreneurial ventures that can go on to compete at a global level, and the partnership with Volvo opens up immediate opportunities for collaboration at scale for STAC’s portfolio of startups,” further added Wilson.
New rules from the Financial Conduct Authority (FCA) that help protect physical access to cash have come into force, with the regulator noting that they’re already positively impacting local communities.
Amid the trend of banks closing down their brick-and-mortar branches, not least due to the continued rise of digital banking and payments, the FCA announced the new rules back in July. This is because around three million people in the UK continue to rely on cash.
Under the rules, banks and building societies must assess whether changes to local services, like closing branches or cash machines, leave local communities lacking ways to take out or pay in cash.
Additionally, residents, businesses, local representatives, and charities who feel there is a gap in cash access can request a review.
LINK, which manages the UK’s cash access and ATM network, will then have 12 weeks to carry out an assessment which examines whether there are gaps in the ability to deposit and withdraw cash.
If there are significant gaps, banks and building societies will need to deliver additional cash services to meet the local area’s needs. These could include banking hubs, cash machines, deposit ATMs and Post Office facilities.
With the rules now in force, 15 new banking hubs will be delivered across the country to ensure access for consumers and small businesses.
The banking hubs themselves are shared spaces where personal and business customers can access basic services and access to cash, with a traditional counter service operated by the Post Office, and community bankers from nine major high street banks.
Deposit services are also available, providing small businesses with a facility to access and pay in notes and coins.
While the majority of the banking hubs will be in England, Scotland will see one new banking hub in the Aberdeenshire town of Huntly, as a result of community requests.
Speaking on the new rules and cash access, Sheldon Mills, executive director for consumers and competition at the FCA, said: “The way we spend money is changing, and far fewer of us use cash day-to-day.
“We don’t want to stand in the way of change, but we do want to ensure reasonable access for those who continue to rely on cash. Our new rules are already having an impact, protecting vital services for communities across the country.”
Microsoft and BlackRock, alongside infrastructure investor Global Infrastructure Partners and tech investment company MGX, have today announced the $30 billion (£22.6bn~) Global AI Infrastructure Investment Partnership (GAIIP) to build data centres and the new energy facilities needed to power them.
The infrastructure investments for the data centres and energy projects will be chiefly in the United States, but also in U.S. partner countries.
GAIIP will support an open architecture and broad ecosystem, providing full access on a non-exclusive basis for a range of partners and companies, according to the firms. It’ll also engage with industry leaders to help enhance AI supply chains and energy sourcing for the benefit of its customers and the industry.
Supporting GAIIP will be chip leader NVIDIA, offering its expertise in AI data centres and AI factories.
The partnership will seek to unlock $30bn (£22.6bn~) of private equity capital over time from investors, asset owners, and corporates, which in turn will mobilise up to $100bn (£75.5bn~) in total investment potential when including debt financing, it’s been said.
“We are committed to ensuring AI helps advance innovation and drives growth across every sector of the economy,” commented Satya Nadella, the chairman and CEO of Microsoft, on GAIIP.
“The Global AI Infrastructure Investment Partnership will help us deliver on this vision, as we bring together financial and industry leaders to build the infrastructure of the future and power it in a sustainable way.”
Jensen Huang, founder and CEO of NVIDIA, also said: “Accelerated computing and generative AI are driving a growing need for AI infrastructure for the next industrial revolution.
“NVIDIA will use its expertise as a full stack computing platform to support GAIIP and its portfolio companies on the design and integration of AI factories to propel industry innovation.”
If Data Is King, What Does That Make Data Centres?
The announcement of GAIIP comes just days after the UK witnessed some significant news and funding concerning data centres—the much- and increasingly-needed infrastructure for AI.
This time last week, chancellor Rachel Reeves confirmed an £8 billion investment from Amazon Web Services (AWS) to help drive data centre growth in the UK and support thousands of jobs.
The investment is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as facility maintenance, engineering, telecommunications, and construction, as well as other jobs within the broader local economy.
Just a day later, technology secretary Peter Kyle announced that the UK government would class UK data centres as Critical National Infrastructure (CNI)—the first designation of this kind in nearly a decade, when the space and defence sectors gained the same status in 2015.
The designation consequently means that UK data centres can now expect greater government support in recovering from and anticipating critical incidents.
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.
The fresh investment comes shortly after the launch of MiAlgae’s demonstrator site in 2023. Now, the biotech is gearing up for the development of an industrial-scale production facility in Scotland.
The new site is set to enable the full commercialisation of its NaturAlgae product to meet demand from sectors such as aquaculture, pet food, and human health. Further, the funding round will also help with green jobs.
Speaking on the new funding, 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.
“With this backing, we’re focused on building the infrastructure needed to meet the growing global demand for sustainable Omega-3s whilst continuing to advance innovation in biotechnology.”
Ali Morrow, who serves as partner at Clay Capital, further added: “MiAlgae stands out by combining technology and market demand to address the growing need for fish oil alternatives. As fish stocks decline and prices rise, MiAlgae’s approach is poised for global impact, and we’re excited to see it unfold.”
Director at Rabo Ventures, Shishir Sinha, also remarked: “The animal feed industry has long sought scalable solutions to reduce the industry’s reliance on wild fish. Douglas and the MiAlgae team have cracked it, with their drop-in omega-3 product.”
As leading scientists and the UK government celebrate the 70th anniversary of CERN (the European Organisation for Nuclear Research) now and in the coming weeks, Cambridge professor Mark Thomson is being backed as its next Director-General.
CERN is the world’s foremost centre for particle physics research, and has made an unrivalled contribution to our collective understanding of the universe.
The UK is one of the 12 founding members of CERN and its second-largest financial backer. The funding has helped contribute to all of the institute’s major experience and discoveries, including the discovery of the Higgs boson particle in 2012.
CERN was also the birthplace of the World Wide Web, the brainchild of British scientist Sir Tim Berners-Lee, and advances in particle accelerator technology developed there have opened new ways of treating cancer.
The institute’s anniversary comes at a key time, as a new Director-General will be selected this autumn, following a vote among the organisation’s member states.
Renowned Cambridge University particle physicist Professor Mark Thomson is the UK’s candidate for the role, running to develop a strategic plan for CERN’s upcoming major investment decisions, strengthening links with all of CERN’s member states, and building an inclusive culture for CERN staff.
Speaking on the anniversary and the upcoming vote, UK science and technology secretary Peter Kyle said: “We can aim higher and go further when we work together, and nowhere is that truer than at CERN.
“I am proud of the role the UK has played in CERN, going all the way back to its foundation 70 years ago, bringing some of Europe and the world’s greatest minds together at the absolute cutting edge of scientific endeavour.
“CERN’s value to the whole world cannot be overstated. It needs a leader with the scientific credentials, experience, and vision to ensure it keeps pushing forward the frontiers of human knowledge.
“Professor Mark Thomson has all three: he is the outstanding candidate to ensure a bright future for CERN, for everyone.”
Tom Grinyer, who serves as the CEO of the Institute of Physics, also commented: “As a beacon for international scientific partnership, CERN is a shining example of the power of physics to change our lives for the better, from the breakthrough discovery of the Higgs boson to sowing the seeds of the World Wide Web.
“The next 70 years of innovation and discovery will be just as vital for humanity, and, if appointed, Professor Thomson has the credentials, experience and vision CERN will need as it continues to expand the horizons of our world.”
Wearable tech to reduce drug overdose risk, AI for affordable finance guidance, and a device that captures birdsong to evaluate natural capital are just three of the new AI Accelerator cohort companies announced today.
Thirteen global companies, chosen for their capacity to harness AI for good in the areas of health, climate ,and social impact, are set to benefit from a comprehensive package of support from the University of Edinburgh and its entrepreneurial ecosystem.
Now in its sixth year, previous cohorts of the programme have generated £71 million in financing so far.
Amongst the new AI Accelerator class is Edinburgh company Lovat, which provides AI-powered tax management software for e-commerce businesses, helping them simplify cross-border tax compliance while expanding into new markets.
Meanwhile, London-based Engage Smarter has a platform of conversational AI agents trained to give risk-managed financial guidance to an estimated 26 million UK consumers who either can’t afford or don’t want their own financial advisor, which leads to financial exclusion.
And Chirrup.ai captures and analyses birdsong to evaluate the natural capital of land managed by farmers, forestry businesses, and local governments, to demonstrate best practice, support funding applications, and enhance sustainable supply chains.
The AI Accelerator is open to founders from across the globe who are scaling businesses to address the world’s biggest challenges. Previous alumni include US-based MindTrace, which makes software tools for neurosurgeons, and Italian chatbot Indigo.AI, which was subsequently acquired by tech company Vedrai.
This year, the founders will be supported by new Entrepreneur in Residence, David Farquhar, who has started, scaled or invested in over 20 companies, most recently catapulting vertical farm manufacturer Intelligent Growth Solutions from an academic project to a global company with a strong market valuation.
Further support is offered by companies providing pro-bono mentoring to founders. For example, this year data and cloud computing expert Eviden will be offering help on topics such as digital marketing and building technical roadmaps.
Dr Andrea Taylor, CEO of Edinburgh Innovations, the university’s commercialisation service, said: “The AI Accelerator is an excellent example of the innovation ecosystem that extends out of the University of Edinburgh.
“Here, we support global businesses to develop their AI and entrepreneurial expertise in order to improve lives in our key challenge areas of climate and sustainability, AI and data for good, and future health and care.”
A new study led by Aberdeen’s Robert Gordon University (RGU) has discovered that artificial intelligence (AI) can be used to identify patients’ risk of developing a stroke.
Strokes pose a significant global health challenge, contributing to widespread mortality and disability. It represents one of the leading causes of death and disability in the UK, impacting around 100,000 each year, according to the Stroke Association.
At RGU, researchers have used state-of-the-art explainable artificial intelligence (XAI) techniques and a machine learning algorithm called “Random Forest” to ask a series of questions to pinpoint the most significant factors contributing to a stroke.
The study identified several key stroke risk factors including age, marital status, glucose levels, body mass index, work type, heart disease, and gender.
Dr Ebuka Ibeke, the course leader of MSc Business and Data Analytics course who led the study, said: “This research significantly contributes to healthcare and healthcare informatics by providing insights that can enhance strategies for stroke prevention and management, ultimately leading to improved patient care.
“The Stroke Association show that one in seven strokes are preventable and therefore identifying predictors of a stroke risk is crucial to enable timely interventions and to reducing the increasing impact of strokes.
Dr Pascal Ezenkwu, a lecturer in Business and Data Analytics, also noted: “With a stroke affecting someone every five minutes, it is crucial that we find a way to reduce this life-changing disease.
“Our research offers a valuable insight that can be used by healthcare professionals to develop targeted interventions, fostering a proactive approach to mitigate the impact of strokes on individuals and the healthcare system.”
In Scotland, the Scottish Stroke Care Audit identifies a stroke as the third commonest cause of death and the most common cause of severe physical disability amongst adults. It is estimated that about 15,000 people in Scotland have a stroke each year.
A stroke happens when the blood supply to part of the brain is cut off, killing brain cells. Damage to the brain can affect how the body works. It can also change how you think and feel. The effects of a stroke depend on where it takes place in the brain, and how big the damaged area is.
The study, led by Dr Ebuka Ibeke and Dr Pascal Ezenkwu, was shared at the 2024 International Conference on Electrical Electronics and Computing Technologies by Ogochukwu Williams Ugbomeh, an RGU MSc student who supported the work as the machine learning engineer and software developer.
The conference brought together innovative academics and industrial electrical engineering and computer technology experts from across the world in a common forum.
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.
Among the most common calls received by the Hub include those from victims of false investment frauds commonly seen on social media channels, or authorised push payment frauds (APP) where victims are tricked into sending money to a fraudsters’ bank account, often by a criminal impersonating someone from a bank security team.
Arnold Clark’s donation follows its experience of a large-scale cybersecurity attack that took place in December 2022. The impact of the incident highlighted the serious consequences cyber-attacks can have on both individuals and businesses, reinforcing initiatives like the Cyber and Fraud Hub.
“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.
“It enables the Hub to provide essential assistance to individuals facing the daunting reality of being a victim of these types of crime. The impact can be enormous both mentally and financially – this funding allows us to extend our services to those in need.”
“We are immensely grateful to Arnold Clark for their generous support of the Cyber and Fraud Hub. With this funding, we can hit the ground running and will have a huge direct impact on the support we can deliver immediately.”
Eddie Hawthorn, CEO of Arnold Clark, also commented: “I know personally how much damage and distress cyber attacks cause and we wanted to help people going through this – the way we have chosen to do this is support the Cyber and Fraud Hub, to increase the fantastic support they can give to victims when they need it most.”
Software delivery specialist ClearSky Logic has announced that it’s doubled its headcount to 54 in 2024 to match client growth, and are on track to double revenue to around £5 million in the current financial year.
As CEO and co-founder of the “Special Ops” tech firm, Darren Auld, explained: “Essentially, we are helping businesses build world-class software, enabling them to grow faster, solve problems quicker and move with the times.
“2023 has been our strongest year to date, and we’ve been able to bring some incredible people and talent into the business.
“At the same time, we continue to see considerable scope for future growth. Edinburgh and Scotland have an impressive track record in software delivery, and we want to be the next big thing in the industry here.”
Startline Motor Finance, Zonal, EBar, and Wolfson Brands are among project assignments won by the Scots firm in 2024, while recent hires include Rhona Kennedy, business development director, Ula Gorazd, head of people, and Josie Hawdon, digital marketing executive.
ClearSky has also hired across product management, user interface (UI), software development, and business analyst roles.
The company opened its Glasgow office last November, and in February moved to a new Edinburgh headquarters on Queen Street, with plans in place for an additional hub in London later in the year as it continues to grow its client base across the UK.
Paul Duffy, chief commercial officer at ClearSky Logic, said: “We’re starting to win UK-wide business, and we also have some international projects on the cards, so the natural next step is to have a permanent base in London.
“What’s also notable around assignments, is that while we continue to support fast-growth and scaling companies, or companies aiming to get onto that trajectory, we’re demonstrating that we can also add real value for much larger corporates.”
Duffy added: “When we partner with global brands, we have seen them get excited about the service we can offer and its impact, and importantly we are having rapid value-add impact, against an industry which can be characterised by slow and underperforming delivery, so that’s where the ‘special ops’ approach comes in.”
ClearSky is seeing increased operating activity around areas like artificial intelligence (AI), ChatGPT, helping businesses reduce carbon emissions around their tech, integrating blockchain technology, and supporting fast-growth companies as they prepare to raise investment from angel and venture capital firms.
Under new Ofcom rules that come into force today, consumers must be told in clear terms about the technology that underpins their broadband services when signing up for a new deal.
This means that providers will no longer be able to use the term “fibre” on its own anymore, and they must be unambiguous about whether the network is a new full-fibre network—with fibre all the way to the customer’s home—or a part-fibre, copper, or cable network.
In addition to a short description use the one or two word terms above, a more thorough explanation must also be made accessible so that potential customers can understand in detail what it may mean for them.
This information must be given to consumers before they agree to purchase a broadband service as well, regardless of whether that happens in-person, over the phone, or online.
The new rules come amid full-fibre networks being deployed at pace. However, “fibre” has previously been applied inconsistently by the telecoms industry and often used to describe different networks, leading to customer confusion, the regulator said.
Ofcom’s New Easier Broadband Switching Rules
This latest move from Ofcom comes just days after its new “One Touch Switch” system, putting the burden of switching broadband providers on the companies themselves as opposed to the consumer.
Since 2015, people have been able to switch between phone and broadband providers on Openreach’s network—such as BT and Sky—by following a process where their new provider manages the switch.
But customers switching to or from a different network, such as Virgin Media, have had to contact their existing provider as well to coordinate the switch, which is often a drawn out and frustrating process.
With a range of competing fibre-optic networks being built, Ofcom wanted to make it easier and quicker for people to move between them and take advantage of what it described as “unprecedented levels of choice.”
Under the new One Touch Switch process, landline and broadband customers only need to contact their new provider to make the change.
Commercial revenue from quantum technology could dramatically increase from $2.7 billion (£2bn~) in 2024 to $9.4bn (£7.1bn~) in 2030, according to a new prediction from Juniper Research, the market research and consulting firm.
However, despite this increase, the firm forecasts that the return on investment in quantum technology will reach only 6% at the start of the new decade, with total investment surpassing $29bn (£22bn~) in 2030 alone.
The research company’s study underlining the predictions found that the number of quantum computers deployed by 2030 will themselves remain low, only reaching approximately 300, reflecting the very early stage of the market as well as the high set-up costs involved.
Given the low number of quantum computers deployed, remote connectivity will be essential for enterprise users who wish to gain access to quantum computers, the firm has advised, with quantum service providers needing to harness quantum-hybrid computing solutions.
These solutions combine the power of both quantum and classical computers, resulting in less environmental noise and cost compared to pure quantum computers. They’ll also provide an immediate commercial quantum solution to enterprises at a lower entry rate before the commercialisation of pure quantum computers.
The study also identified quantum encryption technologies, including quantum key distribution, as providing the fastest return on investment for enterprises. This is due to the development of quantum computing necessitating stricter security requirements, particularly in industries such as banking and finance.
The findings from Juniper‘s study has been published just days after BT announced that, in partnership with Toshiba and Equinix, it’ll see the UK’s first quantum-secure connectivity between two prime data centres.
Businesses using the data centres, situated in London’s Canary Wharf and the English town of Slough, will be able to connect to BT Group’s and Toshiba’s quantum-secured metro network and trial the transmission of data, protected using quantum key distribution.
Quantum computing has the potential to undermine the cryptography that’s currently used for making networks secure. However, QKD-based security involves a key exchange practice that can safeguard against quantum computing’s potential in this area.
The UK is convening nations from across the globe, including the EU and US, for talks on how to effectively tackle cyber-threats amid the changing cybersecurity threat landscape.
Taking place at Wilton Park in West Sussex, the discussions come at a somewhat critical time, not least due to recent attacks impacting NHS services providers and the attempts to disrupt transport networks.
Over the next three days, countries including the EU member states, Canada, Japan, and international organisations such as the World Economic Forum (WEF) are to discuss how global cybersecurity workforces can be strengthened, from agreeing ways to boost cyber-skills to developing new professional standards.
The UK government said that, in a bid to help with this effort, it would commission a new report with attendees set to agree the key areas it’ll focus on. The recommendations are expected to be published by the end of the year, and “will advance international collaboration to improve cyber skills and face down cyber-crime.”
To mark the opening of the event, the UK has published the latest figures from its Cyber Security Skills in the UK Labour Market Survey. The findings show that, while the estimated annual shortfall for jobs in the UK’s cyberforce reduced from 11,200 last year to just 3,500 this year, 44% of UK businesses don’t have the fundamental skills to protect themselves.
The government has also announced a slew of measures to bridge this cyber-skills gap. This includes launching a new £1.3 million scheme to deliver financial support, albeit only in England and Northern Ireland, to fund initiatives for helping address the cyber-skills needs of individual areas.
Additional actions include teaming up with non-profit global cybersecurity standards organisation CREST International to launch the CREST Cyber Accelerated Maturity Programme (CAMP) for cybersecurity mentorship, and launching a competition to find the “best young cyber talent to represent the UK on the international stage.”
The government has also highlighted that it’s bringing forward the Cyber Security and Resilience Bill. This will strengthen the UK’s cyber defences, and ensure that critical infrastructure and the digital services that companies rely on are secure, the government said.
It follows the government’s decision last week to designate data centres as Critical National Infrastructure (CNI), meaning the data centre sector can now expect greater government support in recovering from and anticipating critical incidents.
“The UK needs a significant improvement in its cyber defences after the previous government failed to strengthen our cyber laws – we’re fixing that,” said cybersecurity minister, Feryal Clark, today.
“Later this year, we’ll bring forward new measures to better protect the nation from cyber-crime and our new regional skills programme will support the next generation of cyber talent and innovators.
“But this is a shared challenge, which is why we’re bringing together global allies to discuss and agree steps to keep us safe online, improve cyber skills and protect our economy and public services.”
It’s hoped that the current convening of global nations to discuss and navigate cybersecurity effectively will become a regular fixture, with other nations expected to host going forward.
A new collaboration between the BT Group, Toshiba, and Equinix will see the UK’s first quantum-secure connectivity between two prime data centres, it’s been announced.
Businesses using the Equinix data centres situated in London’s Canary Wharf and the English town of Slough will be able to connect to BT Group’s and Toshiba’s quantum-secured metro network and trial the transmission of data, protected using Quantum Key Distribution (QKD).
With the continued development and acceleration of quantum computers, the risk to current encryption techniques is ever increasing. Quantum computing has the potential to crack the mathematics underpinning much of the cryptography that’s currently deployed to make networks secure.
However, QKD-based security is unique because of the inherent key exchange underpinning it. With the upcoming collaboration, businesses utilising the network can test “quantum keys-as-a-service,” and which BT said “marks a significant step towards making quantum secured communications more accessible.”
Commenting on the collaboration, chief security and networks officer at BT Group, Howard Watson, said: “Our partnership with Toshiba has already seen us build the world’s first commercial trial of a quantum-secured metro network in London and today marks an important milestone in our journey towards accelerating the commercialisation of quantum-secure connectivity.
“With quantum technologies moving at an incredible speed, we continue to explore and test the practical technologies emerging from this highly innovative field to secure the UK’s digital infrastructure against future quantum threats.”
Bruce Owen, who serves as Equinix’s managing director UK, added: “Equinix is committed to making investments in futureproof secure connectivity and hosting, for our customers today and well into the future.
“We understand just how complex today’s digital challenges can be, which is why we are pioneering the democratisation of quantum secure communications, making it accessible as a service to thousands of businesses worldwide.
“This collaboration with BT Group and Toshiba is a welcome opportunity to enhance our customers’ access to innovation that will build resiliency in the quantum computing era.”
Hiroshi Tsukino, corporate officer and corporate vice president of Toshiba Corporation, and Vice President of ICT Solutions Division at Toshiba Digital Solutions, also said: “Our collaboration with BT Group and Equinix is a critical next step on our shared journey to commercialise QKD services in the UK, bringing quantum-secure communications to more organisations.
“We are focused on ensuring all businesses are provided with the opportunity to protect their data from retrospective attacks with a quantum computer.
“Together we are building the ultra-secure networks that will be the bedrock for the future quantum internet.”
The news of the upcoming quantum-secure connectivity between the data centres comes nearly two years after BT’s and Toshiba’s announcement of the building and trialling of the world’s first commercially available quantum-secured metro network.
HSBC became the first bank to join the network, which it then utilised in December 2023 for its trial regarding quantum-protected, AI-powered foreign exchange trading.
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.
Specifically, with the funding, the company aims to establish a strong foundation for international expansion over the next 12 months by growing its team and increasing product development.
Established in 2021, PropEco focuses on three main factors—transition climate change risks, physical climate change risks and impacts on wellbeing—to provide a more comprehensive understanding of the long-term value and viability of properties and locations.
The firm’s AI-powered platform analyses data from thousands of sources, many of which are proprietary, to provide granular assessments of factors such as evolving flood risk, air quality, and green retrofit potential.
This powers multiple products and services including an API, a portfolio assessment service, browser-based risk assessment tools, and property reports.
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.
“With increasing awareness of the risks that trends such as climate change pose to the built environment, PropEco is well-positioned to capitalise on growing market demand and establish itself as a leader in the emerging field of climate-conscious property technology.”
