Glasgow property tech firm secures six-figure seed funding

A Glasgow-based technology start-up plans to boost its headcount after securing £600,000 in seed funding.

Dane Ralston is the founder and managing director of iOpt. Picture: Contributed

Bosses at iOpt are now planning to scale up the business including the creation of six jobs over the next two years.

The firm, which was founded in 2016, uses data analytics, high-tech sensors and the latest internet-of-things technology to allow owners and managers of large rental property portfolios to monitor the internal environment of their assets from afar.

Algorithms and machine learning techniques predict when and where issues such as mould growth will arise, allowing preventative intervention before repair costs or tenant health issues escalate.

The firm’s lead investor is Mactaggart & Mickel Investments, the investment arm of the Scottish housebuilder. The other two corporate investors are the Scottish Investment Bank – the investment arm of Scottish Enterprise – and an unnamed “US-based global leader in internet-of-things technologies”, in addition to several individual investors.

Entrepreneur Dane Ralston, who is the founder and managing director of iOpt, said: “After three years of being in business we’re able to fully realise the potential of our product and the difference it can make to asset managers in the running and maintenance of properties; significantly reducing their maintenance bills and extending the life of their assets.”