A Cornish agri-tech company has secured a £140,000 equity investment which will enable it to grow and create jobs.
Penryn-based Glas Data has received the boost, which equates to shares being purchased, from the Cornwall and Isles of Scilly Investment Fund (CIOSIF), as part of a larger funding round, which includes investment from both existing and new private investors.
Rob Sanders and Colin Phillipson, founders of Glas Data, already employ seven people, with more recruitment to follow.
Mr Sanders said: “This latest round of investment will enable us to expand our business by investing in recruitment. We will be recruiting additional software engineers who can refine the software product, as well as a project manager and customer service employees which will include marketing and event support.”
Mr Sanders and Mr Phillipson started their business after they recognised that data fragmentation issues within the agricultural sector existed and saw how it restricted farmers, processors and retailers.
Technology is developing rapidly, allowing farmers to collect data on everything from weather and soil nutrients to animal health. With so much data now available, the challenge is how to make it accessible and easy to understand.
What is CIOSIF?
The Cornwall and Isles of Scilly Investment Fund (CIOSIF), supported by the European Regional Development Fund, is providing debt and equity finance, ranging from £25,000 to £2million, specifically to help small and medium sized businesses secure the funding they need for growth and development.
CIOSIF is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the 海角视频’s national economic development bank.
Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build 海角视频 economic activity.
Having identified this issue, they worked on developing a solution which would unite the agricultural sector and food supply chain with a universal data dashboard.
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This would simplify the world of precision farming and unlock the value of the data it produces, saving farmers time, money and improving their productivity.
In 2018, they set to work on designing a cloud-based, data management and decision support tool – the GlasCore dashboard.
The system is fully customisable, specifically for use with the agricultural sector. Furthermore, the clear visualisation of the system makes it easy to use on any device.
Mr Sanders said: “Colin and I met when we were on Falmouth University’s Launchpad (with MA Entrepreneurship) course. We soon spotted these issues within the agricultural sector and had a vision to unite it with a universal dashboard.”
Meg Salt, fund manager at The FSE Group, the appointed fund managers for CIOSIF, added: “GlasCore is an exciting technology solution aimed at optimising agricultural productivity and facilitating the fourth agricultural revolution.
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“There is no competing software which collates and clarifies as many data sources into a single customisable and user-friendly interface, allowing its users to select data for their needs including integrating data from Internet of Things devices. We wish them every success for the future.”
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The £40million Cornwall and Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2million to help growing small businesses across the region.
It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.
Ken Cooper, managing director at the British Business Bank, said: “Glas Data have been able to access the Cornwall and Isles of Scilly Investment Fund to address an opportunity they see to introduce a technological solution to a problem that is arising in a very traditional industry.
“We’re delighted that the fund is continuing to support businesses like Glas and attract private investment to the region.”
LEP non-executive director John Acornley, who chairs the CIOSIF advisory board, said: “It’s great to see a Falmouth University Launchpad businesses moving to the next stage and creating quality jobs with CIOSIF support. Glas Data have produced a dynamic, scalable and invaluable tool that truly combines agriculture and technology.”