He added: “Established methods of assessing risk in both commercial and residential property are not equipped to handle the complexities of rapidly changing environmental and social conditions.
“We’re talking about systemic issues that demand a data-driven approach, one that provides granular, property-level insights to inform smarter, more resilient decisions.”
Symvan Capital investment manager Allen Xu also commented: “We are excited to support PropEco in its mission to positively impact how the property sector approaches climate risk.
“At Symvan Capital, we recognise the importance of integrating advanced analytics into decision-making processes, with accelerating climate change creating clear examples of where this need is pressing.”
Anne Henderson, interim head of investment at the University of Strathclyde, further added: “As a socially progressive, values-driven organisation, the University of Strathclyde is proud to support PropEco through our Strathclyde Inspire Entrepreneurs Fund, alongside our investment partner.
“Strathclyde is committed to supporting entrepreneurs and innovative companies who make a positive difference.”
After an in-depth investigation by the Competition and Markets Authority (CMA), the regulator has provisionally found numerous concerns regarding telecommunications company Vodafone’s planned merger with competitor Three in the UK.
Led by an independent inquiry group, the investigation has provisionally concluded that the merger would lead to price increases for “tens of millions” of mobile customers, or see customers get a reduced service such as smaller data packages in their contracts.
In particular, the CMA is concerned that higher bills or reduced services would negatively affect customers least able to afford mobile services, as well as those who might have to pay more for improvements in network quality they don’t value.
The merger would also negatively impact wholesale telecoms customers—Mobile Virtual Network Operators (MVNOs), such as LycaMobile, Sky Mobile, and Lebara—which rely on the existing network operators to provide their own mobile services, the CMA has presently found.
With the planned merging reducing the number of network operators in the UK from four to three, the CMA said that it would make it more difficult for MVNOs to secure competitive terms, restricting their ability to offer the best deals to retail customers.
In terms of potential benefits, the CMA found that by integrating the Vodafone and Three networks, the merger could improve the quality of mobile networks and bring forward the development of next-generation 5G networks and services, as claimed by Vodafone and Three.
However, the CMA also said that it currently considers that these claims are overstated, and that the merged firm would not necessarily have the incentive to follow through on its proposed investment programme after the merger.
As a result, the CMA has provisionally concluded that the merger would lead to a substantial lessening of competition in the UK in both the retail and wholesale mobile markets.
Now, the CMA will consult on its findings, and consult on potential solutions to the competition concerns, including the options set out in its newly-published remedies notice.
These include legally-binding investment commitments overseen by the sector regulator, and measures to protect retail customers and customers in the wholesale market. The CMA will retain the option to prohibit the merger should it conclude that other remedy options will not address its competition concerns.
The CMA said that it welcomes responses to its provisional findings by 4 October 2024 and its notice of possible remedies by 27 September, and that these will be considered ahead of its final report which is due by 7 December.
Commenting, Stuart McIntosh, chair of the inquiry group leading the investigation, said: “We’ve taken a thorough, considered approach to investigating this merger, weighing up the investment the companies say they will make in enhancing network quality and boosting 5G connectivity against the significant costs to customers and rival virtual networks.
“We will now consider how Vodafone and Three might address our concerns about the likely impact of the merger on retail and wholesale customers while securing the potential longer-term benefits of the merger, including by guaranteeing future network investments.”
Mastercard has agreed to acquire global threat intelligence company Recorded Future from Insight Partners, the venture capital and private equity firm, for $2.65 billion (£2bn~).
Amid a changing cybercrime landscape, the deal is being made in a move to expand Mastercard’s threat intelligence services, building on Mastercard’s existing suite of services for cyber-resilience.
Recorded Future is one of the world’s largest threat intelligence companies, with over 1,900 clients across 75 countries, including the governments of 45 countries and over 50% of the Fortune 100.
Mastercard said that Recorded Future’s real-time visibility into potential threats, alongside its use of AI and other innovative technologies, will “add to Mastercard’s identity, fraud prevention, real-time decisioning and cybersecurity services, bringing expanded threat intelligence capabilities to its network of merchants and financial institutions.”
Both companies already utilise AI to identify potential threats and help protect people and businesses. But the global payments company said that by combining these teams, technologies, and expertise, it will “enable the development of even more robust practices and drive greater synergies in cybersecurity and intelligence.”
The deal, which is anticipated to close by 2025’s first quarter, is subject to regulatory review and other customary closing conditions.
Speaking on the newly-announced agreement, Christopher Ahlberg, CEO of Recorded Future, commented: “Fifteen years ago, we created Recorded Future with a simple goal to secure the world with intelligence.
“By joining Mastercard, we see an opportunity to help more businesses and governments determine the steps to realize their full potential – and to enable everyone to feel safer in their daily lives.”
“Trust is the foundation of any relationship,” said Craig Vosburg, chief services officer at Mastercard. “Recorded Future adds to how we deliver that greater peace of mind before, during and after the payment transaction.
“Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond.”
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.
Highlands and Islands routes are potentially some of the earliest flights to utilise zero-emission flight technology, and this latest financing is said to be a key step in the company’s production plans to bring its clean aviation engine technology to market.
In Scotland alone, the aviation firm has a longstanding partnership with Glasgow and Aberdeen airports (AGS Airports), and signed an agreement earlier this year with ScottishPower to develop low-carbon hydrogen supply for key airport locations.
Speaking on both the funding and Scotland as a strategic location, 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.
“As a purpose-driven impact investor, the Bank is an ideal partner for ZeroAvia. Scotland’s ambitious net zero targets, its strategic focus on hydrogen and its strong existing aerospace skills base make it an attractive place for ZeroAvia’s UK production operations as we scale into a major aerospace manufacturer.”
The funding is also the SNIB’s first investment in hydrogen-based technology and the sustainable aviation sector.
Robin Tayal, who serves as investment director at the bank, said: “Decarbonising aviation is one of the key environmental challenges we face and it is fundamental to the net zero transition. We are pleased to address it by investing in ZeroAvia, enabling critical research and manufacturing.
“ZeroAvia has a robust long-term plan for the growth of its technology, which will bring tremendous benefits to the wider supply chain and manufacturing sector.”
In funding the aviation firm, SNIB will join investors including American Airlines, International Airlines Group (IAG), and ITOCHU Corporation.
The Series C was co-led by Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund, with UK Infrastructure Bank joining as a cornerstone-level investor.
The Digital Poverty Alliance (DPA), a charity with the mission of eradicating digital poverty in the UK and beyond, is calling for digital access to become a human right and is urging the new Labour government to act.
The charity’s appeals come during the second annual End Digital Poverty Day, as the DPA and partners including the likes of Currys and Virgin Media O2 raise awareness, engage communities, and generate support to end digital poverty by 2030.
According to the DPA and Deloitte, up to 19 million adults in the UK still suffer from digital poverty, in addition to 1 in 5 children, rendering it a prevalent problem continuing to impact people across the country.
Last year, the House of Lords Communications and Digital Committee found “a distinct lack of leadership in Government to tackle this issue,” and said it is “shocking that a digital inclusion strategy has not been produced since 2014 and the Government sees no need for a new one.”
The charity has highlighted that, despite this, neither the previous Conservative government nor the new Labour government have pushed ahead with a clear digital inclusion strategy.
Beyond the continued rollout of connectivity schemes, with a recent £800 million in funding being announced to tackle poor broadband in rural areas, there has been little national activity.
“With so much of our lives continuing to revolve around digital, it is imperative that digital access becomes a basic human right,” said Elizabeth Anderson, CEO of the Digital Poverty Alliance.
“Digital inclusion means access to a suitable digital device such as a laptop, broadband connectivity to get onto the internet and access essential services including online healthcare, and digital skills to be able to use a device and the internet.
“Many of us take digital for granted, but there are still as many as 19 million people who still go without.”
“The new government has a significant task but a huge opportunity in front of them to bridge the digital divide, and should be making a digital inclusion strategy a central part of their policy,” Anderson added.
“This year’s End Digital Poverty Day is a powerful reminder that having digital access is a basic human right, and we must act now in order to end digital poverty once and for all by 2030.”
Recent research by the DPA also found that 86% of parents experiencing digital poverty cited cost as the primary barrier preventing their children from accessing a laptop, significantly contributing to the widening digital divide in underserved communities.
Willo, the Scottish recruitmenttechnology 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.
Willo, founded by Euan Cameron and Andrew Wood in 2018, is used by public and private organisations in more than 180 countries around the world to make hiring processes faster, more efficient, and accessible—with Samsung, Hitachi, and Prada among its users.
The latest investment, which brings Willo’s total funding to £4.2m, will be used to further research and development and assist with the evolution of its integrated verification and certification software, viewed as a key point of difference for the tool.
The money will also fund further expansion in the US, where the firm has a New York base and is a market responsible for more than 60% of Willo’s revenue, as well as growing the firm’s global headcount to 25.
Euan Cameron, CEO and co-founder at Willo, said the additional capital provides the organisation with the foundation to both develop its technology and the opportunity to push for further growth.
“This is a significant moment for the team at Willo, and also for the Scottish tech start-up scene,” he said.
“It’s no secret that the investment landscape has been challenging of late, so to receive this level of backing from investors like Peter Bauer is a massive statement of faith in what we have achieved and where we’re going.
“This funding enables even greater levels of operational focus. It puts us in a position where we don’t need to fundraise next year, and we can prioritise scale and growth in 2025.
“As a company we can now experiment, invest in R&D – developing new technologies for our customers, and then go all-in on growth with a world leading interviewing platform.”
“There is significant momentum behind the business, and we are on the cusp of being not just a Scottish tech success story, but a global one,” Cameron added.
Bauer founded Mimecast with co-founder Neil Murray in 2003, and it has since grown into one of the world’s biggest email security platforms. He stepped down as CEO in 2024, and now invests in some of the most prominent tech start-ups in the world.
“I’m excited to support Willo’s mission,” said Bauer. The platform’s capability to simplify hiring not only enhances the candidate experience but makes life better for hiring managers.
“It also helps to improve accessibility, enabling candidates to find better opportunities anywhere in the world, levelling the playing field, while giving companies a better understanding of who is actually best suited for any role.”
Willo, which has active customers and candidates in all 195 countries around the world, remains on target to grow a further 300% by end of 2025, an ambition that will include interviewing millions of candidates whilst becoming a carbon-neutral organisation.
An £8 billion investment from Amazon Web Services (AWS) to help drive data centre growth in the UK and support thousands of jobs is being made, chancellor Rachel Reeves has confirmed.
The chancellor secured the planned five-year investment at a meeting with the cloud giant last week.
The investment is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as facility maintenance, engineering, telecommunications, and construction, as well as other jobs within the broader local economy.
AWS estimates that these investments in the UK will contribute £14 billion to the UK’s total Gross Domestic Product (GDP) from 2024 to 2028.
Speaking from a University Technical College in Silverstone today, which works with Amazon Web Services to introduce students to the skills required to enter the digital infrastructure industry, the Chancellor warns that “change cannot happen overnight” regarding Britain and economic revival.
“I am under no illusion to the scale of the challenge facing our economy and I will be honest with the British people that change will not happen overnight,” Reeves said.
“Two quarters of positive economic growth does not make up for fourteen years of stagnation under the previous government.
“However, this £8 billion investment marks the start of the economic revival and shows Britain is a place to do business. I am determined to go further so we can deliver on our mandate to create jobs, unlock investment and make every part of Britain better off. The hard work to fix the foundations of our economy has only just begun.”
Amazon Web Services vice president and managing director, Europe, Middle East & Africa (EMEA), Tanuja Randery, also said: “The next few years could be among the most pivotal for the UK’s digital and economic future, as organisations of all sizes across the country increasingly embrace technologies like cloud computing and AI to help them accelerate innovation, increase productivity, and compete on the global stage.
“AWS is proud to announce our plans to invest £8 billion in digital and AI infrastructure over the next five years to help meet the growing needs of our customers and partners, and support the transformation of the UK’s digital economy.”
The first-ever Scottish space envoy has been appointed in a move to help Scotland further become a leading space nation.
Space sector entrepreneur Daniel Smith takes up the newest position in the Scottish Government’s international business network.
Smith is a serial entrepreneur who has played a founding role in five space companies since 2017, including a global space communications firm, a spaceport design company enabling spaceflight from emerging space nations, and a European launch vehicle firm based in Scotland.
In this role, which is unpaid and has a tenure date of two years—with the possibility for this to be extended by a further two years—Smith will help to identify new space sector-oriented business and investment opportunities.
Speaking on the appointment, business minister Richard Lochhead said at the Space-Comm Expo in Glasgow today: “The creation of the Space envoy role is another indication of how quickly the sector is growing and of how importantly the Scottish Government regards its contribution to the economy.
“The Scottish Government has an ambition to capture £4 billion of the global space market and Daniel Smith’s entrepreneurial background will help Scottish businesses forge strategic partnerships and identify new opportunities.
“We are well on our way to becoming a European leader in the sector. The latest available data shows that the number of space-related companies based in Scotland rose by 25% in the space of a year, with the sector’s total income increasing by 65% over the same period – demonstrating the phenomenal scale of opportunity before us.”
Smith himself commented on the appointment, saying: “It’s a pivotal time for Scotland’s fast-growing space sector. Our thriving commercial space sector – actively supported by government agencies and academia – is delivering exciting and new business and career opportunities.
“One particular area for future growth is through international partnerships that enable local companies to operate on the global stage while attracting inward investment to enhance Scotland’s space sector and to enhance economic growth.
“I’m excited to help connect Scotland’s commercial space players with business opportunities overseas. With Europe-leading technology, Scotland has the technical competence, as well as a sustainable strategic vision, to play an expanding role in the global space economy.”
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~).
Established in 2021, Glasgow-based SOLASTA Bio has developed what’s been cited as the world’s first technology platform for creating insect control agents that are nature-inspired rather than selected from a synthetic chemistry library.
In addition to meeting the efficacy standards of current chemicals on the market, these environmentally-friendly agents address a growing global need for effective crop protection by selectively targeting insect pests while protecting beneficial pollinators such as bees.
The platform can be mobilised for any pest of interest, across both crop and non-crop applications such as stored grain.
With the investment round secured, the agri-biotech said that it will continue to advance its technology platform and pipeline of insect control agents, targeting a $27bn (£20.6bn~) annual market opportunity.
Further, the business will continue to build out its US operations, expand its real-world field trials across key geographies, scale-up its biomanufacturing capabilities, and further develop strategic opportunities including applications beyond crop use.
SOLASTA Bio is targeting market entry as early as 2027 – at least half the time traditionally taken by synthetic pest control products.
The company is co-founded by CEO Shireen Davies and CSO Professor Julian Dow, and brings together a leadership team of technical and agrochemical industry specialists including Daphne Preuss, Paula Pinto, David Armour, and Rob Wylie.
Speaking on the funding and the journey thus far, Davies commented: “SOLASTA Bio has come a long way since we set out on this journey 3 years ago.
“Having established operations in the UK and US, we’ve now got an international team with outstanding competencies in technology and agribusiness and, importantly, we have developed our unique technology platform to address grower pain points.
“The results of our field trials have been hugely encouraging, demonstrating high efficacy of biopeptides against target insect pests, as effective or better than standard insecticides.
“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.”
Joy Faucher, partner at Forbion BioEconomy, also said: “As traditional insect control agents struggle with resistance and impact to biodiversity, SOLASTA is poised to revolutionise the crop protection market at a critical time, with a cost-effective, sustainable and high-efficacy alternative that can be adopted seamlessly by farmers.
“The team’s deep expertise in insect neuropeptide modalities, their differentiated tech platform and proven real-world data provide a unique position to launch a series of first-in-class products that can redefine the agriculture industry.”
New research from TheCityUK, the financial and professional services membership body, has found that the financial industry is a critical driving force of jobs and economic growth across the nation.
According to its Enabling growth across the UK 2024 report, Scotland remains one of Europe’s leading financial centres, employing 149,000 people or 5.7% of Scotland’s total workforce, and contributing 10% to the nation’s economy in 2022.
Edinburgh and Glasgow make up a sizeable proportion of Scotland’s overall financial and related professional services industry, employing 57,290 and 34,800 people respectively.
Glasgow has particular strengths in insurance, asset management, and legal services, while Edinburgh is a leader in banking and investment management, the research highlighted.
Beyond these two cities, Fife and Aberdeen are also recognised as major financial hubs, with each location employing over 5,000 people.
The report also sets out detailed policy proposals that would maximise the role of financial and related professional services in driving nationwide growth.
These include planning reform for growth, greater consistency in the powers offered to existing local authorities, creating an employer-led skills system, and strengthening connectivity.
Speaking on the findings, Sandy Begbie CBE, the chief executive of Scottish Financial Enterprise, said: “Scotland’s world-class financial and related professional services industry is the engine of growth in the Scottish economy.
“The latest TheCityUK figures underline our vast contribution, with the number of jobs in the sector increasing to 149,000 and the value we generate for the Scottish economy increasing by around half a billion to £14.76bn, up from 9.6% to 10% of national GVA.
“With a clear growth strategy in place, we are confident that our economic contribution will develop even further in the years ahead as we take advantage of new opportunities for growth in areas like green and sustainable finance, fintech, and emerging technologies like artificial intelligence.
“The strength of our ecosystem and our distinctive capability as a regional technology hub have helped us to attract record amounts of inward investment from some of the largest global financial institutions.
“It’s also clear that we are operating in an increasingly competitive marketplace, both domestically and internationally, leaving no room for complacency.
“We will continue working closely with the Scottish and UK Governments, making the case for a strong business environment and policies that put financial services at the heart of Scotland’s economic growth agenda.”
TheCityUK‘s Miles Celic, who serves as chief executive officer, also commented: “With growth the number one priority for policymakers across the country, financial and related professional services must be central to this strategy.
“This industry is a dynamic force driving in Scotland, delivering high productivity and well-paid jobs. And there is more it can do to support growth and jobs. We urge leaders at all levels to prioritise policies that can unleash that potential.”
A new Memorandum of Understanding (MoU) has been signed by the Information Commissioner’s Office (ICO) and National Crime Agency (NCA) that sets out how both organisations will cooperate to improve the UK’s cyber-resilience.
The ICO is the independent regulator for upholding information rights in the public interest, promoting openness by public bodies and data privacy for individuals. Meanwhile, the NCA leads the UK’s fight to cut serious and organised crime.
Following the MoU, the two organisations are working more closely together to ensure firms are signposted to relevant bodies, such as the National Cyber Security Centre (NCSC), and are empowered to report cyber-crime at the earliest opportunity.
The new MoU also reaffirms the following commitments:
The ICO will encourage organisations to engage appropriately with the NCA on cybersecurity matters, including the response to cyber-crime.
The NCA will never pass information shared with it in confidence by an organisation to the ICO without having first sought the consent of that organisation.
The ICO will support the NCA’s visibility of UK cyber-attacks by sharing information about cyber-incidents with the NCA on an anonymised, systemic, and aggregated basis, and on an organisation-specific basis where appropriate, to assist the NCA in protecting the public from serious and organised crime.
Where ICO and NCA are both engaged on a cyber-incident, they will endeavour to deconflict to minimise disruption to an organisation’s efforts to contain and mitigate harm.
The ICO and NCA will work together to promote learning, provide consistent guidance and improve standards on cyber-related matters.
Speaking on the agreement and why it’s happened, Stephen Bonner, ICO deputy commissioner – regulatory supervision, said: “Unfortunately we’ve seen cyber-crime costing UK firms billions over the past years. That’s why it’s crucial that relevant bodies work together to boost the UK’s cyber resilience.
“This new memorandum of understanding builds on our existing relationship with the NCA and will help improve cyber security standards across the board, while respecting each other’s remits.”
NCA deputy director Paul Foster, head of the National Cyber Crime Unit, also commented: “The NCA leads a whole-system response to cyber crime, disrupting cyber criminals and putting them before the courts wherever possible.
“Organisations who are vulnerable to imminent attack or find themselves a victim also need support and guidance, and we work closely with our partners to provide this.
“We are pleased to be making this commitment with the Information Commissioner’s Office; this agreement signifies our common goal of establishing and maintaining a secure and resilient cyber ecosystem for all.”
The announcement concerning the new MoU comes just weeks after Gartner, the technological research and consulting firm, forecasted that global information security spending would grow 15% next year.
Shailendra Upadhyay, senior research principal at Gartner, noted that “The continued heightened threat environment, cloud movement and talent crunch are pushing security to the top of the priorities list and pressing chief information security officers (CISOs) to increase their organization’s security spend.”
Not only is the cybersecurity sector’s global skills shortage driving investment in areas like the security services market, but through 2025, GenAI is set to trigger a spike in the cybersecurity resources required, resulting in more security software spend.
The Scottish Women in Business (SWIB) Awards 2024 winners have been announced.
The event, which returned for the first time in five years, celebrated women in business across Scotland, in addition to celebrating and recognising supporters and champions of Scottish businesswomen.
Finalists, change-makers, and leaders and other guests travelled to Glasgow for the ceremony which was hosted by TV and radio presenter Jennifer Reoch.
The winner of the Outstanding Achievement Award (sponsored by OutBritain) was Belinda Roberts MBE, founder and CEO of Edinburgh-based WeDO Scotland who throughout her career has created successful businesses through combining people and business.
Since 2008, Roberts has fostered theWeDO Scotland community that’s been a catalyst for Scottish entrepreneurs, cultivating an environment of mutual support and growth.
The other 2024 winners include:
Champion of Women Award (sponsored by DYW Glasgow): Toni Scullion
Woman of Influence Award (sponsored by RBC Brewin Dolphin): Heather Lydia Mudhari
Catalyst of Change Award (sponsored by Glasgow City Innovation District): Dechomai Ltd
Woman to Watch Award (sponsored by Clarity Accounting): Anji Sandhu
Fundraiser of the Year Award (supported by SWIB’s Charity of the Year, Baby Loss Retreat): Peter McLennan
President of SWIB, Sarah Heaney, said: “We had a wonderful afternoon and I’d like to congratulate all of our winners, and of course all of our finalists too who are truly making a difference in their chosen field.
“It’s fantastic to be part of such a supportive and inspiring community of Scotland’s women in business – and those who recognise and support them – and, from here, we want to keep building a movement that helps even more female-led businesses thrive.”
The awards ceremony was sponsored by wealth management company RBC Brewin Dolphin and the event also raised funds for this year’s Scottish Women in Business charity partner, Baby Loss Retreat.
The awards judging panel included Claire Nelson, managing director of the Netball Superleague, purpose coach Alice Thomson, Colin Lamb, chief explorer at Connect Three, and Gordon White, people leader at Capability Scotland.
Victims of the Post Office Horizon IT scandal who feel their financial settlement did not reflect the true extent of their losses and trauma will be able to appeal via a new independent process from the UK government.
As it stands, 2,280 victims have reached an agreement with the Post Office to settle their claim under the Horizon Shortfall Scheme (HSS), with £144 million in compensation paid out so far.
Compensation via HSS is available for postmasters who were not convicted, or part of legal action against the Post Office, but who still suffered considerably due to Horizon failures. The scheme is run by the Post Office and funded by the UK government.
Affected postmasters have the option to receive a fixed sum payment of £75,000 through the scheme, or choose a full claim assessment route if their losses exceed that amount.
However, the independent Advisory Board overseeing the matter raised concerns that, when the HSS opened in 2020, some claimants were unable to set out their claim in full.
The UK government said that this new appeals process will provide postmasters with the opportunity to have their claim re-assessed with the benefit of new or additional information they can provide.
