The latest funding round into the scaleup — formerly known as R3-IoT — was led by existing investor Scottish National Investment Bank (SNIB). Scottish Enterprise, the University of Strathclyde, and AzurX, the Dubai-based space and tech investor, joined SNIB, with Scottish law firm Burness Paull advising on the investment.

The total amount raised by Krucial now stands at more than $7.5 million (£6m), with the new batch of financing set to be used to accelerate growth in the firm’s core markets, which include energy, aquaculture, agriculture, and rail, both in the UK and internationally.

Founded in 2018 by Allan Cannon and Kevin Quillien, Glasgow-based Krucial provides digital solutions that enable access to important data for industries with remote and hard-to-reach assets. The end-to-end digital infrastructure to connect operations from anywhere is facilitated through satellite and cellular technology combined with IoT devices and cloud services.

“This funding is a clear vote of confidence in Krucial’s cutting-edge solution – especially given wider macroeconomic conditions,” Cannon said. “The ambition, potential and performance of Krucial to this point has proven our value to investors, who are backing us to take the next steps towards digitising the planet.

“We know that tackling the most important issues of our time – from climate change to food security – requires innovative thinking and big ideas. This latest investment will unlock a host of new opportunities both in the UK and internationally in the $400bn enterprise IoT market. While we’re a Scottish-based company, we’re global in outlook, and are aware of just how excited international partners are by our solution.

“As we scale even further, our priority in the coming 12-18 months will be to accelerate growth by delivering on our ambitious business plan and continue providing solutions that are transforming enterprise performance and sustainability. The opportunity in front of us is significant, and we intend on taking full advantage of the trust shown in us by our investors to continue delivering digital transformation for partners and customers globally.”

Krucial is also a spinout from the University of Strathclyde. Meryl Levington, the director of innovation and industry engagement at Strathclyde commented on supporting the Scots firm, saying: “Strathclyde Inspire, the University’s flagship entrepreneurship programme, offers entrepreneurial training and opportunities to every student, staff member and alumnus.

“Krucial is a hugely exciting spin-in company from Strathclyde whose innovative, space-based technology-led solutions offer real value to a wide range of customers and huge global potential.

“The University is delighted to support the company’s growth and ambitions through our Strathclyde Inspire Investment Fund, and, through its links with our academic staff, to collaborate with the company on its research work.”

Recommended reading

• Glasgow Uni Team Gains Funds for EU Geo-AI Project Contribution
• Scots Fintech Funding Could Reach £1bn Through New Investment
• Strathclyde Uni to Develop Privacy-protecting Cybersecurity Tech

Today’s funding announcement follows a $3.8m (£3.1m) seed funding round which took place in H2 2021. The money has since helped Krucial to prepare for international expansion, ramping up its headcount across its engineering, technical, sales, and marketing departments.

Shortly after 2021’s batch of funding, the firm’s co-founders sat down with DIGIT to discuss the global connectivity challenge, why addressing this isn’t enough to close the digital divide across industry, and why satellite-enabled data intelligence services could be revolutionary.

Around a year later, in 2022, Krucial rebranded from R3-IoT. The company said that the change represented closer alignment to the company’s core offering — to provide access to crucial data intelligence in any location or situation and digitise where and when others cannot.