An Edinburgh-based software business that gathers and analyses environmental data from space is eyeing expansion on the back of a six-figure funding package.
Ecometrica, which was founded in 2008 and also has offices in London, Boston and Montreal, is planning to recruit additional staff thanks to the £622,000 injection from Clydesdale Bank.
The deal is the first to be secured in Scotland via Clydesdale’s recently launched emerging technology unit – a team created to support high-growth tech businesses.
Last year, Ecometrica won a key contract from the UK Space Agency to set up and co-ordinate a network of virtual regional Earth observation labs to help monitor the state of forests, agriculture and water resources. The project is looking to address a lack of usable data from the huge volume of images being sent to Earth from satellites.
It followed a landmark contract win for the firm in 2014 from the European Space Agency to support satellite monitoring and evaluation of the UK’s International Climate Fund forest activities.
Ecometrica chief executive and co-founder, Gary Davis, said: “Support from Clydesdale Bank has given us the opportunity to recruit more heavily in Scotland, specifically across our sales and marketing teams, and beyond.
“It’s a buoyant time for our business, which has seen growth of more than 100 per cent in the last year, and thanks to the funding arrangement now in place, we are confidently striding ahead with a host of new, exciting projects.”
Tom Brock, head of Clydesdale Bank’s emerging technology unit, said: “Being able to work hand-in-hand to help innovative businesses like Ecometrica grow is exactly why the unit was established.
“The range of award-winning software products developed by Gary and the team at Ecometrica, which enable globally-recognised brands to adhere to environmental reporting guidelines, have a wide-reaching benefit not just for the business community but also for the world at large.”