Further, it said that the Department for Business and Trade will establish this new process as “quickly as possible” and will provide further updates on eligibility and how to apply when the scheme is launched.
“Delivering justice and financial redress to postmasters is my number one priority,” commented Post Office minister Gareth Thomas on the new appeals system.
“We’ve listened to the independent advisory board and are working at speed to make sure postmasters receive financial redress as fairly and as quickly as possible.
“This new appeals process will give postmasters the opportunity to have their settlements independently reviewed by my department.”
The Horizon IT scandal has been called one of, if not the biggest, miscarriages of justice in the UK.
Dating back to the 1990s, it resulted in hundreds of post office operators being wrongfully prosecuted for theft, fraud, and false accounting due to faulty software. In total, around 900 people have been prosecuted.
As of 30 August 2024, around £289 million has been paid out to over 2,800 claimants across four financial redress schemes. These schemes are for victims who were both wrongfully convicted, and impacted but not convicted.
A team of engineers led by researchers from the University of Glasgow have created a new “metamaterial” which could lead to improved satellite communication, high-speed data transmission, and remote sensing.
The team have developed an ultrathin 2D surface which harnesses the unique properties of metamaterials to manipulate and convert radio waves across the frequencies most commonly used by satellites.
Metamaterials are structures which have been carefully engineered to imbue them with properties that don’t exist in naturally-occurring materials.
The team’s metamaterial, which has been unveiled today in a new paper in the academic journal Communications Engineering, could allow future generations of 6G satellites to carry more data, improve their remote sensing ability, and benefit from improved signal quality.
The device, which is just 0.64mm thick, is made from tiny cells of geometrically-patterned copper and is laid over a commercial circuit board commonly used in high-frequency communications. Further, the device is both cheap and easily manufacturable.
“This is an exciting development, which outperforms previously-developed technologies by a significant margin,” said Dr Humayun Zubair Khan, first author of the academic paper on the new metamaterial.
“Being able to manipulate and convert electromagnetic waves with a single piece of equipment opens up a range of new potential applications across the communications sector, but particularly in the space industry, where lightweight, compact materials are prized to help keep launch payloads down.”
Professor Qammer H. Abbasi, of the University of Glasgow’s James Watt School of Engineering, is the paper’s lead and corresponding author. He said: “Previous developments in metamaterials have provided new ways for electromagnetic waves to be manipulated in devices with small form factors. However, they’ve largely been limited to narrow bands of the spectrum, which has limited their practical applications so far.
“The metamaterial surface we’ve developed works across a wide range of frequencies across the Ku-, K- and Ka-bands, which span 12 GHz to 40Ghz, and are commonly used in satellite applications and remote sensing.
“This kind of 2D metamaterial surface, capable of the complex task of linear to circular polarisation, can enable antennae to communicate with each other more effectively in challenging conditions.
“It could help satellites provide better signals for phones, and more stable connections for data transmission. It could also improve satellites’ ability to scan the surface of the Earth, improving our understanding of the effects of climate change or our ability to track wildlife migration.”
The team’s research was supported by the Engineering and Physical Sciences Research Council (EPSRC) and Pakistan’s Higher Education Commission.
The 2024 instalment of Scottish Games Education Symposium (SGES) has been announced, taking place on November 27th and sponsored and hosted by West College Scotland at its Paisley campus.
This year, the symposium will bring together educators from colleges and universities across Scotland with industry leaders to explore key questions shaping the future of games education, skills, and careers in the Scots games ecosystem.
The event will look at the essential skills required for students to successfully enter the industry, and explore how educational institutions can collaborate with industry partners to develop these skills more effectively.
The key themes for SGE24 are:
Bridging the Gap: Examining the alignment between education curriculum and industry requirements.
Industry Insights: Hearing directly from industry professionals about the skills they value in new graduates and the roles they will need to fill in the next five-to-ten years.
Innovative Pedagogies: Exploring cutting-edge teaching methods and technologies to enhance student learning and workplace experience.
Collaboration and Partnerships: Discussing opportunities for greater and more creative collaboration between educators, academia and industry.
Speaking on the symposium and the upcoming instalment, Amanda Ford, who is a lecturer at West College Scotland and founder of the Scottish Games Education Network (SGEN), said: “The Education Symposium has been a brilliant way to bring together the colleges and universities which offer games courses, share notes and have the conversations that don’t happen anywhere else. This year we’re moving the conversation forward and bringing in the industry leaders and employers and asking them very simply: what is it they need from us?
“I’m thrilled to host the Education Symposium in Paisley and look forward to welcoming educators and industry professionals to work together for a brighter future for our students.”
Brian Baglow, the founder and director of the Scottish Games Network (SGN), who in collaboration with SGEN co-produce the symposium, said: “The Scottish Games Education Symposium is a unique forum which brings together all of the educators and stakeholders involved in delivering games-related skills across Scotland and the UK.
“Our previous events allowed educators to discuss goals, collaborate with colleagues and build networks from college to university and beyond. In 2024, we are opening this up to the games industry to enable frank and facilitated discussions around the industry’s needs – and expectations – and how we build a more effective education pipeline for the entire games ecosystem in Scotland.”
Applications to attend the invite-only symposium can be made here.
Scottish underwater robotics company HonuWorx has received a seven-figure funding boost.
Based in Aberdeen, the roboticsbusiness 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).
The investment into HonuWorx comes amid plans to triple its current workforce of 12 in the next three years, as well as target more than £30 million in further investment.
With its fleet of “Loggerhead” submarine systems, remotely-operated vehicles (ROVs) are deployed and then controlled by onshore operators, thereby reducing costs for subsea repair and inspection efforts.
Further, by replacing heavily-crewed vehicles, the system can remove the equivalent emissions of 4,000 cars per vessel displaced.
“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.
“We’re building on decades of pioneering subsea advancements out of our home-base of Aberdeen, and we look forward to offering new investors the chance to join us later this year.”
Moray Martin, chief executive officer at TRICAPITAL, also commented: “We see the huge potential for this technology across a number of sectors, including oil and gas, offshore wind and defence.
“That diversity of customer base – together with its ability to reduce costs, save lives and reduce emissions for its customers – positions HonuWorx immediately as a high-growth potential company with the opportunity to set a new standard in subsea robotics.”
Director of entrepreneurship and investment at Scottish Enterprise, Kerry Sharp, further added: “HonuWorx is ideally placed to exploit the vast global opportunities presented by the evolving underwater energy sector with its pioneering, low-emissions technology.
“The energy transition has been identified within our new approach as a key opportunity area for the Scottish economy and supply chain companies such as HonuWorx will be vital to its success.”
According to technological research and consulting firm Gartner, 40% of GenAI (generative artificial intelligence) solutions will be multimodal by 2027—a significant increase from 2023’s figure of 1%.
Multimodal GenAI encompasses the ability to process a range of media, including text, imagery, sound, and moving video. This shift from individual to multimodal models consequently provides an opportunity for GenAI-enabled offerings to be differentiated, in addition to enhanced human-AI interaction.
“As the GenAI market evolves towards models natively trained on more than one modality, this helps capture relationships between different data streams and has the potential to scale the benefits of GenAI across all data types and applications,” said Erick Brethenoux, distinguished VP analyst at Gartner. “It also allows AI to support humans in performing more tasks, regardless of the environment.”
Multimodal GenAI is one of the two technologies identified in Gartner’s 2024 GenAI Hype Cycle where early adoption has potential to lead to notable competitive advantage and time-to-market benefits. Along with open-source large language models (LLMs), both technologies have high impact potential on organisations within the next five years, the research firm found.
“In the real world, people encounter and comprehend information through a combination of different modalities such as audio, visual and sensing,” explained Brethenoux. “Multimodal GenAI is important because data is typically multimodal. When single modality models are combined or assembled to support multimodal GenAI applications, it often leads to latency and less accurate results, resulting in a lower quality experience.”
Meanwhile, on open-source LLMs—deep-learning foundation models that can democratise commercial access due to their open nature—Arun Chandrasekaran, distinguished VP analyst at Gartner, commented: “Open-source LLMs increase innovation potential through customization, better control over privacy and security, model transparency, ability to leverage collaborative development, and potential to reduce vendor lock-in.”
“Ultimately, they offer enterprises smaller models that are easier and less costly to train, and enable business applications and core business processes,” Chandrasekaran added.
That said, among the GenAI innovations Gartner expects will reach mainstream adoption within 10 years, two technologies have been identified as offering the highest potential: domain-specific GenAI models, which are optimised for the needs of specific industries, business functions, or tasks, and autonomous agents, which are combined systems that achieve defined goals without human intervention.
“Domain-specific models can achieve faster time to value, improved performance and enhanced security for AI projects by providing a more advanced starting point for industry-specific tasks,” noted Chandrasekaran. “This will encourage broader adoption of GenAI because organizations will be able to apply them to use cases where general-purpose models are not performant enough.”
Touching on autonomous agents, “Autonomous agents represent a significant shift in AI capabilities,” said Brethenoux. “Their independent operation and decision capabilities enable them to improve business operations, enhance customer experiences and enable new products and services. This will likely deliver cost savings, granting a competitive edge. It also poses an organizational workforce shift from delivery to supervision.”
Gartner’s predictions about multimodal AI come just days after OpenAI, the creator of the multimodal chatbot ChatGPT, has over one million paid business users.
As DIGIT staff writer Tom Quinn wrote, the meteoric rise is in part down to CEO Sam Altman’s push to get companies using ChatGPT in the workplace, who Reuters reported in April had pitched the company’s AI services to hundreds of leaders at Fortune 500 companies.
City of Edinburgh Council and CGI, the IT business and consulting firm, have selected Access Mosaic to support the transformation of both digital social care and justice social work services in Edinburgh.
Access Mosaic is a cloud-based case management solution with a suite of care and support software offered through a single portal, enabling social care practitioners to acquire necessary information and reduce administrative workload.
CGI itself is the City of Edinburgh Council’s primary provider of end-to-end managed IT services, and is working with the council to transform its digital systems to provide the best possible services for those living and working in the capital.
Councillor Cammy Day, leader of City of Edinburgh Council, said: “In Edinburgh we’re actively investing in tools and technology to modernise the way we deliver council services, so our teams can focus on what is important to residents.
“Our partnership with CGI and Access Mosaic is an example of how we’re enhancing our systems. This software will help us transform administration for our social care and customer support teams and make systems easier to navigate with improved data.
“These improvements will allow social work teams to focus on delivering the best quality care to our citizens. We’re looking forward to seeing services and secure record keeping become more streamlined as a result.”
Julie Sadler, who’s vice president of consulting services for CGI in Scotland, also said: “CGI is very pleased to be partnering with City of Edinburgh Council and The Access Group to implement Access Mosaic over the next two years.
“Access Mosaic will make a difference to social care and justice services in Edinburgh. This partnership will enable everyone to have access to the data they need to provide a far more efficient, quality service.”
Steve Sawyer, the managing director of health, support, and care at The Access Group, added: “We are delighted to be working with City of Edinburgh Council, our 10th Mosaic customer in Scotland. This collaboration marks an exciting step forward for our local government team.
“With Access Mosaic, social care professionals will have more time and the critical information they need to support adults, children, and families in achieving positive outcomes.
“We look forward to working closely with the Council and CGI to make a significant impact together.”
The Access Group is one of the largest UK-headquartered providers of business management software to small- and mid-sized organisations in the UK, Ireland, and Asia Pacific.
Their health, support, and care division (HSC) works with more than 10,000 registered care providers, over 200 local authority departments, and c50 NHS trusts, providing technology that helps these organisations deliver more efficient and personalised care.
Nationwide’s £2.9 billion acquisition of Virgin Money is expected to be completed next month after getting approval from both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
The building society’s offer to buy the banking and financial services firm was first confirmed in March of this year.
Kevin Parry, Nationwide’s chairman, stated at the time that if the acquisition were to go through, it would “accelerate our strategy and create a stronger and more diverse business that is better placed to deliver financial value to our members, both now and in the future.”
The shareholders of Virgin Money then accepted Nationwide’s offer in May.
Now, with the greenlight from the FCA and PRA, which are required for this acquisition, the next stage is a court hearing to sanction the transaction. This is expected to take place on 27 September, with the purchase expected to be completed on 1 October, Nationwide said.
Upon completion of the purchase, it will see the second-largest mortgage lender in the UK being created. As it stands, Lloyds Banking Group is the country’s biggest lender in this area.
According to the building society, the two businesses will gradually be brought together, with Virgin Money joining Nationwide as a wholly-owned subsidiary with a separate banking license, board, and management team.
Commenting on the deal in an update today, Nationwide said: “This deal means more of the profits generated by Virgin Money can be invested to improve satisfaction and services for customers, instead of being paid to shareholders. It will also mean more investment can be made in Virgin Money’s business banking services.
“For the first time in the UK, a successful business bank will be part of a large mutual, offering real choice for the country’s small and medium-sized businesses.
“All of this improves Nationwide’s financial strength and our options for increasing the benefits and incentives for our members.”
A new venture studio that’ll focus on “refounding” and “repurposing” promising climatetechnology firms has been launched in Aberdeen.
The studio, named Ventex, is managed by Scottish tech entrepreneurs Steve Gray, founder of remotely operated vehicle (ROV) services company ROVOP, which was acquired earlier this year, and Stuart McLeod, who led oil and gas completions and technology firm Qedi through its £33m acquisition.
From its north east base, the climate tech venture studio will work to repurpose companies, technologies, skills, and experience in the existing supply chain to accelerate the transition to net zero.
Additionally, the studio will invest in early-stage firms which possess significant potential in assisting with tackling the climate crisis.
Ventex has completed two investments so far, with fellow Aberdeen-based ROV inspection company High Performance Robotics (HPR), and Perth, Australia-headquartered decommissioning-focussed AI firm Rahd ai receiving the funding.
The managing partners believe that, by refounding and repurposing high-potential companies, the venture studio can unlock significant value. Further, that it can help with anchoring renewable energy jobs in communities which already yield most of the skills and infrastructure to assist with a faster transition.
Speaking on the new venture studio and its mission, McLeod himself said: “Scaling repurposed solutions at the pace required by the climate emergency enables Ventex to unlock value in the new industrial revolution.
“Rather than relying solely on start-ups, which burn cash and have higher barriers to entry to build trust and credibility, we will leverage the track record of proven concepts.
“The valuation multiples for many energy service companies have hit an all-time low due to the current political environment in the UK.
“By opening up renewable energy opportunities for our portfolio, Ventex secures a dramatic upgrading of their valuation multiples, unlocking long-term value, enabling access to growth capital and rerating the economic trajectory of entire communities.”
Gray further explained: “A generation of oil and gas service companies have been left in a decade long permafrost.
“This began with the downturn in 2014, followed by Covid just as recovery had begun, and then the current political environment. This has starved companies of the capital, skills and courage they need to take advantage of the transition.
“The energy transition and journey to net zero represent the largest industrial and investment opportunity globally, but investment is held back by a dichotomy; a toxic political environment around oil and gas on the one hand, and the difficult financial metrics around renewables on the other.
“By underpinning a validated venture studio playbook, or growth strategy, with the track record of delivery, cashflow, and customers of a mature business, we solve that dichotomy.”
The leadership board for Ventex is currently being finalised. It’ll also be announcing further investments in the coming weeks.
The National Manufacturing Institute Scotland (NMIS) has partnered with Orlando Ely, an entrepreneur and winner of Innovate UK’s 2023 Young Innovators award, to help develop a 3D-printed therapeutic device for stroke sufferers.
The therapy tool, called Blossom, was designed by Ely after two close family members suffered strokes and, as part of the rehabilitation process, required a tool to improve and practise their fine motor skills in a creative and engaging way.
Ely is now developing a 3D-printed prototype of the nature-inspired product in collaboration with NMIS, operated by the University of Strathclyde and part of the High Value Manufacturing (HVM) Catapult, which has been tested in clinical consultation and by users from dementia groups. The project was also supported with £15,000 of funding from Innovate UK.
Blossom itself is a hand-held therapy device featuring three buildable flowers designed to challenge fine motor skills and enhance cognitive function. Users can practise arranging the petals and stamen, with each flower increasing in difficulty. Its design, incorporating various petal layouts, encourages users to engage both hands and utilise 16 different pinch and grasp exercises.
The NMIS Design Engineering and Additive Manufacturing teams have provided comprehensive support to Ely, helping turn his vision into a viable product through detailed 3D modelling to optimise the design. This included evaluating and selecting appropriate materials and manufacturing processes to achieve the desired appearance and functional requirements.
Various manufacturing techniques were evaluated, including injection moulding and additive manufacturing processes like Powder Bed Fusion (PBF) and Material Extrusion (MEX). PBF proved most suitable because of its ability to produce strong, durable, and complex parts with a textured finish, which is crucial for the tool’s usability.
Additionally, the team introduced design enhancements like a dimple fastening method to further elevate the sensory experience. The 3D-printed prototypes of the developed design have allowed Ely to engage in further user testing and gain feedback on the changes and selection of manufacturing methods.
“With assistance from NMIS to evaluate different manufacturing methods, I’m now well positioned to approach a partner that can manufacture the product at scale,” said Ely.
“Based on user feedback, my next phase will focus on refining the design, enhancing aesthetic appearance, and expanding the range of therapeutic applications”
“So many people could benefit from Blossom,” Ely added. “A sense that life is worth living is key to people getting better and I believe that Blossom can help with this.”
Pritty Mathew, who’s an assistant design engineer at NMIS, also commented: “Working with Orlando to bring Blossom to life has been inspiring. It exemplifies how innovative ideas, combined with advanced manufacturing technologies, can lead to new products that make a real difference.
“This collaboration underscores our role in assisting growing businesses to get the best from their future manufacturing partners by identifying optimal approaches and materials.
“Orlando first created this device using an at-home 3D printer, and now, with our support, it can be developed for commercial scale production. It’s projects like these that showcase the practical benefits of modern manufacturing techniques and highlight the potential for significant improvements they can make to patient recovery solutions.”
Researchers at the University of Edinburgh have helped an international team create nanoscale robots which could be used to manage bleeds in the brain.
The development of the tiny robot armies could help enable precise, relatively low-risk treatment of brain aneurysm—a condition which causes around 500,000 deaths globally each year.
The team engineered magnetic nanorobots, which are about a twentieth the size of a human red blood cell, with blood-clotting drugs encased in a protective coating that’s designed to melt at precise temperatures.
In lab tests, several hundred billion of the bots were injected into an artery and then remotely guided as a swarm, using magnets and medical imaging to the site of the aneurysm.
Magnetic sources outside the body then cause the robots to cluster together inside the aneurysm and be heated to their melting point, releasing a naturally occurring blood-clotting protein which blocks the aneurysm to prevent or stem bleeding into the brain.
The international team, co-led by clinicians from Shanghai Sixth People’s Hospital affiliated to Shanghai Jiao Tong University School of Medicine in China, successfully tested their devices in model aneurysms in the lab and in a small number of rabbits.
The team said that nanorobots show potential for transporting and releasing drug molecules to precise locations in the body without risk of leaking into the bloodstream—a key test of the technology’s safety and efficacy.
The method also avoids the need for doctors to manually shape a microcatheter to navigate a complex network of small blood vessels in the brain to reach the aneurysm – a painstaking task which may take hours during surgery, researchers explained.
“Nanorobots are set to open new frontiers in medicine – potentially allowing us to carry out surgical repairs with fewer risks than conventional treatments and target drugs with pinpoint accuracy in hard-to-reach parts of the body,” commented Dr Qi Zhou of the University of Edinburgh’s School of Engineering, who co-led the study.
“Our study is an important step towards bringing these technologies closer to treating critical medical conditions in a clinical setting.”
The team behind the study, which has been published in the nanoscience academic journal Small, have also developed nanorobots to remove blood clots, which show potential in treating stroke.
Budding tech entrepreneurs in the Highlands and Islands are being invited to an event in Stornoway next week, on Thursday 12th September.
The “Unplugged in Stornoway” event is being organised by CodeBase, who run the Scottish government’s technology startup programme, Techscaler.
It takes place at The Croft Room, Caladh Inn between 5 and 7pm, and can be attended either in-person or online with signup details here.
Anyone interested in the techstartup scene, from seasoned entrepreneurs and tech professionals, to creatives and students, are invited to attend.
Participants will learn about the opportunities available to entrepreneurs in the Highlands and Islands via Techscaler.
The event will also include the launch of a new Highlands and Islands Enterprise (HIE) Techscaler Kickstart grant scheme.
This will run until March 2025 and offer grants of £5,000 to £10,000 to help ambitious tech founders and entrepreneurs develop their ideas for business applications.
Speaking on the upcoming event, Mark Sutherland, who’s head of regional engagement for Techscaler in the Highlands and Islands, said: “We’re excited to bring Techscaler to Stornoway and the Western Isles, a vibrant community with tremendous potential for innovation and growth.
“The event is a great opportunity to connect with local tech founders, enthusiasts and stakeholders, and introduce them to the resources and support that Techscaler offers.
“We believe that by fostering these connections and providing the right tools, we can help the next generation of tech leaders in the Highlands and Islands thrive.”
HIE director of enterprise and community support, Rachel Hunter, also commented: “The creative application of technology is a key driver of business growth and can be particularly impactful in rural areas.
“We’re delighted to be working with CodeBase to support Techscaler clients by providing a grant scheme that will complement the support on offer and look forward to meeting existing and potential tech entrepreneurs in Stornoway.”
Deputy First Minister Kate Forbes further remarked: “Building and nurturing our pipeline of entrepreneurs and start-up companies is crucial to economic growth in Scotland.”
“We are unleashing our entrepreneurial talent in innovative ways, and I am delighted that a Techscaler Unplugged event is taking place for the people of Stornoway and beyond.
“This new initiative is being launched alongside a new Kickstart scheme from the Highlands and Islands, which offers tangible support to help encourage the next generation of entrepreneurs across the north of Scotland.”
A new international agreement, which is the first legally-binding treaty governing the safe use of artificial intelligence (AI), has been signed by the UK’s lord chancellor Shabana Mahmood today.
The new convention, agreed by the Council of Europe, commits parties to collective action on managing AI products and protecting the public from misuse and risks.
While AI brings significant benefits across myriad sectors, the new agreement includes safeguards against its risks, such as the spread of misinformation and using biased data which may prejudice decisions.
The treaty also tasks countries with monitoring development and ensuring any technology is managed with strict parameters. It includes provisions to protect the public and data, human rights, democracy, and the rule of law.
The UK government said that, once the treaty is ratified and brought into effect here, existing laws and measures will be enhanced—such as with the Online Safety Act and tackling the risk of AI using biased data and producing unfair outcomes.
As the first legally-binding international treaty on AI, the new convention aims for a global united front for managing the dangers of technology. Countries outwith the Council of Europe are also being invited to become signatories, including the United States of America and Australia.
Speaking on the landmark agreement, lord chancellor and justice secretary Shabana Mahmood herself said: “Artificial Intelligence has the capacity to radically improve the responsiveness and effectiveness of public services, and turbocharge economic growth.
“However, we must not let AI shape us – we must shape AI.
“This convention is a major step to ensuring that these new technologies can be harnessed without eroding our oldest values, like human rights and the rule of law.”
Peter Kyle, secretary of state for science, innovation and technology, further added: “AI holds the potential to be the driving force behind new economic growth, a productivity revolution and true transformation in our public services, but that ambition can only be achieved if people have faith and trust in the innovations which will bring about that change.
