Scottish technology accelerator STAC has announced a $1 million investment round for three Glasgow-based deep-tech companies. The funding supports Quantcore Technologies, Vuabl, and Airspection, operating in quantum computing, property technology, and autonomous drones. This move reinforces STAC's ambition to become a leading UK deep-tech investor from its Glasgow hub.
Fostering Innovation in Glasgow
The three companies recently completed STAC’s intensive 18-month accelerator programme, with Vuabl and Airspection establishing headquarters at its Skypark hub. This investment is a key step in STAC's strategy to make over ten investments annually into its participants. The accelerator aims to transform promising technology into globally competitive businesses without them leaving Scotland.
To further its mission, the organization is now fundraising for its first institutional Deep Tech fund, targeting $20 million to $40 million. This fund will significantly scale its ability to provide crucial backing to Scottish founders and retain local talent. According to STAC, this financial expansion is justified by the strong pipeline of companies emerging from its accelerator.
Pioneering Quantum Technology
Quantcore Technologies, a University of Glasgow spin-out, secured $330,000 in a larger $3.3 million co-investment round. The company is the UK's sole manufacturer of niobium-based superconducting circuits, a critical component for the quantum hardware supply chain. Its technology directly supports the UK government's strategic priority to advance national quantum computing capabilities.
Co-founder Jack Brennan credited the STAC programme with providing invaluable business acumen often absent in academic environments. He highlighted its role in teaching him how to effectively pitch to investors and structure a compelling narrative. This mentorship was instrumental in closing their heavily oversubscribed funding round and building a strong company foundation.
Transforming Property Management
Property technology firm Vuabl received $300,000 to advance its innovative software solution. The company utilizes smartphone LIDAR sensors to scan properties and generate detailed condition reports. These reports cover 3D modeling, energy performance ratings, and early detection of structural issues like damp.
The investment follows a successful pilot with the Wheatley Group, the UK’s largest social housing operator. This funding will support Vuabl's expansion, helping landlords meet increasing regulatory demands for tenant safety and energy efficiency. STAC’s support was crucial for navigating complex enterprise deals and positioning the company against established competitors.
Advancing Autonomous Inspections
Airspection received $400,000 for its autonomous drone technology designed for extreme weather. The drone harnesses wind for energy, allowing it to hover with precision over offshore wind turbines for structural inspections. This innovation significantly reduces the cost, time, and risk associated with sending engineers into hazardous offshore environments.
The technology has broad applications for surveying critical infrastructure like power lines and railways after severe weather. Founder Matthew McLean stated that STAC's mentorship was vital in developing a sales process and securing paid trials. The new investment will enable a full-scale demonstration at an offshore wind farm.
This investment round highlights the diverse and high-impact potential of Scotland's growing deep-tech sector. By backing ventures in quantum computing, smart housing, and clean energy, STAC is cultivating a robust innovation ecosystem in Glasgow. The accelerator's success, having supported over 120 startups, solidifies its role in establishing the region as a global technology hub.