Transatlantic law firm Womble Bond Dickinson (WBD), which has its largest office in Newcastle, has advised IOTech Systems Limited (IOTech) on its seed capital raise with Dell Technologies Capital.
The seed funding, combined with R&D funding received from Innovate UK, will provide IOTech with around $2,5 million of investment to allow IOTech to accelerate the delivery of industrial IoT Edge Technology. IOTech is a global B2B software products company developing and marketing computing platforms and software products for the Industrial Internet of Things.
The deal was led by WBD's Corporate & Commercial Services' team led by Anna McGill, Managing Associate and Krish Dholakia, Solicitor.
WBD's Corporate Team have been involved with IOTech since its incorporation in spring last year, advising on founder subscriptions and investments throughout the last twelve months.
Anna McGill, Managing Associate at Womble Bond Dickinson, commented:
"We are delighted to have advised IOTech on this investment from a Dell-owned investee company. It was a pleasure working collaboratively with the team at IOTech and we look forward to seeing IOTech continue to gain market traction with Dell Technologies Capital and Innovate UK's support."
Keith Steele, CEO at IOTech Systems Limited, said:
"We are delighted to have completed this seed capital fundraising with the assistance of the team at WBD. It was a pleasure working with Anna and Krish and we have been really impressed with the combination of specialist knowledge and practical advice. This has prepped us for the next 12 months which is a crucial time for IOTech to support the growing EdgeX developer community."