“The convention we’ve signed today alongside global partners will be key to that effort. Once in force, it will further enhance protections for human rights, rule of law and democracy – strengthening our own domestic approach to the technology while furthering the global cause of safe, secure, and responsible AI.”
The announcement of the treaty’s signing comes not long after the 2024 King’s Speech. In the speech, the new Labour government confirmed plans to introduce highly-targeted legislation which will focus on the most powerful AI models being developed, known as foundation models.
Welcome to the latest edition of the DIGIT Deal Roundup.
In August 2024, Scotland’s tech sector witnessed some significant funding wins by organisations and projects working in key areas like agritech, biotech, connectivity, SaaS, and much, much more.
For a recap on those standout stories, here’s our roundup.
Funding and Investments
SaaS Firm Administrate Secures £3.05 Million
Administrate, the Edinburgh-based learning and training management software company, has secured £3.05 million in a new funding round—just over a year after it raised a £5m investment.
The British Business Bank’s Investment Fund for Scotland (IFS), which is managed by Maven Capital Partners, provided £1m towards this new round. Archangels and Mercia, existing investors, also supported it.
The tech firm’s latest investment coincides with the launch of its new AI scheduling tool, which helps enterprise customers with the planning and management of learning and training activities at scale.
Edinburgh-based startup Metacarpal, which is behind what’s thought to be the world’s first mechanical bionic hand, has received £800,000 in seed funding to accelerate its prosthetic development.
Investors in this funding round included SIS Ventures, Scottish Enterprise, Worth Capital, Oxford Technology, the University of Strathclyde, and Gabriel Investment Syndicate.
“The success of the seed funding round is a huge milestone for the business, which will enable us to develop our bionic into a commercially viable product with the potential to change the lives of prosthetics users. I cannot wait to see the impact that it has,” said Metacarpal CEO and founder, Fergal Mackie.
Connekt Group, a Scottish-owned independent electric vehicle (EV) charging network and commercial installation business, has obtained a £250,000 Investment Fund for Scotland
(IFS) loan via appointed fund manager, The FSE Group.
The funding will be used to develop Connekt’s first three rapid charging hubs, enabling the company to expand its proven hub model contributing to national sustainability goals and supporting the transition to electric vehicles.
Connekt founder and managing director, Johnny Manning, said: “We are thrilled to receive this IFS loan via The FSE Group, which will help us play a pivotal role in propelling Connekt’s strategy in the rapid charging market whilst supporting Scotland’s green transition.
“Growth funding for early-stage businesses is limited but vital – with this support we are able to continue our work towards becoming a leader in the EV charging sector, driving the adoption of sustainable energy solutions across the nation.”
Space Intelligence Clinches Series A Funding
Edinburgh-based Space Intelligence has announced that it has raised an undisclosed amount of Series A funding in a round led by new investors AzurX Space Ventures (ASV) with participation from Intercontinental Exchange.
The funding will be used to expand Space Intelligence’s library of mapping data and insights on global forest cover and will support the development and financing of forest carbon projects, as well as nature impact monitoring across corporate supply chains.
“To address the dual climate and biodiversity crises, it’s critical that investment in forest conservation and restoration scales through mechanisms such as the carbon markets and that rigorous compliance with rapidly emerging legislation like the EU Deforestation Regulation is ensured,” said Dr. Murray Collins, co-founder and CEO of Space Intelligence.
Highland Broadband will receive a further £10 million in funding from the Scottish National Investment Bank.
The latest round of funding from the bank aims to make significant progress in broadband rollout to rural and remote parts of Scotland, with the goal of providing connectivity to more than 100,000 premises.
A part of Lothian Broadband Networks, Highland Broadband estimates that around half a million Scottish premises still lack access to gigabit-capable networks, as it plans to connect as many as possible over the next coming years.
Nine Scottish businesses have received £7.2m in government funding to support expanding their energy-saving projects.
Nine projects across various industries, including food and drink manufacture and timber pallet processing, have been awarded grants from the Scottish Industrial Energy Transformation Fund (SIETF) to support their efforts in reducing carbon emissions created during energy-intensive manufacturing processes.
As well as being awarded £7.2 million by the Scottish government through the fund, another £11.8 million has come from private investment.
Among the projects in this latest round of funding is the Chivas Brothers Strathclyde Distillery in Glasgow, which will begin the use of Mechanical Vapour Recompression (MVR) technology, supported by a £3.1m grant.
Ross Hall Hospital, part of the Circle Health Group and Scotland’s largest private hospital, has invested over £2 million in upgrading its technology with the introduction of a Da Vinci surgical system. This advanced setup features multiple mechanical arms controlled by a surgeon through a connected console.
The robotic arms allow for a greater range of motion compared to the natural hand and wrist, enabling smaller, more precise movements to be made by surgeons. Ross Hall’s Da Vinci system matches the surgeon’s hand movements in real time, allowing the robotic arms to simulate the movements exactly.
Robotic-assisted surgery is generally less invasive, with patients benefiting from lower risks of secondary infection, reduced blood loss, and faster recovery times.
The UK government has awarded funding to two Scottish-based AI projects to help develop agricultural technology as part of its £32 million boost for AI development across the UK.
A scheme using AI-enhanced robotics to automate manual tasks such as intricate trimming work on farms and replanting of crops has been awarded over £1.1 million. The project is set to be delivered by the University of Aberdeen, alongside partners including the Aberdeen-based firm Leap Automation Limited.
The other Scottish programme to win funding comes from Dyneval Limited, at the University of Edinburgh’s Roslin Innovation Centre, set to receive £99,868 for a project automating the detection of defects in animal sperm, which could help vets with fertility testing to improve livestock production rates.
Eight institutions across the UK, led by Heriot-Watt University and the University of Glasgow, will join forces to create the TransiT Hub, supported by a £46 million investment from the UKRI Engineering and Physical Sciences Research Council (EPSRC) and 67 partners.
The hub will use sensors attached to critical infrastructure, such as roads, railways and shipping, to create digital twins, dynamic virtual replicas of real-world objects. These will allow data to be analysed in near real-time, testing scenarios and offering solutions for improvements to the physical world.
Researchers say the digital twins will allow for testing how parts of a future decarbonised transport system work that don’t even exist yet, for example electric road systems and alternative fuels.
The Software Sustainability Institute (SSI), led by the University of Edinburgh, The Universities of Manchester and Southampton, has been awarded a record £10.2 million funding for a new project phase from UK Research and Innovation (UKRI).
The national initiative will seek to improve the environmental sustainability of software used in research – the newest phase aims to address the rising interest in artificial intelligence.
Led by the University of Edinburgh’s EPCC (formally known as the Edinburgh Parallel Computing Centre), the new SSI phase will focus on how to improve equality, diversity, inclusion, and accessibility in the research software community, and address the rising interesting in AI and machine learning.
Heriot-Watt University’s MicroSNARE project has been awarded over £750,000 to develop less invasive cancer detection tests, preventing the need for painful biopsies and saving time and money in treating the disease.
The grant comes from the EPSRC, a UK government agency working alongside UK Research and Innovation to fund research and training in engineering and the physical sciences.
The MicroSNARE project is led by Professor Nicholas Leslie of Heriot Watt University’s new Global Research Institute in Health and Care Technologies, and Professor Maïwenn Kersaudy-Kerhoas, the overall co-lead for the Institute.
Hundreds of thousands of rural homes and businesses with outdated broadband infrastructure will receive major internet speed upgrades, as the UK government looks to help bridge the digital divide across the country.
Up to £800 million in government investment will be provided via contracts to Openreach, the telecoms provider, to modernise broadband infrastructure in rural areas of England, Wales, and Scotland.
The deal with the telecoms provider is being made under Project Gigabit, a broadband rollout initiative which targets locations too expensive for providers to reach in their commercial build, and which would otherwise be left behind with poor digital infrastructure.
A new fund has been launched by the Scottish government seeking to spark fresh ways to engage young people in entrepreneurship.
The Entrepreneurial Education Pathways Fund offers public and private sector organisations grants of up to £250,000 to deliver ‘new and innovative’ courses and projects to under-18s to encourage more young people, from a wide range of backgrounds, to choose business ownership as a career path.
Deputy first minister and cabinet secretary for economy Kate Forbes said: “Entrepreneurship is key to a productive and growing economy. Tapping into a more diverse talent pool to drive the creation and growth of new businesses is an ethical and economic imperative.”
Scottish Enterprise, Scotland’s national economic development agency, and Interface, a hub connecting Scottish businesses and academic institutions, have announced a £250,000 fund for research and development collaborations to create new products, processes, and services.
The Advanced Innovation Vouchers are aimed at building sustained relationships between business and academia.
They are open to small- and medium-sized enterprises (SMEs) in Scotland and are awarded on a sliding scale with the business match funding the award up to £20k.
£1.9M Digital Investment for Argyll and Bute Schools
Argyll and Bute Council has announced a £1.9 million investment over the next five years to develop a flexible IT network that will expand digital learning opportunities for children, young people, and communities across the region.
The council’s digital transformation plan includes key investments to support hybrid learning models, enabling both in-school and at-home education. The network upgrades will also tackle emerging cyber security challenges by implementing “zero trust” network security technology.
Scottish Enterprise is celebrating delivering a record set of results over the last financial year, helping to grow both businesses and the Scottish economy.
Working with over 1,300 companies between April 2023 and March 2024, the agency secured over 16,700 new jobs for the country. This includes over 9,000 jobs from inward investors to Scotland—which the agency noted is the highest number achieved in the last five years.
Support provided to firms last year also helped unlock £1.9 billion of capital investment spend in Scotland, £2.15bn in planned exports, and over £449 million in business innovation investments. This represents some of the best annual results ever achieved by businesses and entrepreneurs working with Scottish Enterprise.
The Scottish National Investment Bank’s (“the Bank”) latest annual report has revealed that the development bank’s investment income has considerably grown since the year prior.
The report, which covers the period 1 April 2023 to 31 March 2024, shows that the Bank’s income of £19.3 million was up more than 80% on the previous year of £10.7m, and exceeded its operating costs of £16.1m for the first time.
That said, overall loss before tax was £14.6m (2023: £20.2m), with the Bank saying this was predominantly due to realised and unrealised losses on investments.
Scottish tech firm Frog Systems has been acquired by English wellbeing firm, Raiys.
This means that Raiys has acquired the Frog Systems-developed streaming service Ashia, which provides individuals and businesses with 24/7 wellbeing support.
Uncertainty about ongoing research and development tax credit reviews had frustrated Frog Systems’ attempts at attracting new funding streams to provide working capital and accelerate its growth, despite interest from potential investors.
As a result, Craig Morrison and Brian Milne, managing directors of business advisory firm Quantuma, were appointed joint administrators of Frog Systems at the end of July and completed the sale of the Ashia business and assets to Raiys.
Hybrid Anchor, the web and software development specialist, has announced that it’s acquired Edinburgh-based tech support firm Off Canvas in a deal expected to create 40 new jobs in the next three years.
The move comes as the Coatbridge company marks its third year in business, with a variety of key roles set for both the capital and Glasgow.
Details of the acquisition, which aims to address the strain put on resources in the industry by balancing project execution and help desk support, remain undisclosed.
AES Solar, based in Moray, has acquired heat pumping specialists Black Isle Renewables.
The Dingwall-based company, founded in 2010, installs ground source and air source heat pumps and exhaust air units across the North of Scotland and the Western Isles.
AES Solar plans on integrating Black Isle Renewables’ heating expertise with their longstanding solar energy experience to provide comprehensive energy systems that provide power and heat to homes and businesses.
There are just three weeks until this year’s instalment of ScotSoft, the long-running conference produced by Scotland’s digital tech membership and cluster organisation, ScotlandIS, officially begins.
Taking place at Edinburgh’s International Conference and Exhibition Centre (EICC) on Thursday 26th September, ScotSoft 2024 offers delegates the exciting opportunity to explore the latest technology industry trends, hear key insights from sector experts, and collaborate and network with like-minded attendees.
This year boasts a stellar lineup of speakers from both in and outwith Scotland, working for well-known, tech-focused companies such as Morgan Stanley, PwC, Resillion, and many more. Futurist Joe Little, an honorary professor at the University of Stirling, and Tom Johnson, the ethical hacker and social engineer, are set to bookend the day’s engaging sessions as ScotSoft 2024’s keynote speakers.
Delving into an array of salient topics, the day’s speakers will discuss and inform on prominent issues such as how to understand and prepare for ransomware amid an ever-changing cybersecurity landscape, ways in which the power of AI and data can be unlocked, and what the future of software development looks like, among countless other informative topics and sessions.
To discover the full agenda, and learn more about the leaders delivering those sessions, click here.
ScotSoft 2024 will also host the in-person Young Software Engineer of the Year (YSE) Awards Dinner, which showcases the innovative tech talent emerging from Scotland’s universities. Nominees are recent graduates of computer science and related undergraduate courses, and the winners are chosen by a select panel of experts who boast over 100 years of industry experience combined.
Speaking on the upcoming event and the Awards, Karen Meechan, CEO of ScotlandIS, said: “ScotSoft is a pivotal event for the Scottish tech community, bringing together some of the brightest minds and most innovative companies from across the country and internationally.”
“This year’s conference promises to delve into cutting-edge developments and provide invaluable insights into our evolving tech landscape, particularly with the ongoing questions around integration of AI and increasing threat of cyber attacks.
“The Young Software Engineer of the Year Awards are a highlight for us, as they showcase the incredible talent emerging from our universities. These young graduates are the future of our industry, and we are proud to celebrate their achievements and support their growth.”
ScotSoft 2024 is sponsored by Lloyds Banking Group, KAL ATM Software, SopraSteria, BCS, The Chartered Institute for IT, Resillion, Leidos, i-confidential, and Arnold Clark.
Interested delegates looking to get their tickets before it’s too late can buy them here.
According to technological research and consulting firm Gartner, there are six new technologies that will help transform digital governmental services within the next five years.
These include digital employee experience (DEX), artificial intelligence (AI) code assistants, generative AI (GenAI), generative design AI, predictive analytics, and workstyle analytics, as outlined by the research firm’s latest Hype Cycle for Digital Government Services 2024.
“Delivering services digitally continues to be a priority in government transformation plans,” explained Daniel Snyder, senior director analyst.
“These technologies will help government CIOs bridge the gap between digital innovation goals and executing against strategy objectives.
“Collectively, they will be a crucial element for executives in aligning technology innovation to mission outcomes to keep pace with growing citizen expectations.”
Predictive Analytics
Predictive analytics in government utilises machine learning, modelling, and simulation. It can use internal and external data to inform public policy development, optimise government processes, and improve real-time decision making.
That said, the responsible and ethical use of predictive analytics in government requires care and due diligence to limit biases inherent in all datasets, as Gartner has stipulated.
To maintain the public’s trust and ensure accountability, it should be deployed transparently.
Workstyle Analytics
Workstyle analytics (WSA) is a discipline that brings together IT, HR, and business data about how employees work to understand and optimise the complex relationship between technology investments, employee experience, and business outcomes.
It’s been predicted that, through 2027, IT leaders who align digital workplace investments with current and desired levels of maturity and overall digital ambitions will reduce the waste associated with untimely and unsuitable activities by 50%.
Digital Employee Experience
Digital employee experience is how employees interact with the digital tools while at work, and organisational efforts to improve that experience.
A holistic, coordinated approach to digital employee experience across IT and non-IT partners can minimise digital friction, the firm noted, as well as reduce silos, and maximise workforce digital dexterity and well-being.
“Ultimately, a DEX strategy empowers government employees to adopt new ways of working by minimizing technology friction, supporting meaningful adoption, applying usage and performance metrics, and making ongoing adjustments,” Snyder said.
Generative AI
Following the initial explosion around generative artificial intelligence, Gartner noted that business focus is now shifting away from excitement around foundation models to use cases that drive ROI.
With the rapid progress of productivity tools and AI governance practices, organisations will be deploying GenAI for more critical use cases in industry verticals and scientific discovery, the research firm outlined.
Generative Design AI
Generative design AI is a technology that utilises AI to autonomously generate design options based on parameters and constraints specified by the user.
The AI uses algorithms to iterate rapidly through numerous variations, optimising designs to achieve outcomes while adhering to predefined goals—which are often a key component of government services, and improving efficiency in the design process.
The technology already exists as feature-level support for user experience (UX) designers and front-end developers, such as intelligent design suggestions, and will transition rapidly to full digital product design and front-end development capabilities, Garter forecasts.
AI Code Assistants
AI code assistants, which are integrated into developer tools, use pretrained models to interact with software developers through natural language and code snippets.
They generate, analyse, debug, fix, and refactor code, among other things, and can be customised to an organisation’s specific code base and document, which is key for government entities from the local to central levels dependent on specific data to their region.
“AI code assistants, unlike their predecessors, enhance developer velocity and expedite problem-solving by explaining and debugging code issues,” added Snyder.
Because of this, Gartner predicts that by 2028, 75% of enterprise software engineers will use AI code assistants, up from less than 10% in early 2023.
Whitehall’s Digital Skills Gap
Gartner’s outlining of the six new technologies to have transformational effects for government digital services comes during a digital skills gap within the UK government’s centre.
For instance, around this time last year, a report from the Public Accounts Committee (PAC) found that “a lack of digital expertise means that Whitehall is unable to genuinely transform its services, and can only make incremental upgrades.”
According to government estimates at the time, the number of digital, data, and technology professionals in the civil service was around 4.5%. The Committee noted that the number is less than half it needs to be when compared to an equivalent industry average of between 8% and 12%.
However, under the new Labour government, the Department for Science, Innovation and Technology (DSIT) will expand in both scope and size to bring experts in data, digital, and AI from the Government Digital Service (GDS), the Central Digital and Data Office (CDDO) and the Incubator for AI (i.AI), in a bid to help unite efforts in the digital transformation of public services under one department.
The UK government is pledging to crack down on phone thefts, with the Home Office to host an upcoming summit with tech companies and manufacturers.
Phone “snatch thefts” have soared by more than 150% in the last year, with an estimated 78,000 people in England and Wales alone having their phones or bags grabbed from them on the streets.
Policing intelligence suggests that on-street thefts are being driven by an increased demand for second-hand smartphones, both in the UK itself and overseas.
To help tackle these escalating rates, tech companies and manufacturers will be called to attend a Home Office summit on the issue, looking at new ways to combat it and build on the anti-theft smartphone features that some firms have already rolled out.
Further, Operation Opal, the national police intelligence unit, will launch an intelligence probe to gather intel on the criminals who steal mobile phones, and where these devices end up.
The government said that this will help provide a stronger picture of the stolen mobile phone market, and identify what more needs to be done to tackle the problem.
Speaking on the issue and the possible interventions, policing minister Dame Diana Johnson said: “With new phones coming to market and young people going back to school and university, many of us will have a new phone in our hands at this time of year.
“These figures are troubling and the government is determined to do whatever’s necessary to protect people entitled to walk the streets without the threat of robbery.
Johnson added: “Phone companies must ensure that any stolen phones can be quickly, easily and permanently disabled, rather than re-registered for sale on the second-hand market, and we will be meeting them soon to discuss what further action is required to make that happen.
“If we work together, government, tech companies and law enforcement can break the business model of the phone thieves and moped gangs who rely on this trade.”
New Home Office analysis, commissioned by concerned ministers, has revealed eye-opening statistics concerning snatch thefts in England and Wales specifically.
Crime Survey estimates for the last 12 months indicate the equivalent of more than 200 snatch thefts happen every day on streets across England and Wales. This is the highest rate in more than a decade, and nearly 60% higher than the annual average since 2012 to 2013.
What’s more, the latest published estimates for England and Wales show that, in the past year, over one third (36%) of theft offences involved theft of a mobile phone.
American facial recognition company Clearview AI has been imposed a €30.5 million (£25.6m~) fine from the Dutch Data Protection Authority (DPA).
The Dutch regulator is fining the US-based firm, which offers facial recognition services to law enforcement and government agencies, but not in locations such as the EU and UK, as it has allegedly “seriously violated the privacy law General Data Protection Regulation (GDPR) on several points.”
The watchdog said that Clearview has an “illegal database” with more than 30 billion photos of people, including Dutch citizens, with these photos automatically scraped from the internet and then converted into unique biometric codes.
“Collecting and using them is prohibited,” the regulator noted. “There are some statutory exceptions to this prohibition, but Clearview cannot rely on them.”
The watchdog also stated that there’s insufficient transparency when it comes to informing people whose photos and biometricdata are being used.
“People who are in the database also have the right to access their data,” added the DPA. “This means that Clearview has to show people which data the company has about them, if they ask for this. But Clearview does not cooperate in requests for access.”
According to the regulator, Clearview did not stop the privacy violations after its investigation, with the watchdog saying that it’s ordered the firm to “stop those violations” and that it could impose a penalty of non-compliance of up to €5m (£4.2m~) if Clearview “fails to do this.”
“Facial recognition is a highly intrusive technology, that you cannot simply unleash on anyone in the world,” Aleid Wolfsen, chairman of the Dutch watchdog, said.
“If there is a photo of you on the Internet – and doesn’t that apply to all of us? – then you can end up in the database of Clearview and be tracked. This is not a doom scenario from a scary film. Nor is it something that could only be done in China.”
“Such [a] company cannot continue to violate the rights of Europeans and get away with it. Certainly not in this serious manner and on this massive scale,” added Wolfsen.
“We are now going to investigate if we can hold the management of the company personally liable and fine them for directing those violations.
“That liability already exists if directors know that the GDPR is being violated, have the authority to stop that, but omit to do so, and in this way consciously accept those violations.”
The news comes nearly a year after Clearview AI successfully won an appeal to have a £7.5m fine from the UK’s Information Commissioner’s Office (ICO) overturned.
The fine was overturned as it was ruled that Clearview AI was used solely by law enforcement bodies outside of the UK, with the three-member tribunal who handled the appeal stating that the company did not carry out data processing related to the monitoring of people’s behaviour in the UK.
Just last week, the Dutch DPA also hit ride-hailing tech company Uber with a €290 million (£245m) fine.
The watchdog claimed the tech firm sent personal data of European taxi drivers to the United States and failed to appropriately safeguard that transferred data—a violation of GDPR.
An Uber spokesperson said that “This flawed decision and extraordinary fine are completely unjustified.”
Welcome to the August 2024 edition of DIGIT’s Movers and Shakers!
Each month, our Movers and Shakers feature gives you the low-down on recent news in the Scottish tech ecosystem.
This August has been another bumper month, with many innovative Scots organisations and key players doing exciting things. Read on to find out what exactly’s been happening!
Recruitment
Tomoro Expands Leadership Following Investment
Tomoro, an AI scale-up that helps large enterprises unlock the value of AI through custom AI agents, has announced the hiring of Ami Islam as head of people based out of the Scottish firm’s Edinburgh office.
Before joining Tomoro, Islam was the architect of the rapid growth of data and AI consultancy Mudano, which grew at a rate of 100% a year for five consecutive years before being acquired by Accenture in 2020.
“We are focused on building one of Europe’s next great AI companies,” Ed Broussard, managing director at Tomoro, said.
“We have huge traction in the market so the focus is on hiring and growing the greatest AI team in the country. There is no one with better experience to make that happen than Ami.”
Waracle, the Dundee-headquartered tech and digital developer, will welcome David Tuck, former group chief executive of digital transformation consultancy Kin + Carta, to the business in early September.
