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Iotic secures £6.5m to drive growth of Digital Twin Technology

David Murphy

Iotic has secured a £6.5m investment to accelerate growth and meet increasing demand for its digital twin technology. Iotic enables enterprises and their ecosystems of assets, objects, companies and people to interact automatically and securely. The digital software company provides the secure operating environment and tools to create digital twins of any thing, enabling their secure interactions and building true interoperable ecosystems. A digital twin is a digital replica of a living or non-living physical entity.

The investment from European VCs, IQ Capital, Talis Capital and Breed Reply, will drive rapid deployment, deepen channel partnerships and expand market adoption of the company’s patented Iotic Operating Environment, Twin technology and Event Analytics. The funding will allow Iotic to capitalise on its patented technology and market position.

The Iotic vision is a world where any thing can interact with any other thing, from the smallest sensor, to the largest power station, engine, train and plane along with people, suppliers and customers. The digital version of a thing, the Twin, has access to all its data and controls throughout its entire life, converting those end points into meaningful events, empowering enterprises to deliver on the promise of AI and machine learning.

The investment enables Iotic to build on its global pipeline of enterprise customers, including Rolls-Royce Power Systems and BAM Nuttall, who have deployed the firm’s technology to to solve significant business challenges and create new services and better customer experiences.

“This investment is a further major endorsement of our Operating Environment and tools and the business strategy behind them,” said Iotic CEO, Robin Brattel. “Having already secured a number of high-profile clients, we are focused on further development and scaling – initially targeting high-value manufacturing, construction and infrastructure sectors. Our longer-term vision is for our interoperable Twins and their Event Streams to be incorporated into every single technology stack that will help to underpin digital transformation and to deliver a strong return on investment for our customers.”

Founded in 2014 out of Cambridge, growing enterprise and channel demand globally has opened up new markets enabled by Iotic’s new North American operations hub in Raleigh, North Carolina. This has been supported by the expansion of the management team with the hiring of new COO Hans Weinberg, (previously CIO at ABB, North America), and Kathy Reppucci, who joins Iotic as VP Marketing from IBM, to deliver global integrated marketing strategies.

Ed Stacey, partner at IQ Capital, said: “Iotic is a leader in interoperable technology, which is the biggest evolution of data management since relational databases. This technology will underpin future digital transformation projects in manufacturing and many other industries, enabling companies to integrate their data streams much more easily, securely and flexibly, and at any level of scale. These disruptive characteristics are exactly what IQ Capital looks for in the businesses it invests into, and we look forward to Iotic leading the market with this entirely new product category.”

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