Tech startup iOpt has received a £600,000 investment boost in a seed funding round, allowing the business to implement its ambitious scale up plans including the creation of six jobs over the next two years.
The Glasgow based company, established in April 2016, uses data analytics, high tech sensors and the latest Internet of Things (IoT) technology to allow owners and managers of large rental property portfolios, such as social housing or build to rent investors, to monitor the internal environment of their assets from afar.
iOpt’s bespoke algorithms and machine learning techniques predict when and where issues such as mould growth will arise, allowing preventative intervention before repair costs or tenant health issues escalate. The technology vastly reduces the number of property visits, cutting down on carbon emissions, whilst helping to identify and support vulnerable tenants who may be struggling with fuel poverty.
With several pilot projects in planning, and established working relationships with Renfrewshire Council, BRE (Building Research Establishment) and Maryhill Housing, the £600,000 investment will allow the company to focus on further developing the products and services they offer; whilst fueling its growth with the employment of up to six skilled staff members over the next two years.
The company’s lead investor is Mactaggart & Mickel Investments, the investment arm of the Scottish house builders. The other two corporate investors are Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise and a US based global leader in IoT technologies, in addition to several individual investors. iOpt has specifically sought out value adding investors with expertise in the property, data and tech sectors.
Entrepreneur Dane Ralston, founder and managing director of iOpt, commented: “We’re absolutely delighted to receive this funding which will allow us to scale up to the next stage. After three years of being in business we’re able to fully realise the potential of our product and the difference it can make to asset managers in the running and maintenance of properties; significantly reducing their maintenance bills and extending the life of their assets. Ultimately iOpt gives asset managers the visibility to make smart, informed operational and strategic business decisions. However, we’re also very excited that iOpt has the ability to aid vulnerable tenants who may be struggling with fuel poverty by spotting changes in their environment and identifying the necessary steps to help improve their living conditions.”
Paul McAninch, Managing Director at Mactaggart & Mickel Investments, said: “iOpt is an ingenious business innovation, with considerable potential for growth, whilst helping to drive welcome sustainability improvements within the housing and property sectors.”
Kerry Sharp, Director of the Scottish Investment Bank, said: “I’m pleased SIB has invested in iOpt alongside Mactaggart & Mickel Investments. The broad range of expertise, together with the funds the investors bring, will enable iOpt to realise its scale-up ambitions over the coming years.”