He succeeds chief executive Chris Martin, who has led the business since 2014. Martin, who worked to bring Tuck to Waracle, will remain with the firm and continue to be a significant shareholder.
Current CEO Chris Martin said: “David’s appointment demonstrates the ambition for Waracle to continue its growth to the next level.
“His experience in scale up and his track record in building teams who do great work, and enjoy themselves, makes him perfect for this role. He is pragmatic, hard-working, ambitious and likeable.”
The Scottish Space Network, the ecosystem builder championing Scotland’s space industry, has appointed Ross Hamilton as chief operating officer (COO) to help drive sector investment and growth.
Hamilton began his career with Rolls-Royce plc in the late eighties, going on to work for JP Morgan and other Fortune 100 companies in London and New York.
He serves as founder and managing director of New York-based venture capital specialist Sustainable Alpha, chair of the New York GlobalScot advisory board, and over the last twenty five years has advised and invested in a number of businesses and startups across multiple industry sectors.
On his new role, Hamilton commented: “I’m thrilled to join the Scottish Space Network at such a pivotal time for the space sector in Scotland and its potential to achieve a leading position on the international stage.”
Scottish startup Wordsmith AI, the privacy-first artificial intelligence-powered workspace for in-house legal teams, has announced the appointment of Lucy Tyrrell as general counsel.
Wordsmith has seen significant uptake across in-house legal teams since its recent launch. The platform, designed to be secure and safe to use with confidential data, helps legal professionals accelerate collaboration with the rest of the business.
Tyrrell will be based in London and will join the executive team at a key moment in the company’s growth trajectory.
Tyrrell joins Wordsmith from her role as head of legal (corporate) at FARFETCH, a leading global marketplace for the luxury fashion industry. Prior to that, Tyrrell was a senior associate in the corporate M&A team at DAC Beachcroft LLP in London.
Brightsolid Hires New Business Development Manager
Dundee-headquartered cloud services company Brightsolid has announced the appointment of Mike De Souza as business development manager, based out of its newly-opened Manchester office.
De Souza brings over 36 years of IT business development experience to the role, which will see him focusing on the development of customer-centric solutions and partnerships, primarily in the North West local authority, energy, and clean technology sectors.
Established over 25 years as part of DC Thomson & Co Ltd Group, Brightsolid is a leading managed hybrid cloud and cyber security services provider, with current customers including Dumfries and Galloway Council, IITAC, Sparrows, SSSC, and West Yorkshire Combined Authority.
Sword Group Announces New CISO
Sword Group has announced that Andrew Thom has been welcomed as the company’s new chief information security officer.
He brings 20 years of experience providing technology services to the energy industry. Prior to joining Sword he was the chief information security officer at Wood, and was responsible for the global security strategy and day-to-day running of the security function, including incident response and security culture and awareness.
Thom will be responsible for further strengthening our cybersecurity strategy, posture, and maturity across Sword Group including maintaining our accreditations in both ISO 27001 and
Cyber Essentials Plus.
“I am delighted to have joined the Sword team having been impressed by their professionalism, unwavering client commitment, and ongoing success for many years. I am looking forward to building relationships across Sword and with the industry to mature our security posture and enhance our cyber resilience” said Thom.
Beyond Blue Establishes Strategic Advisory Board
Beyond Blue, the consultancy which helps organisations tackle their most complex cybersecurity and resilience challenges, has established a Strategic Advisory Board.
The Board has been set up to advise and develop the Beyond Blue consulting team and to establish a ‘think tank’ function to contribute to community thinking and inform and support clients in an ever-shifting digital world.
Joining the organisation’s Board, Beyond Blue has selected a panel of experts, with Gaven Smith CB FREng, the former CTO for GCHQ, holding the position of chair. He is supported by Phil Packman ChCSP, the current head of cybersecurity architecture for easyJet, alongside Fiona Strens, the current director of the Centre for Defence & Security AI at the University of Lincoln.
The team is also further supported by technology industry veteran, Paul Taylor CBE FREng, a former technology director general in UK national security, who holds the position of overall company chair.
Burness Paull Appoints Energy Specialists
Burness Paull has further strengthened its employment team with the appointment of Claire Scott as a partner and Lisa Byars as a director.
The appointments come as the firm continues to see strong and growing demand for specialist advice linked to the increasing complexity of the employment law landscape.
Scott and Byars, who both return to Burness Paull having worked for the firm earlier in their careers, act for a broad national and international client base advising on UK employment law. Based in Aberdeen, they have particular expertise in the energy, infrastructure and financial services sectors.
“Claire and Lisa’s expertise sits at the intersection of where energy and employment matters meet, which means they are ideally placed to advise organisations on the employment law considerations of the transition to net zero,” said Mandy Laurie, head of employment at Burness Paull.
Interface Announces Strategic Board Members
Interface—which connects businesses with academic partners—has welcomed new members to its Strategic Board, from business and academic backgrounds, with a focus on supporting business-academic collaborations.
Professor Wayne Powell, principal and chief executive of Scotland’s Rural College, will succeed Professor Andrea Nolan, principal and vice-chancellor of Edinburgh Napier University, who has been chair of the board since 2018.
Lucinda Bruce-Gardyne and Dr Alicia Greated have joined the 11-strong Board, along with Dr Andrea Taylor, from Edinburgh Innovations Ltd, which hosts Interface.
“I am absolutely delighted to welcome Professor Powell as our new Chair, along with the new board members, who bring a wealth of experience to help guide and shape Interface’s ambition to create meaningful impact for society and the Scottish economy,” said Amelia Whitelaw, Interface’s director.
Partnerships
CodeBase, OU Partner to Accelerate Startup Activity
CodeBase has partnered with The Open University in Scotland to drive co-learning opportunities, including the co-creation of educational content, and to accelerate startup and entrepreneurial activity.
As part of the tie-up, distance learning pioneer Open University, which is one of the UK’s largest universities and provider of flexible part-time undergraduate higher education in Scotland, will partner with CodeBase’s Techscaler initiative, the Scottish government’s tech startup support programme run by CodeBase.
Through the use of open learning, the partnership will make content and learning accessible at any time, while there will also be a focus on diversity and inclusion.
“We are excited to team up with The Open University around world-class learning and innovation, and ultimately to drive entrepreneurial and startup activity,” said Yasmin Sulaiman, SVP ecosystems at CodeBase.
Scottish technology services company Waracle has agreed a new multi-million-pound contract with SP Energy Networks that aims to help the electricity network operator accelerate its digital technology programme.
SP Energy Networks—part of the ScottishPower group—owns and maintains the electricity network in central and southern Scotland alongside Merseyside and North Wales, which sees the company serve more than 3.5 million homes and businesses across the United Kingdom.
Waracle has been tasked with designing and developing a digital customer experience that will provide a simple, easy-to-use, automated self-serve solution to meet the growing demand from both households and businesses for network connections for EV chargers, solar panels, and heat pumps.
UK construction firm McLaren Construction has partnered with connectivity and network specialist Clarus Networks Group to deploy Starlink satellite connectivity to construction sites across the UK.
The partnership aims to deliver high-speed internet connectivity throughout the UK with minimal setup.
Within 12 months, Starlink satellite technology has now become the primary connectivity method for most UK McLaren construction projects.
Clarus Networks Group’s installation offers managed internet connectivity that can support McLaren’s construction operations, as well as innovative technology like real-time monitoring and AI.
“Our partnership with McLaren marks a significant milestone in shaping the construction site of the future,” said Derek Phillips, managing director at The Clarus Network Group.
Heineken UK has partnered with tech consultancy AND Digital to launch HeiDeal – a new data-driven platform that will, according to the firm, “transform how Heineken’s sales teams build valuable contracts, providing customers with a smoother experience and more tailored deals.”
HeiDeal models multiple deal scenarios that optimise margin, profitability and product mix. It will make it simpler for Heineken’s teams to supply pubs and venues with Heineken products.
“Data and digital skills development sit at the heart of our business, and our partnership with Heineken UK demonstrates why these two strands are so important,” said Fiona Burton, club executive at AND Digital.
Hydrogen Vehicle Systems (HVS), cited as the UK’s first hydrogen fuel cell truck OEM, has entered into a strategic collaboration with Guangzhou Hybot Technology Co., Ltd. to promote the application of hydrogen fuel cell trucks in the UK and EU markets, developing hydrogen fuel cell trucks suitable for various transportation scenarios.
Both companies will leverage their strengths to co-develop hydrogen-powered vehicles and optimise supply chain networks. The collaboration will focus on delivering high-performance, zero-emission commercial vehicles, enhancing safety, efficiency, and sustainability.
“We are thrilled to embark on this journey with Hybot,” said Jawad Khursheed, CEO of HVS. “This collaboration aligns perfectly with our mission to lead in the introduction of zero-emission fuel cell trucks.”
TFAS Wealth Partners With Aveni
Edinburgh-headquartered Aveni.ai, the AI fintech business, has been selected by independent financial advisory firm TFAS Wealth to implement AI solutions across its expanding service offering in the UK.
TFAS Wealth offers remote financial advice across the UK. The investment in Aveni’s AI technology has been prioritised to help support quality assurance and compliance capabilities, as well as create significant efficiencies for advisers.
The adoption of the latest advances in generative AI, NLP, and large language models through tools which Aveni has developed specifically for financial services will allow TFAS Wealth to expand its highly-scalable remote advice platform, whilst providing unparalleled risk management and oversight.
Jeff Lange, group CEO TFAS Enterprises, SMF1 TFAS Wealth, commented: “We are thrilled to partner with Aveni as we continue to challenge the status quo within the financial services market by embracing innovative, value-adding technology.”
More Firms Pledge to Pathways Forward
Pathways Forward has announced its second cohort of Pledge partners, with Converge, The Open University in Scotland, Royal Bank of Scotland, Scottish Enterprise, SIS Ventures, Social Investment Scotland, South of Scotland Enterprise, and the University of Strathclyde committing to actionable steps aligned with the principles set out in the Pathways report.
Pathways Forward’s Ana Stewart said: “We have been overwhelmed by the level of support for Pathways from across the corporate, public, and not-for-profit sectors, and the Pledge partnership centres on firm commitments to effect change across each organisation.
“I would like to personally thank all of our Pledge partners to date, and we look forward to more like-minded organisations joining the fold.”
Iconsys, the provider and systems integrator of power and automation solutions, has opened its first Scottish office in Lanarkshire.
The move to open an office at the Regus Eurocentral site, which has been made in a bid to both increase market share in Scotland and attract new engineers, follows a record year for the firm.
Iconsys, whose headquarters is in Telford in Shropshire, England, saw a turnover of around £14.5m by the end of the 2024 financial year. It had a £5 million increase in sales thanks to numerous new contract wins in industries including energy, maritime, transportation, and consumer goods, among others.
Managing director of Iconsys, Nick Darrall, said: “Our Scottish office, which is ideally located between Edinburgh and Glasgow, offers greater flexibility for our Northern clients and allows for a more engaging experience for our existing staff living in and around Lanarkshire.”
A subsidiary of Australian fintech HALO Technologies, HALO Invest, has announced its intention to set up a new operations and development centre in Glasgow.
The move will create more than 60 jobs over the next two years, the company said.
Douglas Boyce, formerly of Interactive Investor and FNZ, has been appointed CEO of HALO Invest, which aims to become a leading provider of financial services and technology solutions in the UK.
The project is expected to cost in the region of £8 million and is being supported by £800,000 of grant funding as a contribution from Scottish Enterprise.
“We had the opportunity to locate anywhere in the UK, but Glasgow demonstrated itself as the ideal city for us to base ourselves with its well-established mix of financial services and fintech talent,” Boyce said.
Zumo, the B2B digital assets infrastructure, has signed the Abu Dhabi Sustainable Finance Declaration, reinforcing its commitment to a greener financial services industry as it extends its reach further into the region.
The Abu Dhabi Sustainable Finance Declaration is a voluntary membership-based initiative launched by Abu Dhabi Global Market (ADGM) in 2019 with support from the Ministry of Climate Change and Environment, the Central Bank of the UAE, and the Securities and Commodities Authority.
It aims to establish a healthy sustainable finance industry in line with the UAE’s Green Economy for Sustainable Development initiative, which underpins the country’s ambition to become a successful model for the new green economy. The Declaration was signed by an initial group of 25 public and private sector entities.
Zumo will now collaborate with other participants to help create a framework for fostering and integrating green and sustainable investments, and provide expertise and insights gained from the company’s pioneering work in the sustainability sphere.
DataKirk Announces Two New Event Offerings
DataKirk is expanding its legacy with the announcement of two new events focused in Scotland’s diverse talent pool, with tickets for their inauguaral Scottish Ethnic Minority Talent Summit and Festival 2024 now on sale.
The data-driven advocate for diversity and inclusion is calling for partners, sponsors and exhibitors to engage in the event, an evolution on the company’s past two Scottish Black Talent Summits.
The SEM Summit 2024 promises to be a talent-driven event, aiming to unite local employers, academic institutions, corporate organisations, non-profits, and government agencies to share ideas and best practices for building and managing a thriving multicultural workforce in Scotland.
With the theme Uniting Communities, Empowering Talent, SEM Fest is set to offer a vibrant programme of live musical performances, interactive activities, and a showcase of arts, dance, and cultural experiences. The event aims to be a fun-filled day that the entire family can enjoy, while also serving as a meaningful celebration of the cultural fabric that strengthens Scotland’s communities.
The shortlist for the Women’s Enterprise Scotland Awards 2024 has been unveiled.
The winners will be announced at the voco Grand Central Hotel in Glasgow on 3 October, with Sheila Flavell CBE, chief operating officer and executive board director at FDM Group serving as this year’s keynote speaker at the event.
“Our Awards recognise the considerable contribution women-led businesses make to Scotland’s economy,” Carolyn Currie, chief executive at WES.
She added: “It is our opportunity to come together and celebrate success, as well as to provide visible role models for the women and girls who follow.”
Doquit Technologies LrD and Planda AI have won the Smart Data Foundry and FinTech Scotland UK Fintech Challenge, designed to encourage data-led innovation and accelerate the development of products to assist with Later Life financial planning.
Each company was awarded a prize of £45,000 to develop their ideas. Doqit Technologies developed an app to help people manage their life-admin more easily, and Planda AI won for their mission to increase financial wellbeing.
Both companies were among six finalists which were given a chance to improve their financial solutions and products with synthetic data from Smart Data Foundry, the Edinburgh-based data innovation organisation.
HVS Achieves Greenly Gold Medal
HVS (Hydrogen Vehicle Systems), which aims to disrupt the commercial vehicle industry by being an early mover with the most advanced, all–new zero emission HGV, has been awarded the prestigious Gold Medal by Greenly.
This recognition from a global leader in digital carbon footprint analysis and corporate climate performance evaluation puts HVS among the top 5% of companies worldwide for their proactive and innovative approach to climate action and environmental responsibility.
The Gold Medal represents the culmination of HVS’ year-long commitment to sustainability, during which they have reached several groundbreaking milestones. Last year, HVS received the Silver Medal, putting them in the top 10% of businesses actively addressing their carbon footprint.
“The Gold Medal is a testament to the dedication, hard work, and innovative spirit of the entire HVS team. It underscores our belief that you cannot control what you don’t measure—carbon accounting is a crucial part of our sustainability strategy,” said HVS’ CEO, Jawad Khursheed.
SWIB Awards Returns After 5 Years
The Scottish Women in Business (SWIB) Awards are set to return to Glasgow after a five-year hiatus, with finalists from across the country having been announced ahead of next month’s event.
The revamped event will celebrate women in business across Scotland, as well as recognise the work of supporters of Scottish women in business, and will be held at The Corinthian Club in Glasgow on September 6, marking the first awards held by SWIB since before the Covid-19 pandemic.
SWIB president Sarah Heaney said: “We’re delighted to be back hosting our first awards since before lockdown… and it’s been wonderful to see the volume and quality of entries this year.”
In a bid to enable businesses in both Ukraine and the UK to benefit from the quicker and cheaper trade of digital goods, the new UK-Ukraine Digital Trade Agreement (DTA) has come into force today.
The Digital Trade Agreement, which is a part of a series of initiatives by the UK government to support Ukraine’s digital economy, has been cited as the first of its kind.
Making digital trade easier and cheaper, it’s also been built to help support the Ukrainian tech sector and ensure its resilience so that it can contribute effectively to the country’s economic recovery, whilst also strengthening the UK’s tech industry collaborations.
Ukraine is one of the largest exporters of information technology services globally, with areas such as cybersecurity, artificial intelligence (AI), mobile applications, and outsourcing in rapid development before the war.
Tech partnerships have also been said to be a key area of the digital trade agreement, supporting collaboration between the UK and Ukraine on areas like cybersecurity.
“The support of Ukraine from the United Kingdom is unprecedented,” said Yuliia Svyrydenko, who’s the first deputy prime minister and minister of economy of Ukraine.
“We have felt it from the very first days of the full-scale war. The digital trade agreement between our countries is another manifestation of solidarity and support.
“Implementing this agreement will deepen Ukraine’s participation in global supply chains, foster the development of small and medium-sized businesses, maintain free access for Ukrainian IT companies to the UK digital markets, and provide crucial support to our economy during the war and in the post-war reconstruction period.”
Meanwhile, Jonathan Reynolds, the UK government‘s business and trade secretary, commented: “We’re modernising our trade relationship with Ukraine with one of the world’s first digital only trade agreements.
“Greater digitalisation of the economy is an important step in supporting Ukraine’s economy and their fight for independence. This government will continue to lead the way in our unwavering support for Ukraine and its people.”
The DTA coming into force today is the latest technology-centred collaboration between the UK and Ukraine in the last few years.
For instance, earlier this year, it was announced that the UK would contribute more than 10,000 drones to Ukraine’s war efforts.
Further, the UK said that it would invest £16 million for innovations aiming to rebuild Ukraine’s energy system, displace fossil fuels, and support post-war recovery.
Around a year ago, in 2023, the UK government announced its expansion of the Ukraine Cyber Programme (UCP) with a financial boost of up to £25 million.
Wayve, the UK startup and developer of Embodied AI technology for self-driving vehicles, has entered a strategic partnership with Uber on top of securing investment from the ride-hailing firm.
With the additional undisclosed funding and support from Uber, the UK startup intends to accelerate its work with original equipment manufacturers (OEMs) around the globe, enhancing consumer vehicles with advanced driver assistance and automated driving capabilities.
It’ll also work towards the development of globally scalable autonomous vehicles for future deployment on Uber.
The new partnership envisions future Wayve-powered self-driving vehicles being made available on Uber in multiple markets around the world, bringing the Embodied AItechnology to Uber’s more than 150 million monthly global users.
“I’m excited to be teaming up with Uber, the largest mobility network in the world, to massively ramp up our AI’s fleet learning, ensuring our AV technology is safe and ready for global deployment across Uber’s network,” said Alex Kendall, co-founder and CEO of Wayve.
“Together, we’re excited to work with Automotive OEMs to bring autonomous driving technologies to consumers sooner.”
Dara Khosrowshahi, CEO of Uber, further added: “Uber and Wayve share a vision of reimagining mobility for the better.
“Wayve’s advanced Embodied AI approach holds a ton of promise as we work towards a world where modern vehicles are shared, electric and autonomous.
“We’re thrilled to bring Wayve on as a partner to work alongside automakers as we continue to build out Uber as the best network for self-driving vehicles.”
The strategic partnership and investment announcement comes just months after Wayve raised $1.05 billion (£837m~) in its Series C funding round.
The significant funding round was led by Japanese conglomerate SoftBank Group, with contributions from new investor NVIDIA and existing backer Microsoft.
Founded in the UK in 2017, Wayve has been cited as a pioneer in Embodied AI for autonomous driving, being the first company to develop and trial an end-to-end (e2e) deep learning autonomous driving system on public roads.
The latest version of a programme which supports firms working at the intersection of the energy transition and digital tech innovation has been launched by Opportunity North East (ONE), in partnership with Barclays Eagle Labs and CodeBase.
The EnergyTech Bridge Programme aims to support digital tech firms with entering new markets, scaling internationally, innovating with new products or services, and contributing to the transition towards cleaner, greener energy.
It’s now bringing together 27 tech businesses, as well as 22 north east-based companies—a record number for the EnergyTech Bridge.
Additionally, seven corporate international companies including the likes of EDF Energy, Scottish and Southern Energy Networks (SSEN), and Oceaneering have joined the programme, with the aim to explore new products and services to help them achieve their net zero goals.
“North east Scotland has one of the largest clusters of energy tech businesses in Europe and 42% of the region’s digital sector are EnergyTech businesses,” commented Karen O’Hanlon, digital tech director at ONE.
“With 22 businesses from the region, this showcases the strength, ambition and capability the north east boasts in ClimateTech innovation. They provide tech products and services and respond to opportunities in emerging high-growth sectors such as ClimateTech, AgriTech, RegTech and renewables.
“The EnergyTech Bridge programme is important as it takes an integrated approach for digital tech businesses to solve problems for the corporates with potential customers to build on their technology and showcase their innovations.
“The transition to net zero has a clear requirement for new innovative products and services, and the digital tech companies in the north east are ready and well placed to respond, to increase their international competitiveness, respond to global demand and thereby contribute to grow the regional economy.”
Gareth McIntyre, director at virtual asset management tech provider GDi, a company which is returning for the latest programme, commented: “As a tech-focused business in Aberdeen, we see significant opportunities with transferring our digital twin technology into other industries, we’ve already engaged with the utility space, and now in discussions with wind farm owners to create digital twins of their assets.
“The north east had a rich legacy in oil and gas industry and a region which is home to some of the greatest minds in the UK, maybe even in the world. We have built, maintained, managed, and provided life extension of critical infrastructure and we are experts in this space. Applying that knowledge into other industries, such as green energy is absolutely within our skillset.
“We were part of the previous EnergyTech cohort, and secured significant business by connecting with larger organisations. We’re excited to return for another year having benefited from growth, securing revenue, gaining access to networks and expertise, and learning innovation.”
CBI Scotland, the trade organisation which represents Scottish businesses, is urging the Scottish government to use the forthcoming Programme for Government to support enterprise, and go “full throttle” to achieve long-term sustainable economic growth.
The plea follows a prolonged period of stagnating growth and high costs, though more recently the economy has been showing early signs of recovery.
With the Programme for Government, which is published annually to set out governmental aims and ambitions, the trade organisation has advised that Scots gov should work closely with UK counterparts to provide crucial momentum for Scotland’s economic recovery.
Further, it must use all available levers—both dissolved and reserved—to build a more competitive, prosperous, and sustainable economy that benefits both businesses and consumers across Scotland.
In a letter to the new first minister, John Swinney, CBI Scotland has called on the Scottish government to prioritise policy competitiveness and stability, to boost business investment, and seize on the opportunities available to Scottish businesses both at home and abroad.
This is particularly true for areas like the green economy, where Scotland already boasts an early mover advantage.
Mags Simpson, who’s the interim Scotland director at CBI, commented: “With a new UK government in place, there’s a real chance to re-set the relationship between Holyrood and Westminster because collaboration not confrontation is the only way to build a thriving economy that delivers for the people of Scotland.
“The two governments must now work hand-in-glove to break-down barriers to growth, crowd-in business investment, and build a high-skilled workforce.
“Giving certainty to investors is essential if we’re to capitalise on the amazing opportunities available to us. A thriving green economy is within our grasp, but we need to address the issues that are giving investors pause for thought.
“That means publishing long awaited net-zero strategies, addressing critical gaps in skills and infrastructure and cutting through burdensome red tape – particularly around planning.
