Topolytics has received £1.5m in funding to help launch its WasteMap solution and extend the business commercially.
The Edinburgh-based data analytics platform, which is trying to make the world’s waste visible, verifiable and valuable, was backed by several high net-worth investors, along with a grant from UK Research and Innovation.
The business targeted private investors who would bring experience of scaling data analytics and software-as-a-service businesses globally. The seven individuals are based in the US and UK.
Michael Groves, chief executive of Topolytics, explained: “We have a growing global reputation for the insights available through our WasteMap platform, which helps waste producers and recyclers to drive resource and cost efficiencies, to trace the movement of waste and measure their impact, whilst validating performance and improving the quality and reliability of ESG and carbon reporting .
“It is a privilege to be working with some leading players in their sectors, UK and international businesses alike, that see great commercial and environmental benefit from taking a fresh look at waste.”
Jane Stewart, director of Topolytics, added: “We’re delighted to secure investment from high net-worth investors who bring significant depth of experience in globally scaling data analytics and software businesses.
“It’s a privilege to get the backing of such high calibre individuals from both sides of the Atlantic to support our international growth.“
The funding should drive development of the platform and support the company’s UK and international expansion plans.