A new investment fund has been launched in Scotland to support internet of things (IoT) and robotics startup companies, marking a significant step forward in the country’s tech ecosystem. The fund, announced in October 2024, is being spearheaded by Glasgow’s Smart Things Accelerator Centre (STAC) and aims to provide promising startups with up to £150,000 each.
The STAC Invest Syndicate, as the fund is called, will connect private and angel investors with high-growth potential companies in various cutting-edge fields, including robotics, drones, edge computing, advanced materials, and artificial intelligence.
STAC 5 commences in early December, with applications for entry to the latest cohort of 15 companies open on 14th October. Support and access to labs and working spaces will be made available to the successful companies at STAC’s newly opened ‘thebeyond’ campus in Glasgow.
This initiative comes at a time when the global robotics market is experiencing rapid growth, with projections suggesting it could reach $283 billion by 2032.
Paul Wilson, CEO of STAC, emphasised the importance of this development. He commented:
“The investment fund, which will increase in size over time, is a significant step forward in our mission to develop scaled, internationally competitive startups. When you look at the best accelerators around the globe – names such as Y Combinator, Techstars, Plug and Play – they recognise that investment is a key component of tech scaling, and that combining mentorship with investment leads to improved investor returns.”
In conjunction with the fund’s launch, STAC has announced a strategic partnership with Heriot-Watt University’s National Robotarium. This collaboration aims to provide enhanced acceleration support for robot and autonomous systems startups across Scotland, utilising co-working spaces in both Glasgow and Edinburgh.
Stewart Miller, CEO of the National Robotarium, commented on the partnership:
“This collaboration will not only drive economic growth but also address critical challenges in sectors like healthcare, energy, and manufacturing. Together, we’re ensuring that Scotland, and indeed the UK, becomes an active producer in the global robotics revolution, rather than just a passive bystander.”
The launch of this fund aligns with global trends in robotics and automation. Industry experts are forecasting an uptick in robotics orders for 2024 and 2025, following a period of digestion in 2022 and 2023.
The International Federation of Robotics (IFR) predicts a new worldwide annual installation record of over 600,000 robot units, highlighting the sector’s growth potential.
With the robotics sector primed for further growth in 2024, Scotland appears well-positioned to capitalise on this burgeoning market.
