Concirrus Receives £3.0M Investment from Imperial Innovations
Summary
Concirrus Ltd, a London, UK-based Internet of Things (IoT) solution provider, received a £3.0m investment from Imperial Innovations Group plc (AIM: IVO).Innovations now holds a 28.6% stake in the company and will take two board seats alongside the founders, one for Ventures Director Kelsey Lynn Skinner and one for Innovations’ Venture Partner Chris Gomersall (formerly CEO of Acunu, a data analytics company).The company intends to use the funds to build out its suite of products for the vehicle insurance market and fund expansion of the sales team to capitalize on existing channel partnerships.Founded in 2012 by Andrew Yeoman (CEO) and Craig Hollingworth (Corporate Development), Concirrus provides fully integrated business solutions built on a scalable cloud-based platform that enables customers to gather and analyze IoT data and use it to improve and create innovative businesses and processes.Last year, the company provided connected solutions in a range of business applications, including asset monitoring, predictive maintenance, fleet management and vehicle insurance.