CMS advises on investment in space technology start-up
CMS has advised the Scottish National Investment Bank in relation to its investment into satellite-enabled connectivity start-up, R3 IoT Limited.
The bank invested alongside US-based venture capital fund Space Capital in a round that closed at approximately £3.1 million ($4.3m).
Other investors who participated in the round included the University of Strathclyde, alongside a number of individuals in the US, including Ryan Johnson, former CEO of BlackBridge; Nathan Kundtz, CEO of Rendered.ai; and Loren Padelford, former GM of revenue at Shopify.
Led by space technology experts Allan Cannon and Kevin Quillien, R3-IoT addresses challenges organisations face in digitising business operations, products, and services due to a lack of, or unreliable communications infrastructure.
The CMS team was led by Glasgow corporate partner Graeme Bruce, who was supported by associate Alastair McNaughton.
Mr Bruce said: “We are delighted to have assisted the bank in this exciting investment and wish R3 IoT all success.”