finance

EIT Digital attracts €6m of new investment to Scotland



European innovation organisation EIT Digital’s satellite office in Edinburgh has made €6 million worth of new investment to commercialise innovative digital products.

Inward investment in EIT Digital-backed Scottish companies is set to double on a year-on-year basis, with plans to forge new international channels for collaboration and commerce for the Scottish digital sector.

The programme seeks to encourage collaborations between international business and Scottish universities via new programmes focused on fintech, privacy and 5G communication.

Among the young Scottish enterprises recently selected for investment by EIT Digital are Uhuru United, a company bringing new technology-driven intelligence to the fish farming sector, working in conjunction with Softbank Telecom Europe and Signify Netherlands; and Waire Health, a company based in Edinburgh which develops wearable devices for Covid-19 diagnostics and monitoring.

The Scottish office – located in the Bayes Centre in Edinburgh – was opened in April 2019 with backing from Scottish Enterprise, the Scottish Funding Council, Highlands & Islands Enterprise, the University of Edinburgh, Edinburgh Innovations and Fintech Scotland.

The European innovation organisation’s UK director Morgan Gillis said: “EIT Digital is very pleased with the take-up of its programmes in Scotland and delighted to be deeply involved in the international development of Scotland’s digital economy across a range of sectors.”

Minister for trade, investment and innovation Ivan McKee said: “EIT Digital’s investment in Scottish businesses commercialising innovative new digital products is helping drive forward Scotland’s digital economy.

“I’m pleased to see their work is helping the Scottish digital sector to achieve its economic potential and increasing overall economic resilience by fostering EU partnerships in the face of Brexit and Covid-19.”



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