Growth on the cards as Scots tech outfit Siccar secures £1.3m funding led by Par Equity
A Scottish firm whose technology helps power digital transactions is set for further growth after attracting a seven-figure investment.
Siccar, formerly Wallet Services, said the £1.3 million would help strengthen its product development and customer teams as the business builds on its success in two industry sectors.
In high value manufacturing the Siccar platform has enabled secure sharing of data along complex supply chains – known as industry 4.0. In the oil and gas industry, for example, it allows manufacturing records to be generated and assured collaboratively.
The platform has also been tested across Scotland’s public sector around student support, disability entitlement and health and social care interaction. The technology has helped remove the need to repeatedly provide personal details to multiple government agencies.
The company – founded in 2016 – has worked with the National Manufacturing Institute of Scotland and gained support from the Oil and Gas Technology Centre to refine its products for the manufacturing industry.
Aidan MacMillan, investment manager at Par Equity, the investment house leading the funding boost, said: “We were attracted to Siccar because of their unique approach, which enables the people who really understand the problem, the customers, to use distributed ledger tech as a tool to solve real pain points. The Scottish Public Sector alone has over 100 agencies that need to connect in a way that everyone can trust. Covid-19 has accelerated the move towards online eServices around the world and Siccar has the solution they need.”
Siccar founder Peter Ferry said: “In funding the next stage of our growth we’ve found a partner with a depth of experience and connections across the industries we’re working in.
“We’ve access to Par Equity’s network and direct recent industry and technology knowledge. Their support will help ensure that we are able to build on our existing momentum to rapidly grow a successful business.”
With the investment the company will expand its executive team to include marketing expertise, customer engagement capability and product and technical resource as it refines its platform.
The Siccar platform is said to address the issues of data protection, consent and accountability, using distributed ledger technology.
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