“We also need to take stock of Scotland’s competitiveness, not just internationally but across the UK. In a fierce race for talent, it’s time to put business leaders’ minds at ease by committing not to widen the income tax gap between Scotland and the rest of the UK.
“We should also look closely at whether current income tax bands are helping or harming the Scottish economy overall.”
CBI Scotland’s suggestions for the new Programme for Government focus on three key areas: delivering a competitive investment-focused tax regime, creating a workforce that’s fit for the future, and breaking down investment barriers to secure economic opportunities.
To achieve this, the trade organisation recommends actions such as committing to avoiding further income tax divergence with the rest of the UK, better aligning skills funding to market demand, and working with the UK government counterparts to address long-standing barriers to growth.
Guidance on regulating artificial intelligence (AI) that was developed by University of Stirling honorary professor Markus Krebsz has been adopted by United Nations (UN) working party participants this week.
The professor, of Stirling’s Management School, addressed representatives from the UN’s 193 member states at a meeting in Geneva, Switzerland on the issue of regulating AI without simultaneously holding back innovation.
Professor Krebsz’s work has resulted in the UN Economic Commission for Europe Working Party 6 (UNECE WP.6) producing global guidance on regulatory compliance of products and services embedded with AI or other digital technologies.
The UNECE WP.6 paper, which Professor Krebsz authored, recommends that common international standards and compliance are globally aligned, and that only AI-embedded products that comply with these standards are put on the market.
Among the products covered are robots, AI-enabled medical diagnostics tools, civilian drones, Internet-enabled toys with AI, smart speakers, the latest ranges of AI-powered security cameras, and other devices such as smartphones.
Further, the paper calls for national governments to put human rights, societal impact, and digital considerations from a UN perspective at the heart of any regulatory framework, alongside the environment and sustainability.
Member states’ representatives attending WP.6’s 34th annual session this week adopted the common regulatory arrangement with a view to becoming signatories of the declaration—also authored by professor Krebsz.
Speaking on the policy adoption, professor Krebsz, who’s also founding director of the Human-AI Institute, said: “It has been the privilege and honour of a lifetime to be leading over the last four years on such an important piece of global regulatory guidance, which has implications for more than 8bn people – from consumers to businesses and academia – everywhere.
“I’m delighted that this was adopted by the member states’ representatives and am hoping this work will provide the springboard for a future UN AI treaty or convention.”
He added: “There is a growing risk of humanity losing control in light of both increasingly greater AI agency and, ultimately, AI autonomy.
“It is important to carefully balance AI advances and innovation by protecting individual and collective freedoms and, ultimately, for humans to remain in control of Artificial intelligence.”
Professor Kevin Grant, who’s dean of the University of Stirling Management School, also commented: “That one of our Stirling professors is at the heart of worldwide AI regulation speaks volumes about the cutting-edge research and teaching here at Stirling Management School.
“We are proud to have Markus at the helm of this important framework as we all grapple with the benefits, drawbacks and ethics of AI.”
Scotland’s national economic development agency, Scottish Enterprise, is celebrating delivering a record set of results over the last financial year, helping to grow both businesses and the Scottish economy.
Working with over 1,300 companies between April 2023 and March 2024, the agency secured over 16,700 new jobs for the country. This includes over 9,000 jobs from inward investors to Scotland—which the agency noted is the highest number achieved in the last five years.
Support provided to firms last year also helped unlock £1.9 billion of capital investment spend in Scotland, £2.15bn in planned exports, and over £449 million in business innovation investments. This represents some of the best annual results ever achieved by businesses and entrepreneurs working with Scottish Enterprise.
The news was announced as Scottish Enterprise chief executive Adrian Gillespie and deputy first minister Kate Forbes visited the new drug manufacturing site of Scots firm Symbiosis, where a £4.3m Scottish Enterprise grant for the company was unveiled.
Speaking on the agency’s work, the latest results, and the Symbiosis funding, Forbes said: “These impressive results show how the agency is building on its strong record of success by unlocking thousands of new jobs and global growth opportunities to achieve a more successful, greener and fairer economy.
“Scottish Enterprise plays a key role in our National Strategy for Economic Transformation, which has bold and ambitious actions to make Scotland’s economy more sustainable and resilient in the longer term.”
“This support for Symbiosis is just one example of how Scottish Enterprise is targeting key areas – in this case the life sciences sector – to bring significant capital investment and improve manufacturing, boosting exports,” Forbes also said.
Stirling-based Symbiosis provides manufacturing services to global biotech and pharmaceutical companies developing vaccines and drug therapies for use in clinical trials and commercial sales.
The new funding contribution has been made to help accelerate the growth of the scale-up business by doubling its existing footprint in Stirling, and creating 50 new highly-skilled jobs over the next few years.
Gillespie, on Symbiosis and Scottish Enterprise, also remarked: “Symbiosis is a brilliant example of our long-term support in action, helping unlock the company’s international growth potential and support its innovation and investment to maximise global economic opportunities.”
“These are outstanding results that demonstrate Scottish Enterprise is helping businesses right across Scotland drive up levels of innovation, international activity and investment to build a fairer, greener and stronger Scottish economy.
“Such a successful year requires considerable effort and huge aspiration from the companies we work with, our partners, and our own teams at home and overseas. I’m pleased that last year’s performance has also helped lay the foundations for the introduction of our new missions-based approach this year, with almost 60% of new inward investment jobs last year coming from the energy transition sector.
“Identifying energy transition opportunities, along with increasing levels of capital investment and productivity, and maximising innovation to drive up the number of scaling businesses, are our long-term areas of focus to drive economic transformation in Scotland.
“We want to work with many more companies that share Symbiosis’ ambition to secure billions of pounds of investment for our economy and create thousands of new jobs over the next decade.”
A trader in Kent is believed to have become the first person in the UK to be charged with operating an illegal cryptocurrency ATM.
Last year, Kent Police Officers carried out a search warrant to the Gadcet shop in Chatham.
A “number” of crypto ATMs were seized, the Kent Police said, including one that was on public display.
Mr Rahman of East Ham was arrested the same day and has now been charged with operating the machine without registration from the Financial Conduct Authority (FCA).
As it stands, crypto asset exchange providers in the UK must be registered with the FCA and comply with the UK Money Laundering Regulations — this includes operators of crypto ATMs.
Failure to comply can be a criminal offence, punishable by up to 2 years in prison, a fine, or both.
Around this time last year, the regulator stated that since the start of 2023, 34 sites across London, Leeds, Nottingham, and more were inspected, with 26 machines operating unlawfully being disrupted.
“There are currently no crypto ATMs registered with the FCA – so if you’re using one of these machines you could be handing your money to criminals,” explained Matthew Long, director of payments and digital assets at the FCA.
“The FCA works with law enforcement partners like Kent Police to protect consumers and maintain the integrity of our financial markets.
“We continue to remind people that crypto remains largely unregulated and high risk; if you buy it, you should be prepared to lose all your money.”
New research from KPMG UK, the professional services network, has highlighted that business leaders have significant concerns around the implications of generative AI (GenAI) for business performance.
The respondents—40 UK board members across various industries—cited the inaccuracy of results, including hallucinations, as the biggest concern when adopting GenAI (60%).
Boards are also worried about errors in the underlying data and information skewing the model’s outputs (53%), as well as problems related to cybersecurity (50%).
Further, just 30% of directors said that responsible GenAI usage guidelines have been published and communicated throughout their organisation to mitigate these potential issues.
This is even more concerning given that 42% of UK adults said they had entered work-related information into GenAI tools, in a separate KPMG poll.
Algorithmic bias (43%) was identified as another major worry. Yet, a mere 8% indicated that their organisation has processes in place to measure it.
“Given boards’ concerns, it’s important that companies thoughtfully define a clear AI strategy rather than merely chase the next technological innovation,” commented Leanne Allen, head of AI at KPMG UK.
“This strategy should balance the value, cost, and risk associated with AI use cases. This strategic equilibrium is crucial for both progress and stakeholder trust.
Fortunately, KPMG UK found that almost a quarter (23%) of businesses now have GenAI training in place—or training that’s currently in development—to mitigate these risks,
That said, board education on GenAI today is primarily ad hoc or self-taught by individual directors (68%), followed by management presentations (48%), and third-party training (48%).
Few (5%) boards have, or are actively recruiting for, Gen AI expertise. Interestingly, more UK boards (18%) were reporting they had GenAI expertise than in the US (10%).
KPMG UK’s findings follow on the heels of Hewlett Packard Enterprise’s research discovering that only a third (32%) of IT leaders in the UK and Ireland believe their organisations are fully set up to realise the benefits of AI—despite 96% having started or completed setting up AI goals.
Meanwhile, earlier this month, Gartner—the technological research and consulting firm—forecasted that everyday AI, as well as digital employee experience (DEX), would reach mainstream adoption in less than two years.
Hybrid Anchor, the web and software development specialist, has announced that it’s acquired Edinburgh-based tech support firm Off Canvas in a deal expected to create 40 new jobs in the next three years.
The move comes as the Coatbridge company marks its third year in business, with a variety of key roles set for both the capital and Glasgow.
Hybrid Anchor is a global company, hiring at home and overseas from its base in North Lanarkshire, with many of the new jobs earmarked for Scotland as well as Manchester.
Details of the acquisition, which aims to address the strain put on resources in the industry by balancing project execution and help desk support, remain undisclosed.
Founded by Phil Holt in the centre of Edinburgh in 2020, Off Canvas provides day-to-day support for its clients by specialising in PHP-based content management systems.
A prominent client base includes the likes of Colleges Scotland, the collective voice of the college sector in Scotland, and Forest Carbon, the UK’s leading developer of woodland carbon capture projects audited under the government’s Woodland Carbon Code.
The acquisition has seen a 100% client retention, and Glasgow entrepreneur and Hybrid Anchor managing director John Loudon insists it will prove a gamechanger for the digital agency sector.
“Negotiations have been ongoing for some time and I am delighted to conclude the acquisition which allows Hybrid Anchor to further enhance its core competencies in software, mobile applications and website development while offering specialised support services through Off Canvas,” he said.
“We have grown successfully since starting out in March 2021 and our model is so strong we will be able to not only retain the current staff but recruit as well, with our three-year plan involving creating around 40 jobs.
“By dedicating resources solely to ongoing support, we will eliminate the frantic scramble of firefighting and prioritise efficient issue resolution, ensuring client satisfaction. Off Canvas stands out in the agency landscape for its unique focus on ongoing, reliable and responsive customer support, and we are retaining its independence and strong brand identity.
“While project work may hold allure in the industry, specialising in support offers a distinctive business model in the digital sector, prioritising long-term stability over immediate glamour.”
Hybrid Anchor’s varied client base includes publishing giants DC Thomson, Danish interior designers BoConcept Scotland, and Glasgow pharmaceutical supply company Teleta.
“We are a consultancy-led agency putting strategy and digital at the forefront of what we do. We will now continue our focus on web software, web development and mobile application development,” said Mr Loudon.
“I am optimistic about the trajectory of our business over the next few years and with this cornerstone now in place, I expect to grow quickly. We are a local company with a global outlook and have taken full advantage of having access to the best talent regardless of where they are based. Key senior roles will certainly be coming into the UK, and several staff are expected to be based in Edinburgh, Glasgow and Manchester.
“It’s a pivotal step forward in our strategic plan, and we couldn’t be more excited about the opportunities it brings. Decoupling our support contracts and taking full advantage of having an entire company focused on support will allow us to remain agile and working at the pace and quality our clients have grown accustomed to.”
The Labour Party has been reprimanded by the Information Commissioner’s Office (ICO) after repeatedly failing to respond to people who asked what personal information the party held on them.
Known as a subject access request (SAR), a backlog of this type of request developed after the Labour Party faced a cyber-attack in October 2021.
In November 2022, the party had received 352 SARs from the public which required a response.
Of that number, 78% had not received a response within the maximum compulsory time limit of three months, and over half (56%) were significantly delayed by over one year.
In total, the ICO received over 150 complaints regarding the Labour Party’s handling of SARs in the year from November 2021 to November 2022.
During its inquiry, the regulator was also informed of the existence of a “privacy inbox” that had not been monitored by the Labour Party since November 2021.
The inbox in question contained around 646 additional SARs, and approximately 597 requests for personal information to be deleted.
While some of these may have been duplications, none of the requests had been responded to by the Labour Party.
Under data protection law, people have the right to ask an organisation if it’s using or storing their personal information and to receive a copy of any personal information held.
They also have the right to ask firms to ensure that their personal information is up-to-date and accurate, or, in certain cases, deleted.
The ICO said that, since engagement, the Labour Party has continued to take steps to address its backlog.
This includes assigning three temporary members of staff to solely tackle the outstanding requests, allocating extra funds, and implementing an action plan.
“Being able to ask an organisation ‘what information do you hold on me?’ and ‘how it is being used?’ is a fundamental right, which provides both transparency and accountability,” said Stephen Bonner, deputy commissioner at the ICO.
“It is vital that organisations do not underestimate the importance of responding to these requests on time.”
“The public need to fully trust that a political party will handle their data correctly and respect their information rights.
“We welcome news that the Labour Party has now cleared its backlog of SARs and implemented further measures to ensure people receive a prompt response going forward.”
Global spending on information security has been forecasted to total $212 billion (£160bn~) in 2025—an increase of 15.1% over this year—according to a new prediction from Gartner, the technological research and consulting company.
Specifically, security services spend is projected to grow by 15.6% in 2025, while security software and network security will see a 15.1% and 13.1% rise respectively, all contributing to the combined figure of 15.1% growth.
Shailendra Upadhyay, senior research principal at Gartner, noted that “The continued heightened threat environment, cloud movement and talent crunch are pushing security to the top of the priorities list and pressing chief information security officers (CISOs) to increase their organization’s security spend.”
The global skills shortage in the cybersecurity sector is a major driving investment in the security services market (i.e. security consulting services, security professional services, and managed security services). Gartner noted that, in light of this significant skills gap, the security services market is expected to grow faster than the other security segments.
The adoption of AI and, more specifically, generative AI (GenAI), also continue to increase investments in software markets like application security, data security privacy, and infrastructure protection. Through 2025, GenAI is set to trigger a spike in the cybersecurity resources required, evident by the forecasted growth in security software spend.
The research firm touched on the fact that, since the release of GenAI, attackers are increasingly employing tools along with large language models (LLMs) to facilitate large-scale social engineering attacks. Gartner predicts that, by 2027, a stark 17% of total cyber-attacks will involve GenAI.
Finally, as organisations continue to move to the cloud, it’s expected that an increase in cloud security solutions—and the market share of cloud-native solutions—will grow, too. The combined cloud access security brokers (CASB) and cloud workload protection platforms (CWPP) market is estimated to reach $8.7bn (£6.5bn~) in 2025. This is up from the forecasted $6.7bn (£5bn~) in 2024.
Gartner’s latest forecast has been released just a day after DIGIT reported on a new cybersecurity report covering the first half of 2024, which found a concerning rise in vulnerabilities.
Specifically, the report from cyber-threat intelligence firm Flashpoint revealed an 11% rise in cyber vulnerabilities in H1 2024, alongside an increase in info-stealing malware, with more than 13 million devices infected.
Based on data, trends and emerging cyber-threats observed between January 1 to June 30, Flashpoint discovered that 45% of these vulnerabilities found so far were marked as high or critical exposures, according to the Common Vulnerability Score System v3 (CVSSv3).
According to the results of a new poll from Aberdeen & Grampian Chamber of Commerce, more than half of the population across Scotland support the building of new energy transmission infrastructure to reach net zero.
Undertaken by polling company Survation on behalf of the Chamber of Commerce, the survey discovered that 57% of Scots support new electricity pylons to distribute clean energy across the country, while fewer than one in five (16%) oppose.
When questioned if a community benefit — such as compensation for local residents — would increase or decrease support for the rollout of new energy transmission infrastructure, it was found that Scots supported such a suggestion by a factor of five-to-one.
The survey also highlighted that, on-balance, the Scots public recognise their importance when it comes to their voice as local communities in the delivery of national infrastructure and the decision-making that goes alongside it.
That said, with nearly 40% of the survey respondents saying they have no view on this, the Chamber of Commerce said that the survey either suggests considerable ambivalence or limited understanding in the community’s role in how large-scale electricity transmission projects are deployed.
Speaking on the survey’s results, Russell Borthwick, who’s commerce chief executive of Aberdeen & Grampian Chamber of Commerce, said: “These findings show that the overwhelming majority of people across Scotland understand the scale of the challenge ahead.
“Energy transition, the deployment of renewables projects onshore and offshore and the need to get clean power to market is going to require an almighty effort from industry, government, our energy workforce and communities throughout Scotland and the UK.
“The public at large back that net zero vision and support the building of the infrastructure required to get us there. Meanwhile, fewer than one in five Scots are opposed to this endeavour.
“It is, of course, vitally important to bring communities with us on that journey.
“Those companies at the forefront of delivering net zero generally are, and must continue to be, mindful of their neighbours, minimising environmental impacts wherever possible and ensuring that sustainable benefits are created for the long term in partnership with communities.
“Balancing these concerns with a national imperative to deliver net zero won’t always be straightforward, but it’s absolutely vital that we get it right, so that Scotland can continue to be a world-leader in clean energy – creating job opportunities and growing our economy in the process.”
New research from the Federation of Small Businesses (FSB) has found that Scotland’s small businesses have experienced a significant rise in late payments—as well as falling business confidence—in the runup to the General Election.
FSB’s Small Business Index (SBI) for the second quarter of 2024 found more than three-fifths of small Scots firms (62.5%) experienced issues with late payments. Not only is this significantly more than in the previous quarter (57%), but nearly a third of businesses (32.29%) reported that the problem was getting worse.
The rise in late payments came as confidence among small businesses slipped into negative territory, with the SBI in Scotland falling by 17.7 points to -7. This followed the first positive reading for a year in the first quarter of 2024.
That said, the downturn in the SBI north of the border reflects the UK-wide trend, where the result was down from 5.5 the previous quarter to -10.8 in Q2.
The proportion of Scottish small businesses reporting revenue growth in Q2 was the same—at 34.8%—as the share reporting revenue decline. This net balance of zero marks the first non-negative reading in a year, and was significantly higher than the -9.3% recorded in the UK as a whole.
Looking ahead, a net balance of 13.4% of Scottish small businesses expect revenues to grow in Q3.
Speaking on the findings, Andrew McRae, FSB Scotland’s policy chair, said: “Late payment has been a scourge on thousands of small businesses for far too long. The latest SBI results show it is a problem which, without decisive action, is spiralling out of control.
“All small firms are asking for is fair treatment from bigger companies. And where that doesn’t happen, the government needs to step in to ensure an even playing field.
“Government at every level needs to be doing all it can right now to reinvigorate economic growth. But you won’t get growth if money’s not moving round the economy and late payments are crippling businesses’ cashflow.
“Boards of large companies can be made more accountable for their payment practices. And, specifically in Scotland, while the procurement reform programme emphasises the need for prompt payment in the supply chain for public sector contracts, it’s clear that message needs to be bolder and firmer in order that we can address the problem highlighted by our figures.”
OakNorth, the London-headquartered digital challenger bank serving scaling businesses, has received authorisation for a Representative Office in New York thereby enabling it to officially market its products and services in the US.
The fintech unicorn announced that it secured authorisation from the US Federal Reserve and the New York State Department of Financial Services (NYDFS) while it continues to explore the possibility of also gaining a US banking charter.
Since its launch in September 2015, digital challenger bank OakNorth has focused on helping the lower mid-market: scale-up businesses with $1-100m (£756k-75m~) turnover contributing to increased innovation, productivity, job creation, and GDP growth.
The bank has lent over $15bn (£11bn~) to such businesses in both the UK and US so far, which has also helped create over 47,000 jobs and 29,000 new homes—the majority of which are social and affordable housing.
The authorisation comes amid what OakNorth has called a “growing void” that’s been left in the US for lower mid-market businesses since the collapse of several commercial banks over the last 18 months—not least the Silicon Valley Bank (SVB).
The challenger bank said that it’s “well-placed “to fill this void, and has already completed c.$600m (£453m) of loans to the lower mid-market in the US since July 2023.
Speaking on the announcement as well as the company’s growth, Rishi Khosla, CEO and co-founder of OakNorth, said: “Without doing any marketing, we’ve done about three times more business in the US over the last year than we thought we would have done by this point.
“This is a clear demonstration of the demand from the lower mid-market for a banking partner like OakNorth, which can provide the speed, flexibility, transparency and entrepreneurial approach these businesses need to succeed and scale.
“Securing this authorisation from the US regulators will enable us to significantly build on the c.$600m we have lent to date, and continue supporting businesses that are vital to the economy but are being underserved and overlooked by commercial banks.”
According to a new forecast from Gartner, the technological research and consulting company, 75% of enterprises will prioritise backup of software-as-a-service applications as a critical requirement—compared to just 15% who do so in 2024.
SaaS-based apps have become a preferred choice for new and modernised deployments, with the data these applications generate expected to be among the fastest-growing sets of critical enterprise data over the next five years.
The increasing usage and reliance on SaaS is reflected in predicted spending, with worldwide end-user SaaS spend projected to grow 20% in 2024 to total $247.2 billion (£186bn~), and is predicted to reach nearly $300bn (£226bn~) next year, Gartner’s latest forecast further found.
“The risk of IT outages underscores the urgent need for regular backup and recovery of critical enterprise data,” explained Michael Hoeck, senior director analyst at Gartner.
“As businesses are more dependent on SaaS technologies, it becomes crucial to ensure that SaaS data is both protected and recoverable. Given the vulnerability of SaaS data to errors, cyberattacks, and vendor mishaps, robust backup solutions are indispensable.”
75% of Large Enterprises Will Adopt BaaS and On-prem Tools by 2028
In light of growing SaaS reliance, the SaaS app backup market is rapidly expanding. It was initially led by specialised startups, but now also includes established enterprise backup and recovery software solutions companies.
Gartner predicts that, by 2028, 75% of large enterprises will adopt Backup-as-a-Service (BaaS) alongside on-premises tools to effectively back up cloud and on-prem workloads.
“Protection and recovery of SaaS applications have often been a lower priority for many enterprises,” continued Hoeck.
“This is due to confusion over the native SaaS vendor’s responsibility for data protection, and the lack of industry-level standardization. Limited API-based data access for protection and recovery from native SaaS vendors further complicates effective data protection, slowing support for third-party backup solutions.”
To more intentionally safeguard SaaS-based application data, Gartner suggests that organisations focus on:
Governance assessment: Include data protection and recovery capabilities in the governance assessment of SaaS applications.
Vendor capabilities: Verify the SaaS vendor’s ability to protect and recover data from all possible loss scenarios.
Third-party solutions: Use third-party SaaS backup solutions to complement the native capabilities of SaaS vendors.
“As the market matures, it is essential for businesses to conduct thorough governance assessments and verify the capabilities of their SaaS vendors,” Hoeck added.
“Leveraging third-party backup solutions can significantly enhance data protection and recovery, ensuring that enterprise data remains secure and accessible.”
Edinburgh-based startup Metacarpal, which is behind what’s thought to be the world’s first mechanical bionic hand, has secured £800,000 in seed funding to accelerate its prosthetic development.
Investors in this funding round included SIS Ventures, Scottish Enterprise, Worth Capital, Oxford Technology, the University of Strathclyde, and Gabriel Investment Syndicate.
