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Edinburgh-based data tech firm gets £1.3m investment in funding round

Data security firm SICCAR has received £1.3m in of investment in a funding round led by Scottish venture capital firm Par Equity.

The Edinburgh-based fintech firm’s platform addresses issues of data protection, consent, and accountability, using distributed ledger technology.

The investment should strengthen product development and customer teams as the company builds on recent gains in the oil and gas industry and the public sector.

Previously named Wallet Services, the business was founded in 2016 and benefited from access to the Scottish Government CivTech accelerator. It has also worked with the National Manufacturing Institute of Scotland and the Oil and Gas Technology Centre to refine its products for the manufacturing industry.

The company plans to expand its executive team to include marketing expertise, customer engagement capability and product and technical resource. Its 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.

“Their support will help ensure that we are able to build on our existing momentum to rapidly grow a successful business.”

Aidan MacMillan, investment manager at Par Equity, added: “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.”

Published in Insider -