Friday, May 20, 2022
BusinessTech company secures £2m investment to open Edinburgh product hub

Tech company secures £2m investment to open Edinburgh product hub

A TECH company that utilises artificial intelligence (AI) to enable businesses to build the “workforces of the future” has chosen Scotland for further growth.

London-based KultraLab will open a new hub in Edinburgh after it received more than £2m investment from Scots investment syndicate, Kelvin Capital, and Scottish Enterprise in a move that will create up to 25 jobs.

The Edinburgh site will act as what KultraLab is calling its ‘Product Hub’, consisting of teams from their engineering and product development departments. 

It is seen as being central to KultraLab’s plans to deliver its unique Behavioural Change Platform to its clients.

Steve Baggi, Founder and CEO of KultraLab.
Founder and CEO Steve Baggi said there is “massive space” for companies like KultraLab to help manage changes to the workforce.

Steve Baggi, Founder & CEO of KultraLab, said: “The way in which people work has changed dramatically, around the globe and in every sector

“This is a massive space for companies such as ours offering services to help organisations manage these changes.

“We have a number of major advantages: everything we do is driven by science, and we focus closely on the consumer sector, where we have extensive and long-standing connections. 

“With our new funding we are well placed to reach scale very quickly.”

Formed in 2019, KultraLab’s platform aims to transform how employees engage, learn and perform by combining behavioural science, mobile communications, AI personalised learning and cultural and performance analytics. 

The solution put forward by KultraLab, which employs 25 staff, has been validated by more than 100 consumer businesses.

Stuart McKee, Chairman at Kelvin Capital said: “KultraLab’s highly experienced management team has rapidly created a new technology that has already secured major buy-in from the consumer sector and is set to accelerate its growth with this new investment. 

“Choosing Edinburgh as its location for product and technology development is a tremendous endorsement of the skills available to the marketplace.

“We are delighted to be early-stage backers of the business and its board and look forward to working with them to achieve their ambitious plans.”

KultraLab is the latest company to choose Scotland to achieve its growth ambitions. 

Scottish Government Business Minister Ivan McKee appeared at the 2022 World Forum for Foreign Direct Investment in Edinburgh earlier this week.

Here he announced that Scottish Development International (SDI), the international arm of Scottish Enterprise and partners supported 113 inward investment projects in FY21/22. 

39 of these were new investor projects choosing to locate in Scotland for the first time.

In total, the figures showed SDI, together with its enterprise agency partners, helped secure more than 7,500 planned real living wage jobs for Scotland through inward investment in FY21/22.

Mr McKee said: “Businesses which invest in Scotland tend to stay in Scotland, and I hope KultraLab will be no different.

“Our unparalleled package of support for businesses and our Team Scotland approach ensures a route to a strong economy with good, secure and well-paid jobs.

“Scotland’s economic potential is huge, we want to establish ourselves as a nation with a culture that encourages, promotes, and celebrates activity in every sector of our economy.

“The Scottish Government is committed to supporting KultraLab, and other inward investors, to achieve their ambitions here, in strong alignment with our commitment to a wellbeing economy and prosperity for all.”

Mark Hallan, Director of Global Investment at Scottish Enterprise, said: “The decision by KultraLab to open an engineering hub in Edinburgh underlines just why so many innovative companies choose to grow in Scotland.

“KultraLab was attracted to Scotland due to our incredibly talented workforce and world-class universities. 

“Alongside the supportive business environment, this is what makes Scotland stand out from the rest of the crowd.

“Scottish Enterprise’s investment will allow KultraLab to develop its exciting Behavioural Change Platform in Edinburgh and we look forward to working with the company as part of our plans to deliver sustainable, long-term economic growth.”

Kevin Lyon, Non-Exec Chairman at KultraLab, added: “We are excited to be partnering with Kelvin Capital and Scottish Enterprise.

“This partnership will give us access to Scotland’s talent and technology experts which will help power our growth.”

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