Data solutions and property technology firm, Utopi, has secured a further £5 million from the Scottish National Investment Bank. The investment is supporting the Glasgow-based company to secure and resource several long-term income contracts.
Utopi’s technology collects data from multi-tenant buildings, tracking and measuring six different performance indicators: temperature, humidity, air quality, light, noise, and motion.
SNIB invested £5m in Utopi in 2023, which helped the business grow from 12 employees to 55 and supported a 500% revenue growth in the first year.
Utopi has been named one of the fastest growing companies in Scotland and the latest investment will help the company’s next phase of development. This includes an initial contract with global real estate company, Mapletree Investments, to provide electric panel heaters and smart sensors for 1,500 student rooms within its UK student housing properties.
Jonathan Burridge, CEO and co-founder of Utopi, said: “The support and investment provided by the Scottish National Investment Bank have been transformative for Utopi.”
Richard Skillen, director of investment portfolio management at SNIB, said: “Scale-up companies have huge potential to transform the Scottish economy. Utopi is a great example of what this looks like.”
Utopi currently operates across 13 countries, managing data in more than 58,000-spaces, over 30,000 of which are in purpose-built student accommodation, a key market for the company.
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