The Scottish firm has used advanced engineering techniques to create a highly-functional prosthetic hand that is completely controlled and powered by body motion, and without the need for electronics.
The bionic hand combines the practicality of body-powered control with the functionality of a myoelectric prosthetic—including five-finger motion, variable grips, and wrist positions.
The business was founded by University of Strathclyde product design engineering graduate Fergal Mackie in 2020, and was inspired by an accident he had in the final year of his studies.
After falling over and breaking both of his wrists, Fergal had to discover new ways to complete his daily tasks, sparking an interest in prosthetics.
As it stands, the majority of development in prosthetics globally has focused on robotic hands, leaving a large gap in the market for body-powered devices.
By providing this alternative, Metacarpal aims to enhance the acceptance rate of prosthetics, ultimately improving long-term health outcomes for individuals with limb differences.
The funding boost will enable the startup to finalise the product, begin manufacturing units, and double its headcount to eight.
The ultimate ambition is to change the lives of those with limb differences, while continuing the development of technology and expanding its capabilities in prosthetics.
Fergal Mackie, who’s CEO and founder of Metacarpal, said: “Metacarpal was established to create a better quality of life for amputees.
“With the use of truly revolutionary, unique and disruptive technology, our body-powered bionic hand is raising the standard of upper-limb prosthetics. It is the only device to utilise reactive body-power technology giving fingers individual motion.
“The success of the seed funding round is a huge milestone for the business, which will enable us to develop our bionic into a commercially viable product with the potential to change the lives of prosthetics users. I cannot wait to see the impact that it has”
A technology-led health and care facility in South Lanarkshire is helping with the early development of next-generation assistive robotics.
Blantyre LIFE, a care development facility which opened last year, is pioneering increasingly sophisticated care and expertise, and is equipped with state-of-the-art telecare systems to support independent living.
Now, in a taste of things to come, the facility has welcomed the arrival of ARI—a social robot aiming to help people rehabilitate and recover after significant injury.
Two weeks of research, supported by the National Robotarium—the centre for robotics and AI at Heriot-Watt University’s Edinburgh campus—has been undertaken to gather feedback from Blantyre LIFE’s health and social care staff.
The feedback will help with the development of the assistive robot, which is being carried out by a research team from the National Robotarium.
Professor Lynne Baillie, who’s head of human-robot interaction at the robotics and AI centre, said: “We’re developing the ARI robot to support the self-management of rehabilitation by patients.
“The robot will offer verbal instruction and encouragement during exercise sessions as well as using its human-like limbs to physically demonstrate how to do exercises properly.
“We believe that this engagement can help empower patients to stick with their exercise regime and improve their overall wellbeing.”
Whilst patients aren’t yet involved in the research, Carl Bettosi, a PhD student in human-robot interaction at the Edinburgh Centre for Robotics, has been working closely with health and social care professionals at Blantyre LIFE to gather data which will inform future versions.
“A key focus of our research is the ability of the robot to make some decisions autonomously and thus reduce the burden on healthcare staff,” explained Bettosi, who’s supervised by Professor Baillie.
“To do this, we will develop cutting-edge decision-making techniques driven by machine learning.
“It’s amazing to come to a place like Blantyre LIFE and see how technology is being embraced and used alongside hard-earned human expertise and compassion.”
Blantyre LIFE, which includes 45 new affordable homes and flats, and 20 technology-enabled flats and bungalows, was developed by South Lanarkshire University Health and Social Care Partnership (HSCP).
The facility was created in collaboration with the South Lanarkshire Council’s Housing and Technical Resources and Glasgow Science Centre.
Professor Soumen Sengupta, who’s chief officer of South Lanarkshire University HSCP, remarked: “The foundation of our partnership is made up of the human compassion of the expertise of our staff.
“The presence of ARI represents our commitment to both amplifying – not replacing – that expertise with latest technology and working with academic partners in a highly innovative space.
“It also characterises our dedication to helping shape emerging and existing opportunities that rapidly evolving technology could have for the future of health and care delivery.”
Ride-hailing tech company Uber has been hit by a massive €290 million (£245m) fine from the Dutch Data Protection Authority (DPA).
The watchdog claims the tech firm sent personal data of European taxi drivers to the United States and failed to appropriately safeguard that transferred data—a violation of the EU’s GDPR.
According to the regulator, Uber collected sensitive information of drivers from Europe such as payment details, identity documents, taxi licenses, and location data, and held the data on its US servers.
Uber transferred the data to its headquarters in the US for over two years without using appropriate transfer tools for protecting privacy, meaning the drivers’ data was “insufficiently protected,” the regulator claimed.
The ride-hailing firm ended the violation last year, the watchdog noted.
In a statement sent to the BBC, an Uber spokesperson said that the decision is “completely unjustified.”
“Uber’s cross-border data transfer process was compliant with GDPR during a 3-year period of immense uncertainty between the EU and US,” the spokesperson said.
“This flawed decision and extraordinary fine are completely unjustified,” they added.
During a period between 2020 and 2023, the EU and the US lacked a data privacy framework agreement, meaning that, in many cases, organisations would have to take additional safeguards if they were to transfer EU data to the US.
Aleid Wolfsen, who’s Dutch DPA chairman, remarked on the regulator’s decision: “In Europe, the GDPR protects the fundamental rights of people, by requiring businesses and governments to handle personal data with due care.”
“But sadly, this is not self-evident outside Europe. Think of governments that can tap data on a large scale. That is why businesses are usually obliged to take additional measures if they store personal data of Europeans outside the European Union.
“Uber did not meet the requirements of the GDPR to ensure the level of protection to the data with regard to transfers to the US. That is very serious.”
The investigation into Uber started after over 170 French drivers complained to French human rights interest group the Ligue des droits de l’Homme.
The complaint was then forwarded to the Dutch DPA as Uber’s European headquarters is in the Netherlands.
Scottish researchers are using cutting-edge technology to better understand the ecosystem of the country’s most fabled loch: Loch Ness.
In a new collaboration, The Loch Ness Centre and academics from the University of Aberdeen have teamed in what they’ve said is a significant step forward in scientific exploration.
Taking to the famous waters with Alistair Matheson, the skipper for The Loch Ness Project, the Aberdeen team deployed an advanced digital, holographic camera to get a unique look at life below the surface.
Dubbed weeHoloCam, the tech is capable of producing several thousand digital holographic images of microscopic marine organisms in one dive, and uses the latest in AI techniques to classify the images.
weeHoloCam has never before been used on the freshwaters of Loch Ness, and after its initial dive captured incredible images of what look like “micro-monsters”—but are, in fact, plankton particles.
“This was a unique opportunity for us to deploy the weeHoloCam into freshwater, as it has previously only been used in ocean salt water,” said Dr Thangavel Thevar, from the University of Aberdeen’s School of Engineering.
“We were curious as to what the water quality would be like, especially at lower depths, as we know that too much peat could obstruct the recording path of the instrument. But we lowered the camera to around 200 metres and were able to see lots of interesting particles which, by working with biologists, should be able to give us more information about the biodiversity of Loch Ness.”
Nagina Ishaq, who’s general manager of The Loch Ness Centre, added: “At the centre, we present the whole story about Loch Ness – the science and the myths and as part of that ongoing effort we want to encourage researchers to come here and to find out more about what is in the Loch, because there is so much we don’t know.
“We reached out to Interface to put us in touch with academia. One of the applications was from the University of Aberdeen using the weeHoloCam and it really jumped out at us as something we wanted to pursue.
“It has been really exciting having the team here and we look forward to working with them further as they study Loch Ness on a microbial level to see what can be learned.”
This new discovery follows The Loch Ness Centre’s latest giant search of Loch Ness, as it continues in its pursuit of uncovering the loch’s mysteries.
As part of the recent search, a hydrophone was used to listen for mysterious sounds echoing from the depths of the loch.
Alan McKenna from Loch Ness Exploration captured a unique noise using the hydrophone to be analysed, and said it was “a rhythmic pulsing sound that lasted about 10 seconds.”
The Loch Ness Centre itself reopened last year following extensive renovation and is located at the old Drumnadrochit Hotel.
It was at the Hotel where, 90 years ago, hotel manageress Mrs Aldie Mackay reported seeing a “water beast” in Loch Ness, marking the beginning of the modern Nessie phenomenon.
Sony, the global technology leader perhaps best known for its consumer electronics, has announced its development of the “Soneium” blockchain.
Soneium has been developed by Sony Block Solutions Labs, which is a joint venture between the Sony Group and Singapore-based Startale Labs. It works as a layer-2 network built on top of the pre-existing Ethereum blockchain.
According to a statement, it’s a public blockchain with an open network that “anyone can participate in,” where compatible app-provided Web3 games and NFT marketplaces, among other things, can be accessed via the user’s digital wallet.
In addition to existing Web3 services that will be compatible with the blockchain, Sony Block Solutions Labs said that they will investigate how “new services that collaborate with businesses within the Sony Group can be developed as Soneium-compatible apps.”
The Labs are planning on releasing a testnet for app developers and creators looking to utilise Soneium soon, and that they’ll continue to work towards a publicly available Soneium mainnet.
Jun Watanabe is head of advanced infrastructure business search department, business development platform at Sony Group Corporation, and chairman of Sony Block Solutions Labs.
On the development of Soneium and the future plans for it, Watanabe said: “I think the development of a comprehensive Web3 solution based on blockchain is very significant to the Sony Group, which has developed a wide variety of businesses under its purpose of ‘Fill the world with emotion, through the power of creativity and technology.’
“We will work to create diverse businesses and new use cases with the aim of delivering customer value that can only be enjoyed through Web3 technology to as many users as possible and making people’s lives richer and more colorful.
Sota Watanabe, director of Sony Block Solutions Labs, also commented: “The Web3 industry is in the midst of a major transformation.
“We believe that the watershed moment for the entire Web3 industry will be whether we, as companies involved in Web3, can truly provide solutions that billions of people use as a matter of course in their daily lives and make Web3 mainstream in the next few years.
“We believe that Soneium has great potential to lead the world and realize this vision, and we would like to collaborate with a variety of developers and companies, transcending the boundaries of countries, regions, and industries.”
A Scottish research project has identified that improved data analysis could help with the prediction and prevention of falls—a leading cause of injury and death in the elderly.
Injuries from falls are a major cause of hospital admission and death for those aged 75 and over, and contribute to more than four thousand hospital admissions in Glasgow alone each year. Meanwhile, the fear of falling itself can result in both inactivity and increased risk of falls in older people, as well as reduced social interactions leading to isolation or loneliness.
The project from the University of Strathclyde and Glasgow City Health and Social Care Partnership (HSCP) has set out to look at how the large amount of data collected across the health and social care system can be used to identify or predict people at risk of falling and hospitalisation, and how the impact of falls can be reduced and prevented.
Data from more than 28,000 Glasgow residents who use telecare devices has been analysed by the researchers. Telecare devices gather and communicate data to health and social care providers using both “passive” technology, such as sensors and wearable devices, and “active” technology, where data is purposefully entered into the device by the user.
Marilyn Lennon, who’s professor of digital health and care at the University of Strathclyde, noted: “Telecare devices, systems and users produce vast amounts of data, and we needed to carry out detailed analysis to work out how it can be categorised and used in very pragmatic ways to predict people who are at risk of falling, so that ultimately, preventative steps can be put in place.”
The team has so far recommended that better data analysis could ultimately help predict peoples’ needs and deliver a more proactive service. Integrating systems could also improve the reliability of data and make it easier to update and access, while standardising data organisation and automating tasks could reduce the manual workload.
Artificial intelligence (AI) can also be utilised to help build more personalised, predictive, and proactive models for allocating health resources more efficiently and effectively, and at the right time and right place.
Further, they’ve encouraged a less risk averse approach to data sharing across organisations, to identify and anticipate who is at risk of falling.
“It is not straightforward to share data but when we do, we get great results,” added professor Lennon. “We have the opportunity to share innovative machine learning for the greater good.
The initiative is part of the strategic partnership between the University of Strathclyde and the Glasgow City HSCP, working together with Tunstall as telecare providers and the Digital Health and Care Innovation Centre.
Lucille Whitehead, strategic development director at Tunstall, also commented: “These early insights on the data collected from Glasgow City HSCP, and the early analysis by the University of Strathclyde, may help to target care where and when it’s needed most.”
Following the release of GCSE and vocational studies results this week, concerns have been voiced by BCS, The Chartered Institute for IT, over the large number of young people—particularly girls—progressing to post-16 opportunities without the vital digitalskills they need for work and life.
With the academic year having just finished and new data becoming available, it’s also come to light that computer science has topped the charts as the GCSE subject with the largest gender gap for the tenth consecutive year.
Over the 2023-24 academic year, the number of students taking computer science GCSE in England has risen 6% in 2024, broadly in line with the increased number of GCSE entrants overall. However, the gender disparity remains stark.
While computer science entries by female students in England have risen by 11% from 2022-23, and those for male students rose by 5%, the ratio of male:female students is still worryingly high at 3.5:1—even though girls continue to attain higher grades than boys.
When it comes to the subject participation in England, computer science attracts under half as many entrants for subjects like chemistry, physics, or art and design, and just a third as many entrants as subjects like history and geography.
The figures for Northern Ireland and Wales are more mixed, although strikingly digital technology seemed to perform better than computer science in terms of attracting female students.
Speaking on the data for this year, as well as what this means for young people, digital skills, and the future, Julia Adamson, managing director of education and public benefit at BCS, said: “Congratulations to everyone who took this year’s GCSE exams. It’s exciting to think that many pupils getting their results today will continue to develop their knowledge in this subject and go on to have fantastic careers in this area.
“However, It’s simply unacceptable for so many students to be leaving formal education without the digital skills for life and work. The overall figures for those taking GCSE computer science remain low and far too many students are taking their next step post-16 without the vital digital skills they need to succeed in a world which continues to depend on technology at a rapidly increasing pace.
“In particular, more needs to be done to make this exciting, creative, and enabling subject relevant to female students. Data analysed by BCS shows that countries offering a more diverse range of digital qualifications appear to attract more female candidates, and the need to develop a wider suite of credible and meaningful digital qualifications may be one of the answers.
“While there have been small increases towards closing the gender gap, the figures are still unacceptably low and there is a long way to go so that every young person leaves school equipped to thrive in a world dominated by digital technology.”
BCS’s fears regarding education and digital skills align with some insightful research that DIGIT has recently reported on.
According to findings by the Subject Choice, Attainment and Representation in Computing Project (SCARI), digital skills are reportedly being left behind in favour of programming in the current computing curriculum.
SCARI has been tracking computing in the UK educational system for the past three years with funding from the Nuffield Foundation, looking into the changes in subject uptake and the opinions and concerns of students, teachers, and parents.
The UK reformed the computing curriculum in 2014, phasing out some of the basic digital skills taught in the old programme in favour of computational thinking and coding. SCARI warns that this could ultimately lead to a decrease in overall digital literacy.
Artificial intelligence (AI) students at the University of Edinburgh have been awarded financial scholarships thanks to the British Standards Institution’s (BSI) AI Talent Academy.
The AI Talent Academy scheme has provided scholarships to a total of five University of Edinburgh students, covering the complete costs of their tuition fees and helping towards living expenses.
The scholarships have been given to students beginning Edinburgh Futures Institute’s Masters in AI and Data Ethics, in addition to AI-related undergraduate courses in Computer Science and Cognitive Science which are starting next month.
Three of the AI scholarships have been offered to undergraduate students from Black African and Caribbean heritage applicants from socio-economically challenged backgrounds, as part of Edinburgh university’s partnership with the Cowrie Scholarship Foundation (CSF).
The Academy, which is being championed by business improvement and standard company BSI’s Regulatory Services division, will also provide the opportunity for all five students to join BSI once they graduate.
The scheme was launched at a recent event at the University of Edinburgh, bringing AI experts from both parties together, as well as representatives from the Cowrie Scholarship Foundation.
Professor Shannon Vallor, who’s director of the Centre for Technomoral Futures at Edinburgh Futures Institute, commented: “We are excited for our students to learn from our interdisciplinary degree that that draws from the University’s leading experts in the ethics of data and AI, with the added opportunity of gaining practical experience in promoting sustainable and responsible technology at BSI when they graduate.
“We are delighted that BSI is our partner in supporting the growing demand for ethical skills in the AI and data workforce. The BSI scholarships are truly an incredible opportunity for our students who are intent on becoming the next generation of AI experts.”
Manuela Gazzard, president, regulatory services at BSI, also commented: “We’re genuinely excited to be partnering with the University of Edinburgh and the Cowrie Scholarship Foundation to help educate and equip tomorrow’s talent; and influence the existence of a more diverse, inclusive, and equitable AI community.
“This collaboration reinforces BSI’s purpose – ‘impact for a fair society and sustainable world’, and we hope there will be an opportunity to build on the scholarship’s success by affiliating with other academic institutions in the future.”
Ten projects trialling new solutions that use satellite data and services to support transport, logistics, and financial services have collectively been awarded £2.5 million by the UK Space Agency.
The trials will combine terrestrial data and technologies such as AI, quantum, and machine learning with satellite data and services, providing deeper analysis to develop insights and present new solutions for particular issues.
For instance, one project with Sports City Management Company aims to enhance visitor travel to the Etihad Campus, which is home to Manchester City’s Etihad Stadium and the new Co-op Live arena, by reducing congestion and increasing the sustainability of fan travel.
The project will support the development of an AI-enabled travel demand solution, using satellite data from the European Space Agency’s Copernicus Open Access Hub and Sentinel satellites, to predict patterns in the travel of music and sports fans at major events.
Coupled with machine learning, this will provide transport operators and event planners with insight into congestion points, public transport requirements, and crowd flow. It’ll be tested in a partnership with Transport for Greater Manchester (TfGM).
The money comes from UK Space Agency’s Unlocking Space for Business programme, helping to combine satellite data and services with other data sources and technology to drive benefits for businesses, including new revenue growth, operational efficiencies and environmental, and social and governance (ESG) benefits.
The full list of organisations that have been awarded grants under this grant call is as follows:
Admiral Group Plc: Assessing subsidence-related insurance claims risk using satellite radar.
Citigroup: Measuring Nature-Related Footprint: Corporate Impacts and Risks Quantified.
Equitix Limited: Renewable energy resilience powered by satellite-derived climate models.
Foresight Group: Advancing Satellite-derived Insights for Nature and Climate Management and Disclosure.
Level E Research Limited: AI Risk Index (AIRi).
Octopus Investments Ltd & Treeconomy Ltd: Earth Observation for Natural Capital Investments.
Safe Earth Solutions Ltd: Accelerating adoption of nature-related financial derivatives using Earth Observation data.
Shipping Strategy Ltd: Risk Scoring for Maritime Hull and Machinery Insurance.
Sports City Management Company: EventGo 5.0: AI-enabled Earth Observation for Travel Demand Management.
Department for Science, Innovation and Technology minister Chris Bryant commented: “This government is embracing the power of technology to improve lives and support businesses to thrive.
“We have a fast-growing space sector in the UK but for too long we have struggled to tap the huge potential of satellite data to drive positive change in the real world.
“These new projects seek to unlock this potential by combining data from space with cutting-edge technologies here on Earth.
Dr Craig Brown, investment director at the UK Space Agency, further added: “These new grants and contracts are just some of the ways the UK Space Agency is kickstarting growth and creating high quality jobs to position the UK as a leading space economy.
“Unlocking Space for Business is set up to identify and help tackle barriers facing organisations that have not traditionally used satellite data or services, or considered how space can benefit their bottom line.
“From AI powered satellite-derived climate models to maritime incident avoidance and easier football fan travel, these projects will help accelerate innovation and investment, and showcase the untapped potential of space data to support a range of UK industries.”
According to new research from the University of Aberdeen, artificial intelligence (AI) designed to identify patients suitable for joint replacement surgery has the potential to significantly cut waiting times as well as improve surgical efficacy.
The study discovered that Aberdeen-led AI could help to “rapidly” and “accurately” identify patients who are suitable for hip replacement surgery, cut waiting lists, and help to ensure that the right person is seen by the right clinician at the right time.
Dr Luke Farrow, clinical research fellow from the University of Aberdeen who led the study, said: “We identified that the radiologist’s summary of x-ray findings can be successfully used to help predict which patients referred for consideration of hip replacement will go on to have surgery.
“This is the first comprehensive study to confirm the potential of artificial intelligence in this field.”
However, Dr Farrow and the team found that the AI still needs to be trained according to the specific characteristics of the healthcare setting it is to be used in.
“The effectiveness of the developed AI algorithm deteriorated significantly when faced with radiology reports from a different healthcare setting, indicating a need for further training on a wider, more diverse population,” he said.
“Further development is needed to ensure that the algorithm works better when applied to new healthcare settings, such as different NHS trusts. With any AI algorithm it is important to ensure that it functions effectively in the real world.”
But with waiting lists for joint replacement surgery currently at an all-time high, this new technology has the potential to transform a highly saturated system.
“Using this AI tool in clinical practice would allow for rapid automated review of many patients which would likely significantly improve efficiency and reduce associated costs – this could change the lives of thousands of patients who have been waiting for years to reach the top of surgical lists.” added Dr Farrow.
Steven Lewis, 52, from Aberdeenshire, is somebody who’s considering hip replacement surgery from a private healthcare provider due to the lengthy wait times for hip replacements.
Using AI to streamline the process can only be a good thing in Lewis’s opinion: “Data enabled decision making to support humans is now at the forefront of technology and has huge potential across many industries.
“I have heard horror stories of people waiting years for hip replacements so if it can be used to help patients receive a swifter diagnosis and remedial surgery where required it can only be seen as a positive.”
It is hoped that with ongoing further development of the technology, it will be available within the NHS in the next few years.
A new test facility is being funded by the Ministry of Defence (MoD) to help military kit be better protected against GPS device jamming attempts.
Under the £20 million contract, defence tech firm QinetiQ will build a radio frequency anti-jamming test facility at the MoD’s Boscombe Down site in Wiltshire.
Due to open in 2026, the size of the “silent hangar” will be large enough to fit some of the biggest military assets—including Protector drones, Chinook helicopters, and F-35 fighter jets—at a greater capacity than what currently exists in the UK.
It’s set to be one of the largest facilities in Europe, and roughly the size of an aircraft hangar, simulating hostile environments to put advanced military equipment through its paces.
The specialist hangar will reduce reflections, echoes, and the escape of radio-frequency waves. The GPS simulators and threat emulators inside the chamber will provide the ability to create a number of hostile environments to test how well equipment can withstand jamming, as well as other threats that attempt to confuse or disrupt military assets.
Speaking on it, minister for defence procurement and industry, Maria Eagle, said: “Hostile threats jamming GPS to disorientate military equipment has become increasingly common.
“This cutting-edge test facility will help us eliminate vulnerabilities from our platforms, protect our national security and keep our Armed Forces better protected on global deployments.”
Will Blamey, chief executive of UK Defence, QinetiQ, added: “On an increasingly digital battlefield, the debilitating effects of electronic warfare are a persistent threat.
“The testing we will conduct using this new facility will be integral to strengthening the resilience of military equipment, which in turn enhances the safety and security of our Armed Forces and the United Kingdom.”
The MoD said that it will also offer a range of opportunities beyond defence, to wider government, industry, and to critical national infrastructure.
In a first for Scotland, NHS laboratory specimens have been flown from one NHS board to another by drone.
This Project Care & Equity – Healthcare Logistics UAS Scotland (CAELUS) initiative, led by AGS Airports in partnership with NHS Scotland, took place during a three-week flight trial between NHS Lothian and NHS Borders.
