Technology start-up iOpt has received a £600,000 seed-funding boost for its housing-focused IoT plans.
Established in 2016 in Glasgow, iOpt uses data analytics, smart sensors and IoT technology to enable housing providers to remotely monitor the internal environment of their property assets. iOpt’s bespoke algorithms and machine-learning techniques predict when and where issues such as mould growth will arise, allowing preventative interventions before repair costs or tenants’ health issues escalate.
With several pilot projects in planning and established relationships with Maryhill Housing, Renfrewshire Council and the UK’s Building Research Establishment, the £600,000 investment will be used by iOpt to focus on further developing its products and services and employing up to six skilled staff members over the next two years.
The company’s lead investor is Mactaggart & Mickel Investments, the investment arm of one of Scotland’s leading house builders. The other two corporate investors are Scottish Investment Bank, the investment arm of Scottish Enterprise, and a US-based global leader in IoT technologies, as well as several private investors.
Dane Ralston, founder and managing director, iOpt, said, “We’re absolutely delighted to receive this funding which will let us scale up to the next stage. After three years of being in business, we can fully realise the potential of our product and the difference it can make to housing and asset managers in the running and maintenance of their property portfolios, 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 help vulnerable tenants who may be struggling with fuel poverty by spotting changes in their environment and identifying the necessary steps to improve their living conditions.”