A Scottish IT company has secured six-figure funding to bring jobs to Glasgow and capitalise on the market gap for industrial internet of things (IIoT) technologies.
Cloud Cover IT has been awarded a total of £324,000 to fund its development plans, with backing coming from Scottish Enterprise, UK Steel and Business Loans Scotland.
It is targeting “huge potential” in the manufacturing industry where it currently supplies smart applications designed to help clients analyse production data, boost efficiency and reduce production costs.
The firm has created 11 roles on the back of the cash boost, which comprises more than £154,000 in regional selective assistance (RSA) and innovation grant funding, as well as £85,000 each from UK Steel and Business Loans Scotland.
Cloud Cover said it will recruit four more staff before the end of the year, with a focus on attracting graduates and apprentices to bolster its software development and IT engineering teams.
The infrastructure and cloud support provider expanded into the software development market several years ago and now specialises in SharePoint services, a platform which integrates with Microsoft Office.
It will use the funding to invest in IIoT technologies to link its software development with SharePoint and create cloud-enabled “smart factory” mobile apps to enhance manufacturing processes.
The Forth Bridge crossing project, Together Energy and Apex Scotland number among the firm’s 150 clients.
Director Lance Gauld said the investment will help Cloud Cover to capitalise on the fourth industrial revolution, also known as industry 4.0. He said: “We are obviously over the moon to have secured investment funding from Scottish Enterprise to bring our smart factory technology to life. Industry 4.0 is already having a transformative effect across many industries.
“We’re at the forefront of this space and recognise the huge potential that exists for manufacturers.”
Scottish Enterprise’s regional head of partnerships for Glasgow and the west, Mark Newlands, said: “It’s great to see these quality jobs being created, boosting economic regeneration in the east end of Glasgow. The development of industry 4.0 and smart factory technology is of increasing importance to ensure Scotland’s businesses are fit for the future.”
Forecasts indicate that digital technology will be Scotland’s fastest-growing sector by 2024.