Concirrus, an Internet of Things solution provider, raises £3M from Imperial Innovations
Imperial Innovations Group plc (AIM: IVO, ‘the Group’, ‘Innovations’) has completed a £3.0 million investment in Concirrus Ltd (“Concirrus” or the “Company”) a leading Internet of Things (IoT) solution provider based in London. Innovations now holds a 28.6% stake in the Company.
Concirrus was founded in 2012 by Andrew Yeoman (CEO) and Craig Hollingworth (Corporate Development) who came directly out of the telematics and communications industries. Andrew (formerly with Trimble Navigation) and Craig (formerly with Orange, O2 and Masternaut), identified an opportunity to launch a company providing fully integrated business solutions built on a scalable cloud-based platform.
This platform enables customers to gather and analyse IoT data 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.
Over the past two years, Imperial Innovations has developed an investment thesis around the “Internet of Things” with a focus on specific vertical market applications where data capture and insights drive tangible business value. In 2013, Innovations hosted a thought-leaders event to discuss opportunities in the emerging field of IoT with the participation of a number of leading academics and innovators, with speakers and attendees from Imperial College London, University College London, University of Oxford and University of Cambridge, as well as senior representatives from companies such as BT, BG, Qualcomm, NESTA, Telefonica, and Unilever.
The £3 million investment into Concirrus complements Innovations’ growing ICT portfolio. 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). The funding will allow Concirrus to build out its suite of products for the vehicle insurance market and fund expansion of the sales team to capitalise on existing channel partnerships.
Andrew Yeoman, CEO at Concirrus, said:
“My co-founder Craig Hollingworth and I have built this company to bring IoT 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.”
Source: Imperial Innovations Press Release