Welcome to the latest edition of the DIGIT Deal Roundup.

A whirlwind start to the year has continued into February, with millions invested into the Scottish energy transition and AI, while a couple of major acquisitions finally put pen to paper.

Funding and Investments

Energy Transition Drives £850M Investment in Scottish Projects

More than £850 million has been injected into Scottish projects over the past four months as investors are drawn to the country’s energy transition.

The total was boosted today by the Scottish National Investment Bank’s (SNIB) announcement of £6.7 million for Subsea Micropiles, which is developing a marine anchor system for large offshore construction projects.

The company has also secured £2.5 million from Japanese investor Marubeni and is committed to building a manufacturing facility in Scotland, supporting about 100 jobs.

To read more, click here.

Scottish BioTech Company Secures £3.4m Investment

Scottish biotech engineering company uFraction8 has secured £3.4m in new investment following the completion of a funding round led by the Foresight Group.

Based in Falkirk with a fully-owned subsidiary in Poland, uFraction8’s microfiltration technology is designed to optimise cell and biomass production, offering a sustainable, energy-efficient alternative to traditional methods used in the production of food, feed, and bio-based products.

To read more, click here.

Glasgow City Region Chosen for UK National Wealth Fund

Glasgow City Region has been chosen as one of four areas across the UK to take part in a new UK Government initiative which connects regions with central government and industry expertise to support them to unlock private investment opportunities and boost local growth.

Chancellor Rachel Reeves announced the new approach across the National Wealth Fund and the Office for Investment, which will work with local leaders across the UK to support places to build pipelines of incoming investment and projects linked to regional growth priorities.

To read more, click here.

FinTech Scotland Backs Five Local Firms With Funding

Five fintech firms have each been awarded £50,000 to propel developments that support financial inclusion, accelerate financial resilience and deepen consumer engagement in financial services.

FinTech Scotland, in partnership with the University of Strathclyde and University of Glasgow, announced the outcome of the latest Consumer Duty Innovation Call from its Financial Regulation Innovation Lab (FRIL), an Innovation Accelerator project funded by Innovate UK.

Backed by 14 leading financial institutions, the initiative connected 20 global fintech businesses with industry leaders to develop data-driven solutions that enhance consumer outcomes in financial services.

To read more, click here.

Abertay Opens £9M Virtual Production Studio in Dundee

A new £9m virtual production studio will seek to drive research, innovation and economic growth in Scotland’s screen, games, immersive and performance industries. 
 
Abertay University launched the CoSTAR Realtime Lab at Water’s Edge, Dundee on Tuesday 18 February marking the start of operations for a major infrastructure project that will aim to provide a significant boost to Scotland’s screen industries. 
 
The CoSTAR Realtime Lab is led by Abertay University and the total project investment is £9m operated in partnership with the University of Edinburgh, CodeBase, Interface and Chroma Developments. 

To read more, click here.

CivTech Awards £9 Million To Scots AI Projects

AI is to be harnessed to develop technologies to address issues such as cancer risk amongst rescue workers.

The latest round of the Scottish Government’s CivTech programme has awarded up to £9 million to 14 companies developing AI products to tackle challenges faced by charities and public sector organisations. CivTech 10 is the first round of the programme to focus on AI.

To see the full list of those chosen, click here.

FinTech Firm ESG360° Lands £1M to Grow Glasgow Presence

Sustainability-focused fintech company ESG360° is planning to grow its Glasgow office having secured a £1 million grant from Scottish Enterprise (SE).

The London-headquartered company, which provides businesses with the tools and insights needed to help them navigate the complexities of Environmental, Social and Governance (ESG) compliance, established an office in the city last year.

Now, with SE support, it intends to invest in its Glasgow operations, ‘creating more than 30 high-value jobs over the next three years and reinforcing the city’s reputation as a hub for innovation and sustainability-focused businesses.’

To read more, click here.

Scots Rocket Firm Orbex Gets £20M Funding From UK Government

Orbex, the Highlands-based orbital launch services company, has secured £20 million in funding from the UK Government as part of its ongoing Series D fundraising round.

UK tech secretary Peter Kyle confirmed the investment today at Brussels’ European Space Conference. The investment will help to accelerate further development of Orbex’s Prime rocket—its 19-metre long, two-stage rocket designed to transport small satellites into Low Earth Orbit (LEO).

The rocket is poised to become the first in a new generation of “ultra green” launch systems, powered by renewable bi-propane fuel, significantly cutting carbon emissions compared to other similarly-sized rockets that are being developed elsewhere.

To read more, click here.

Acquisitions

Weir Acquires Australian Software Business

Scottish industrial engineering group Weir has entered into a binding agreement to acquire Australian firm Mining Software Holdings – or Micromine – for £657m.

Perth-based Micromine is a software provider to the mining industry, with solutions across the upstream mining value chain – including mine design and planning, operational scheduling and mining operations in hard ore, soft ore and underground applications.

CGI Completes Acquisition of UK-based BJSS

CGI has completed its previously announced acquisition of UK-based technology and engineering consultancy BJSS.

The acquisition, according to the company, aligns with CGI’s strategy to expand its consulting-led services and drive innovation in cloud, AI, data analytics, and software engineering for commercial and public sector clients.

To read more, click here.

Converged Communication Solutions Announces Acquisition of IFB

Converged Communication Solutions, the Aberdeen-based IT firm, has announced it’s acquired fellow Aberdeen firm IFB for an undisclosed sum.

The move brings together the well-known Scottish tech companies, and the two largest Internet Service Providers (ISPs) in the northeastern city.

Founded nearly 30 years ago, IFB has built a reputation for delivering connectivity and IT solutions.

To read more, click here.