A Scottish tech firm that specialises in Internet of Things connectivity has secured significant growth equity funding from Scottish Equity Partners (SEP)
Pelion, headquartered in Glasgow, said the equity will enable further investment in product development, sales and customer support.
Pelion has developed a leading global connectivity management platform currently used by 500 customers in sectors including industrials, utilities, transport and healthcare.
The technology is used for infrastructure monitoring, connected industrial equipment, vehicle telematics, remote building access and patient monitoring.
READ MORE: Rocket maker Orbex secures £40.4m in funding
David Weidner, CEO of Pelion, said: “We are excited to be embarking upon the next stage of our journey. The investments made into our technology and products over the past five years make us an ideal partner for any enterprise seeking to utilise IoT to drive their business outcomes.”
With SEP’s funding, it plans to continue developing its platform in order to maintain technical leadership, while adding additional resources to key commercial functions and supporting business momentum.
Tim Ankers of SEP said: “We are excited to partner with Pelion. It has built a leading connectivity management platform addressing a multi-billion-dollar market opportunity, and the number of cellular connected devices is forecast to grow exponentially.
"Pelion’s platform simplifies the complex ecosystem for enterprise customers and, with its strong reputation for technical excellence and customer support, we believe it is well placed to benefit from this trend.”
The global IoT market is projected to grow rapidly, with IoT applications being a driver of digital transformation across multiple industries.
Data produced by Gartner, the technology research organisation, suggests that IoT related spend on cellular connectivity will grow to $57 billion in 2026, up from $32 billion in 2020.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free .
