SICCAR “connects” with Par Equity to secure a £1.3m investment round
SICCAR has received an investment of £1.3m led by specialist technology investment house, Par Equity.
Scotland-based SICCAR, previously Wallet Services, connect organisations with reliable, protected data. The investment will strengthen its product development and customer teams as the company builds on its success in two industry sectors.
SICCAR aim to empower organisations to remove friction from digital interactions with partners customers and citizens. The SICCAR platform addresses issues of data protection, consent, and accountability, using distributed ledger technology.
In high value manufacturing the SICCAR platform has enabled secure sharing of data along complex supply chains (known as industry 4.0). In the oil and gas industry, for instance, it allows manufacturing records to be generated and assured collaboratively, enabling efficient, high integrity operations and creating cost savings.
The SICCAR platform has also been tested across Scottish Public Sector around student support, disability entitlement, and health and social care interaction. The technology has been used to reduce the burden of evidence for citizens in accessing public services and entitlements – by removing the need to repeatedly provide personal details to multiple government agencies. It also enables support to be targeted proactively to benefit the most disadvantaged in society.
SICCAR was founded in 2016 and benefitted from the Scottish Government CivTech® accelerator, which has a focus on solving the challenges of public sector organisations through innovative SMEs. The company has also worked with the National Manufacturing Institute of Scotland and support from The Oil and Gas Technology Centre to refine its products for the manufacturing industry.
With the investment the company will expand their executive team to include marketing expertise, customer engagement capability and product and technical resource as it refines the SICCAR platform.
Aidan MacMillan, Investment Manager at Par Equity said:
“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.”
Peter Ferry, founder of SICCAR 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. We’ve access to Par Equity’s network and direct recent industry and technology knowledge. Their support will help ensure that we are able to build on our existing momentum to rapidly grow a successful business.”
Colin Cook, Director, Digital Directorate Scottish Government Director of Scottish Government said:
“Wallet Services were one of the first start-ups through Scottish Government’s CivTech accelerator which looks to provide opportunities to companies in the GovTech sector via a range of innovative challenges. Wallet Services worked with CivTech prepare the “Distributed Ledger Technologies in Public Services” report and I look forward to this new investment giving them the opportunity of competing on an international level.”
For more information contact:
0131 460 7768
SICCAR’s mission is is to connect and protect business and society.
SICCAR enables organisations to share sensitive data through one trustworthy digital platform. The platform addresses data sharing problems during interactions between organisations and supply chains as well as between citizens and governmental bodies.
SICCAR uses distributed ledger technology (DLT), to deliver a cyber secure platform for organisations to collaborate on secure reliable data. SICCAR facilitates secure data sharing where data security, protection, integrity and governance are required.
About Par Equity
Par Equity is a leading early stage venture capital firm, based in Edinburgh, investing in innovative technology companies in the North of the UK, with high growth potential. Since it was founded in 2008, Par Equity has invested more than £80m across 60 companies, leveraging a further £125m of capital from third party investors. Par’s investment thesis is to combine the professionalism and rigour of a venture capital manager with the skills and expertise of a broad base of individual investors who can add value throughout the investment life cycle. This investment approach has produced strong and consistent returns across 21 realisations to date.
The firm’s evergreen Par EIS Fund is available to retail investors who want a hands off exposure to venture capital and EIS, providing them with a diversified portfolio of six to eight software and hardware technology companies, with the potential for significant returns.
Most recently Par won the “Highly Commended” award in the Best EIS Fund Manager category at the 2020 EIS Association Awards.