Live flying took place between the Edinburgh BioQuarter, which is next to the Royal Infirmary of Edinburgh, and Borders General Hospital in Melrose.
Currently, laboratory samples which inform urgent clinical decision-making are transported by road and can take up to five hours between NHS Borders and NHS Lothian.
But Project CAELUS could see this delivery take 35 minutes, enhancing the transport provision, particularly for rural areas.
Project CALEUS is working with 16 consortium partners to deliver what will be the first national drone network that can transport essential medicines, bloods, and other medical supplies throughout Scotland—including to remote communities.
Fiona Smith, who’s project director for Project CAELUS, said: “Our consortium has been working extremely hard to get to this stage and we are delighted we have been able to test this important use case for the NHS.
“Transporting laboratory specimens by drone could speed up the clinical decision making allowing for same day diagnosis and treatment.
“It is also one of the first times in the UK that there has been a demonstration of beyond the visual line of sight medical drone operations transiting between controlled and uncontrolled airspace.
“This is an important milestone for our project and we now look forward to testing more potential use cases by drone across Scotland in the coming months.”
CAELUS is part funded by the UK Research and Innovation (UKRI) Future Flight Challenge.
It brings together 16 partners including the University of Strathclyde, Skyports Drone Services, NATS, and NHS Scotland.
In the latest live flight trials, tests were also carried out on how NHS staff in future would engage with the drone both physically and digitally.
Hazel Dempsey, who’s the CAELUS NHS Scotland programme lead, also commented: “Our aim, from an NHS perspective, is to explore opportunities where drone technology could benefit patients and NHS services in urban, remote, rural and island landscapes.
“The NHS is reliant on van logistics that have provided valuable service for decades, however these can take time, travelling hundreds of road miles each day.
“In some parts of Scotland, patients who live in remote and rural locations are dependent on ferry or airline availability.
“This project will enable the NHS to consider if drone technology is viable and able to contribute to improving the health and wellbeing of our population.”
Since January 2020, the CAELUS consortium has designed drone landing stations for NHS sites across Scotland and developed a digital twin of the proposed delivery network which connects Scottish hospitals, pathology laboratories, distribution centres, and GP surgerie.
In a successful trial in October 2023, flying took place between Glasgow Airport and NHS Golden Jubilee in Clydebank. This initiative was showcasing the integration of drones with modern airspace.
The Scottish Ambulance Service also carried out a simulation study in August to better understand the feasibility of delivering an Automated External Defibrillators (AEDs) via drone technology.
Invited guests were involved in a special event today (21st August) showcasing the most recent live flight trial, with presentations around the work conducted by Project CAELUS.
The Scottish National Investment Bank’s (“the Bank”) latest annual report has revealed that the development bank’s investment income has considerably grown since the year prior.
The report, which covers the period 1 April 2023 to 31 March 2024, shows that the Bank’s income of £19.3 million was up more than 80% on the previous year of £10.7m, and exceeded its operating costs of £16.1m for the first time.
That said, overall loss before tax was £14.6m (2023: £20.2m), with the Bank saying this was predominantly due to realised and unrealised losses on investments.
It committed £224.6m in capital to around 20 companies over the 2023/24 financial year, and enabled a further £400m in additional investment alongside.
In addition to increasing its investment income, the Bank’s committed investments rose, bringing the total amount of capital it has deployed since inception in November 2020 to around £640m.
Willie Watt, chairman of the Bank, said that it has made “clear and demonstrable achievement and progress.”
“The Bank was established to be an impact investor, to drive growth in our economy, provide financial returns on public capital and deliver social impact,” said Watt.
“These are long-term goals and we are operating in a challenging macroeconomic environment, which makes our progress all the more significant.
“The Bank’s income exceeded operational expenses for the first time. This is significant but we are conscious that in our early years this remains sensitive to the mix of investments, continued deployment, and availability of capital to invest.
“This acceleration towards profitability has been progressive, with our income growing significantly year-on-year.
“A key factor in this was the clarity provided by Scottish ministers at the time of our founding, with a bold commitment to capitalise the Bank with £2 billion over 10 years.
“The Bank was conceived as a perpetual institution that would redeploy investment returns for the people of Scotland and we need to make this structure a reality.”
The latest set of accounts also reflect chief executive Al Denholm’s first full year in the role.
Denholm added: “While prudently managing our risks, we have been able to increase our commitments to investee companies as they scale and grow, and we have invested in some exciting new projects, which we believe will deliver significant impact to Scotland’s economy.
“Some highlights over the past year include £100m investment with UKIB in Ardersier port, £6m for cancer therapeutics specialist Cumulus Oncology and a follow-on investment of £20m in to Thriving Investment’s mid-market rental home fund.
“As set out in our Business Plan, we have less capital to invest in the current financial year than we did for the period covered in these results.
“This will require us to be more focused, prioritising the opportunities that can maximise progress towards our missions and that are likely to attract additional capital from other investors, while ensuring an appropriate return.”
The number of overdue invoices in Scotland has reached its highest level so far this year, R3, the UK’s insolvency and restructuring trade body, has found.
R3’s analysis of data provided by Creditsafe shows that businesses in Scotland had 538,172 unpaid invoices on their books last month – the highest monthly total in 2024 yet.
Overdue invoices in Scotland also increased by 27.7% in July 2024 when compared to July 2023’s figure of 421,501.
Further, Scotland saw the second highest yearly rise in overdue invoices of all the regions and nations in the UK last month, preceded only by the West Midlands which saw a rise of 45.8%.
“The yearly rise in overdue invoices in Scotland reflects the continued cost pressures businesses have faced this year,” said Richard Bathgate, chair of R3 in Scotland.
“The costs of rent, raw materials and wages are rising, and these increased expenses have made it increasingly difficult for businesses to stay on top of their bills, and there’s a real concern this trend could lead to a domino effect and push even more companies into financial difficulty.
“If this trend continues, we could see more and more Scottish businesses turning to a formal insolvency solution as they struggle to manage mounting debt.”
The number of companies with overdue invoices on their books in Scotland also rose by 18.4% year-on-year in July, from 31,014 in July 2023 to 36,733 in July 2024. This was the largest yearly rise of all the UK’s regions and nations.
Bathgate, who’s restructuring partner at Johnston Carmichael in Aberdeen, continued: “Paying your suppliers late is just one of the key indicators of financial distress. I would urge business owners and directors that are seeing their debt levels rise to seek advice as soon as they can from a qualified professional.
“Most R3 members in Scotland will be happy to provide a free initial consultation so you can explain the challenges you’re facing, and help you understand the best course of action for you and your business.”
Administrate, the Edinburgh-based learning and training management software company, has secured £3.05 million in a new funding round—just over a year after it raised a £5m investment.
The British Business Bank’s Investment Fund for Scotland, which is managed by Maven Capital Partners, provided £1m towards this new round. Archangels and Mercia, existing investors, also supported it.
The tech firm’s latest investment coincides with the launch of its new AI scheduling tool, which helps enterprise customers with the planning and management of learning and training activities at scale.
The new funds will help Administrate expand its market reach by deploying the AI tech to its diverse group of international customers. It boasts Siemens, Maersk, and Royal Caribbean among its roster of customers.
Speaking on the investment and AI tool, John Peebles, Administrate CEO, said: “It’s an exciting time for Administrate and our customers – we’ve been thrilled with the positive impact we’re seeing with the scheduler and other platform improvements, and this investment will allow us to continue to invest in and scale our offering.”
Mark Sterritt, director of nations and regions funds at the British Business Bank, added: “The software developed by Administrate is already being used successfully by several multi-national organisations and this funding boost will enable the business to take that one step further with inbuilt AI.
“Technology is one of Scotland’s fastest growing sectors, but ensuring entrepreneurs have access to funding opportunities through the likes of the Investment Fund for Scotland is essential to ensure that momentum continues.”
Back in July of last year, Administrate raised £5 million from the aforementioned Scottish Investment Bank, Archangels, and Mercia, and also welcomed Hambro Perks as a new capital partner.
The funds will be deployed to support the company’s growth and continue to meet the needs of its diverse and growing North American enterprise customer base.
Tens of thousands more business registrations were seen in Scotland in the first half this year compared to 2023, according to the New Startup Index, published by Beauhurst and supported by the Royal Bank of Scotland.
The Index, which is a report into business creation in the UK and its nations and regions, specifically found there were 21,700 new company registrations in Scotland, a 3.69% year-on-year increase when compared to the first half of 2023.
Across the UK as a whole, 468,000 new firms were started in 2024, continuing what’s been a significant uplift in new businesses in recent years, with numbers growing from 173,000 in the first quarter of 2020 to 248,000 in the first quarter of 2024—representing a 43.4% increase overall.
What’s more, registration numbers rose across nearly the whole of the UK so far this year. Wales and the South West were the only regions to see a decline, and at -9.99% and -0.85% respectively. Out of all locations, London saw the highest new business incorporations at 161,000, marking a 7.38% increase.
The report’s positive figures also coincide with new analysis from Beauhurst, which shows that businesses on Royal Bank of Scotland’s free accelerator programme are more likely to generate higher turnover growth, raise more investment, and have better survival rates than other similar businesses.
Speaking on the findings—and Beauhurt’s analysis of the aforementioned accelerator—Paul Thwaite, Natwest Group and Royal Bank of Scotland CEO, said: “The UK’s potential for growth is made clear by the numbers of people now starting their own businesses.
“Small businesses are the lifeblood of our economy, accounting for three-fifths of employment and about half of the private sector’s turnover. If these new businesses are given the right conditions to succeed, they could significantly boost the UK economy.
“Across the UK, NatWest Group is helping more businesses get started than any other bank. We play a key role in giving startups the tools to scale and succeed – with data from our accelerator showing our support significantly boosts businesses’ turnover, investment and chances of survival.
“This September we are taking our commitment to small businesses up a level by over doubling the amount of free places on our Accelerator programme, to 2,500 businesses.
“We are creating the environment where businesses have the support, guidance and conditions they need to thrive – because when small businesses succeed, the UK succeeds.”
The New Startup Index report also aligns with recent analysis carried out by RSM UK regarding tech incorporations specifically.
RSM UK found that, despite global economic headwinds, the number of new technology companies incorporated in the UK reached a five-year high in the first quarter of 2024.
UK tech incorporations increased by 11% to 13,802 in the first quarter of 2024, up from 12,441 in the first quarter of 2023.
Further, the numbers represented an increase of 4.4% on the last quarter of 2023, which saw 13,218 tech companies registered across the UK.
CodeBase has partnered with The Open University in Scotland to drive co-learning opportunities, including the co-creation of educational content, and to accelerate startup and entrepreneurial activity.
As part of the tie-up, distance learning pioneer Open University, which is one of the UK’s largest universities and provider of flexible part-time undergraduate higher education in Scotland, will partner with CodeBase’s Techscaler initiative, the Scottish government’s tech startup support programme run by CodeBase.
Through the use of open learning, the partnership will make content and learning accessible at any time, while there will also be a focus on diversity and inclusion.
Yasmin Sulaiman, SVP ecosystems at CodeBase, said: “We are excited to team up with The Open University around world-class learning and innovation, and ultimately to drive entrepreneurial and startup activity.
“Importantly, we also share the OU’s ethos around opportunities for all irrespective of background or geography.”
Jane Grant, depute director, external engagement and partnerships at The Open University in Scotland, said: “We are absolutely delighted to join forces with CodeBase – this partnership demonstrates our strong commitment to fostering innovation and entrepreneurship in Scotland by adding unique expertise and collaboration to our existing offer of courses and programmes such as Open Business Creator Fund.
“Having access to the Techscaler initiative will open up exciting opportunities for our learners and the wider community and notably support our nation’s next generation of entrepreneurs.”
Tech ecosystem builder CodeBase runs multiple programmes nationwide, including the UK government-funded LawtechUK, EnergyTech Bridge with Opportunity North East, and Industry Bridge with Barclays Eagle Labs.
The Scottish government-funded Techscaler programme was launched in 2022, and in 2023 it boasted over 2,500 members and companies who raised over £50 million in investment.
Techscaler helps members through education, mentorship, community, and workspaces, and was set up to deliver on key priorities outlined in the Scottish Tech Ecosystem Review (STER), and in the National Strategy for Economic Transformation (NSET), to strengthen the country’s tech sector and encourage entrepreneurship.
The Open University is the world’s first education distance learning institution, with a mission to be “open to people, places, methods, and ideas,” and was founded in 1969 to give those who had missed out on attending traditional universities the opportunity to experience high quality degree-level learning.
With almost 200,000 registered students and a network of more than 5,000 tutors who employ the latest communications technology to deliver teaching and assessment, the OU has welcomed over 2.2 million students since its inception.
Chipmaker AMD has announced the signing of an agreement to acquire ZT Systems, a leading provider of AI infrastructure for hyperscale computing companies, for $4.9 billion (£3.7bn~).
The move, which can be seen as a challenge to Nvidia’s AI infrastructure, is the latest in a series of efforts to strengthen AMD’s AI capabilities—with over $1 billion being spent to expand AMD’s AI ecosystem within the last year alone.
Headquartered in Secaucus, New Jersey, ZT Systems has more than 15 years of experience in designing and deploying data centre AI compute and storage infrastructure at scale for large global cloud companies.
ZT Systems’ design, integration, manufacturing, and deployment capabilities have made them one of the leading providers of AI training and inference infrastructure.
“Our acquisition of ZT Systems is the next major step in our long-term AI strategy to deliver leadership training and inferencing solutions that can be rapidly deployed at scale across cloud and enterprise customers,” said Dr. Lisa Su, AMD chair and CEO.
“ZT adds world-class systems design and rack-scale solutions expertise that will significantly strengthen our data center AI systems and customer enablement capabilities. This acquisition also builds on the investments we have made to accelerate our AI hardware and software roadmaps.
“Combining our high-performance Instinct AI accelerator, EPYC CPU, and networking product portfolios with ZT Systems’ industry-leading data center systems expertise will enable AMD to deliver end-to-end data center AI infrastructure at scale with our ecosystem of OEM and ODM partners.”
AMD has agreed to acquire the firm in a cash and stock transaction valued at $4.9 billion (£3.7bn~). The deal is expected to close in the first half of 2025, subject to certain regulatory approvals and other customary closing conditions.
Frank Zhang, CEO of ZT Systems, also commented: “We are excited to join AMD and together play an even larger role designing the AI infrastructure that is defining the future of computing.”
“For almost 30 years we have evolved our business to become a leading provider of critical computing and storage infrastructure for the world’s largest cloud companies.
“AMD shares our vision for the important role our technology and our people play designing and building the computing infrastructure powering the largest data centers in the world.”
New research from Perforce Software, the DevOps solutions company, has discovered that companies are increasingly using cutting-edge game engines for projects outwith traditional game development.
According to the recently-published 2024 State of Game Technology Report, 50% of survey respondents said they’re using game engines in non-games-related instances, such as education and training (12%), 3D art creation (9%), film and television (8%), marketing (7%), and digital twins (6%), among others.
Projects like these are also being undertaken by many industries and sectors outside of gaming, including the automotive industry, architecture, healthcare, transportation, finance, and military and defence.
“The report’s findings on game engine use aligns with the unprecedented adoption of game technology we’ve seen in other industries,” noted Brad Hart, CTO and VP of product management of digital creation at Perforce.
One of the main reasons for adopting and using games engines—otherwise known as “real-time 3D engines”—is the fact that game tech like this is usually at the bleeding edge of technological advancement, and not least when it comes to meeting needs of performance and scale.
Additionally, there’s inherent versatility, with game engines having integrations for usage across different workflows and industries—which is also as helpful for enhancing collaboration as it is consolidating toolsets.
“I really credit the game developers,” Hart added. “They have pioneered versatile workflows, around a set of foundational tools, that streamline collaboration and manage complexity at a global scale.”
In terms of the most popular engines, Unreal Engine—also called Unreal, or UE—is the preferred among respondents, with 63% of teams utilising it. Meanwhile, 47% of respondents said they use Unity, and 9% make use of Godot. 11% of respondents noted that they use their own custom-built engine.
Interestingly, when it comes to the media and entertainment industry in particular, the gap dramatically widens: teams prefer Unreal (51%) over Unity (16%).
Unreal and Unity aside, and generally-speaking, the report notes that Godot is being adopted at a rapid pace, with the fact that it’s free and open source being a key driver in its popularity. Further, there’s a community of over 600 contributors working to improve the engine by debugging and making user-requested enhancements.
To uncover the report’s findings, 567 leaders and creators across different technical industries—and across 64 countries—were questioned. A third of people questioned worked in industries outside of gaming, and over 20 different staff roles and positions were represented, not least executives, product managers, and researchers.
According to new research from Canalys, the global technology market analysis firm, enterprise software sales through hyperscaler cloud marketplaces is expected to reach $85 billion, or £66bn~, by 2028.
This marks a considerable jump, considering that in 2023, hyperscaler cloud marketplace sales were $16bn (£12bn~).
The availability of cloud credits for third-party purchases via hyperscaler marketplaces, as well as the emergence of new digital-first buyers, are cited as key factors in changing enterprise customer procurement behaviour.
The Ease of Utilising Cloud Credits
Spend is shifting to the hyperscalers’ marketplaces as customers look to use their cloud credits on third-party software and SaaS.
With enterprises facing continued IT budget pressures, Canalys cited the opportunity to use pre-approved cloud budgets to buy a wide array of software and cybersecurity products—while taking advantage of simplified billing and consolidated purchasing—as highly compelling.
This is also tempting vendors themselves, and from across the technology spectrum too, to sell through the hyperscalers’ marketplaces.
Canalys noted that CrowdStrike and Snowflake were among the first to publicly claim $1bn (£775m~) in total cumulative sales through marketplaces, but a host of the largest software and cybersecurity vendors are actively embracing this trend.
Cisco, Citrix, IBM, NetApp, Nutanix, Red Hat, Salesforce, ServiceNow, and Zoom are cited as just some of the vendors that have launched or grown their sales on the hyperscalers’ marketplaces so far in 2024.
At the same time, many smaller “digital native” independent software vendors built on one of the three top hyperscalers’ cloud platforms are using their respective marketplaces as their primary routes to market.
In terms of marketplaces and sales volume, the research firm’s analysis found that AWS Marketplace is the clear frontrunner, but Microsoft and Google Cloud are focused on closing the gap.
Channel Partners’ Growing Role in Hyperscaler Marketplaces
While most vendor sales through hyperscaler marketplaces are today “direct” to end customers, channel partners are playing, and are set to continue to play, an increasingly important role.
In fact, by 2027, Canalys expects that more than 50% of marketplace sales will be done via channel partners.
Speaking on this aspect, Alastair Edwards, chief analyst at Canalys, said: “Customers often prefer buying through trusted partners for help with managing cloud commitments and accessing professional services and technical expertise when sourcing complex technologies from multiple marketplaces.”
“The channel has concerns about the rise of marketplaces, but both hyperscalers and vendors acknowledge the vital role of channel partners in driving customer adoption and growth.”
The results of the latest banking satisfaction survey, published by the UK’s Competition and Markets Authority (CMA), show that challenger banks like Monzo and Starling Bank are continuing to dominate in this area.
The survey, which is regularly undertaken and its results published by the CMA, shows how personal and business current account holders rate the quality of the banking services they’re being provided. This includes services such as online and mobile banking, overdrafts, and in-branch experience.
Following the latest results, it’s been revealed that the top-ranked personal current account provider in Great Britain is Monzo, followed by Starling Bank—with the challenger banks continuing their successful run here for another year. Chase is a new entrant, coming in at third.
On the other hand, the lowest-ranked personal current account providers in Great Britain are The Co-operative Bank in 15th place, Virgin Money in 16th place, and then Royal Bank of Scotland in 17th.
For the top business current account providers in Great Britain, Monzo and Starling Bank secured first and second place respectively—as was also the case here last year. Tide and Handelsbanken came in at joint third.
The lowest-ranked business current account providers, however, are Royal Bank of Scotland at 13th place, The Co-operative Bank and Barclays at joint 14th, and HSBC at 16th.
The results for customers in Northern Ireland differed slightly, however. The top-ranked personal account providers in Northern Ireland overall are Monzo, Starling Bank, and Nationwide respectively. The lowest-ranked current account providers are Ulster Bank, Bank of Ireland UK, and Allied Irish Banks.
Further, the top-ranked business current account provider in Northern Ireland is Santander, and the lowest-ranked is Bank of Ireland UK.
The CMA requires banks and building societies to display the survey results prominently online and in-branch so that customers can see whether they can get a better experience elsewhere.
Speaking on this survey and its aim to help improve competitiveness and therefore the customer experience, Dan Turnbull, senior director of markets at the CMA, said: “It’s important that banks listen to their customers and then provide services in a way that works for them.
“Strong competition is the most effective way to improve the customer service experience, and this survey provides the transparency that people need to be able to choose a new provider if they feel their bank is not up to scratch.”
The Scottish Space Network, the ecosystem builder championing Scotland’s space industry, has appointed Ross Hamilton as chief operating officer (COO) to help drive sector investment and growth.
Hamilton began his career with Rolls-Royce plc in the late eighties, going on to work for JP Morgan and other Fortune 100 companies in London and New York.
He serves as founder and managing director of New York-based venture capital specialist Sustainable Alpha, chair of the New York GlobalScot advisory board, and over the last twenty five years has advised and invested in a number of businesses and startups across multiple industry sectors.
On his new role, Hamilton commented: “I’m thrilled to join the Scottish Space Network at such a pivotal time for the space sector in Scotland and its potential to achieve a leading position on the international stage.
“We have a unique opportunity to drive collaboration across the broader space industry and ecosystem.
“My focus will now be on helping to drive investment to support the sector’s growth, unlock new potential, and to make an impact on companies and individuals that can make Scotland a global leader in space innovation.”
Overall, Scotland’s space sector is projected to achieve revenue of around £4 billion within the next six years, and creating over 12,000 jobs by 2030, taking the national headcount to approximately 20,000.
In a move to help drive further investment and partnerships, the Scottish Space Network is set to commence a global survey of companies in the space sector and ecosystem later this year.
On this, Hamilton added: “We want to identify high performing, innovative, and high potential space tech and space adjacent companies for the purpose of creating investment deal flow for investors, and to seek world-class partnership opportunities within the space sector.”
Speaking on Ross Hamilton’s appointment, Dr Andy Campbell, CEO and founder of Scottish Space Network, said: “Ross’s appointment marks a significant milestone in our mission to propel Scotland’s space sector to new heights on both the national and international stage.
“By focusing on three foundational pillars – support, funding, and opportunity – we have a vision to ignite and advance Scotland’s giant leap to the stars, and Ross will help us make this leap.”
“Ross will be instrumental in developing insights on high-potential space companies and assisting with the formation of funding and investment solutions to drive the sector forward.
“His strategic insight and operational expertise will be invaluable as we continue to support the Scottish space sector’s rapid growth.”
The news of Hamilton’s appointment comes just weeks after the Scottish Space Network, which was founded in 2023, also announced its first wave of “founding partners.”
Collectively, the founding partners bring a “wealth of knowledge, expertise, support and resources that will be instrumental in driving innovation, developing entrepreneurial companies and delivering commercial success for the Scottish space industry.”
Legal firm Burness Paull, innovation and training consultancy Eureka!Europe, accountancy firm Johnston Carmichael, and international property specialist Marks & Clerk, were named as the first corporate founding partners.
