Internet of Things start-up iOpt has received a £600,000 investment boost in a seed funding round.
The Glasgow firm's technology allows managers of large property portfolios to remotely monitor environmental factors such as carbon emissions, health hazards and the need for repairs.
It says its data analytics software, sensors and IoT technology will allow social landlords to spot whether tenants are suffering from fuel poverty or at risk from damp or mould.
The £600,000 has come from lead investor Mactaggart & Mickel Investments, the Scottish Investment Bank (SIB) and an unnamed US-based global leader in IoT technologies.
iOpt says the money will be used to go ahead with scale-up plans which will create of six jobs over the next two years.
Dane Ralston, founder and managing director of iOpt, said: "We're absolutely delighted to receive this funding which will allow us to scale up to the next stage. 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.
"Ultimately iOpt gives asset managers the visibility to make smart, informed operational and strategic business decisions. However, we're also very excited that iOpt has the ability to aid vulnerable tenants who may be struggling with fuel poverty by spotting changes in their environment and identifying the necessary steps to help improve their living conditions."
iOpt is already working with Renfrewshire Council, BRE (Building Research Establishment) and Maryhill Housing in Glasgow.
Its IoT technology willl come into its own with the spread of 5G networks, which launched in Edinburgh and five other UK cities today.
Paul McAninch, managing director at Mactaggart & Mickel Investments, said: "iOpt is an ingenious business innovation, with considerable potential for growth, whilst helping to drive welcome sustainability improvements within the housing and property sectors."
Kerry Sharp, director of the Scottish Investment Bank, the investment arm of Scottish Enterprise, said: "I'm pleased SIB has invested in iOpt alongside Mactaggart & Mickel Investments. The broad range of expertise, together with the funds the investors bring, will enable iOpt to realise its scale-up ambitions over the coming years."
