Swansea IoT firm receives six figure investment
Connected technology firm Vortex IoT has received a six-figure investment package from the Development Bank of Wales to accelerate international growth.
The Swansea-based company builds Internet of Things sensors and networks for environments with hostile conditions and limited supply, such as heavy industry, smart infrastructure and rail infrastructure.
With the investment, Vortex IoT plans to expand its international presence, secure new clients in the UK and abroad and grow its team from 15 to 30 by the end of the year.
Adrian Sutton, managing director of Vortex IoT, said: “The nature of our business means that we could have set it up anywhere in the world.
“However, the funding environment in Wales is extremely positive and conducive to encouraging SMEs in the tech sector to thrive which was a real incentive for us when we were making the decision about where to locate our head office.
“This investment from Development Bank of Wales will help us continue to build on our national and international growth, raising awareness of the business and our unique, innovative IoT solutions.”
Vortex IoT has already witnessed significant growth, having recently opened a satellite office in Singapore and expanded its reach into the Association of South East Asian Nations (ASEAN).
As well as working with the likes of Tata Steel, Dell Technologies, Network Rail, BT and Hitachi, Vortex IoT is also collaborating with Swansea University on the Factory of the Future project.
Dr. Richard Thompson, senior investment executive at Development Bank of Wales Technology Ventures Team, said: “We’ve worked with over 70 tech businesses based here in Wales. Vortex’s offering is innovative and unique and I’m confident that with this funding, the company will go on to create products that change the way that many industries operate.”
Professor Johann Sienz, of the College of Engineering at Swansea University, added: “Vortex IoT is an excellent addition to the Swansea Bay City Region, and we’re looking forward to a long and highly fruitful partnership.
“The Factory of the Future is a platform to develop, demonstrate and accelerate innovation for smart manufacturing for increased productivity and competitiveness of the manufacturing industry.
“Our early work to bring the company’s innovative products into close collaboration with the College of Engineering’s research, expertise and talent pipeline promises to facilitate development of new opportunities with other regional industrial partners, which wouldn’t otherwise be possible.”