The funding will allow Concirrus to continue to build out its suite of products for the insurance, fleet and industrial asset markets and fund expansion of the sales team to capitalise on existing channel partnerships. In addition to the investment, Concirrus has acquired the IP and certain assets of its former subsidiary Concirrus Cloud Ltd. and will now operate as a single entity.
The Concirrus product enables customers to gather and analyse data from the billions of IoT connected devices and use it to improve, disrupt and create innovative businesses and processes. Last year the Company provided connected solutions in a range of business applications, including asset monitoring, predictive maintenance, fleet management and vehicle insurance, whilst at the same time winning awards from Gartner, Nexus, Scale-Up London and TechMarketView. Concirrus was also featured by both the Sunday Times and the Daily Telegraph for its contribution to the IoT.
As part of the investment Touchstone Innovations will take two board seats alongside the founders, one for Ventures Director Kelsey Lynn Skinner and one for Innovations’ Venture Partner Chris Gomersall (formerly CEO of Acunu, a data analytics company).
Andrew Yeoman, CEO at Concirrus, said:
“My co-founder Craig Hollingworth and I have built this company to bringIoT capability and its underlying business value to a broad range of companies. Despite approaches from a variety of corporate and financial investors, we have not taken any outside capital to date. However, we were attracted to the Imperial Innovations model for working closely with management in technology-differentiated companies to build and scale for long-term success.”
Kelsey Lynn Skinner, Director Technology Ventures at Imperial Innovations, added:
“Concirrus is an established revenue generating business and provides us with an exciting opportunity to work closely and shape the development of a pioneer of IoT solutions.”
“Customer reaction to the Concirrus platform has been very positive, highlighting the fundamental business value it brings to the bottom line. The Company is well positioned with ambitious plans and key partnerships already in place.
“The technical development pipeline is exciting, and combined with their existing customer base and visionary management, it provides us with an opportunity to build a global IoT solutions leader in a rapidly growing market.”
Matt Stamp, Partner at Acuity Advisors who worked with Concirrus on this process, commented:
“There are only a handful of companies that have demonstrable traction in the IoT sector and Concirrus is one of them. Acuity ran a successful process that saw considerable interest in the business and where it became apparent very quickly that Imperial Innovations was the perfect partner for Concirrus. It has been a pleasure working with Concirrus in an exciting sector and at a pivotal point in their evolution. We are thrilled that Imperial Innovations has chosen to invest in a unique proposition as this will enable the team to build on their considerable success to date”.