Topolytics, an award-winning data analytics platform that has created a digital waste tracking system, has received a £1.5m funding boost.

The investment enables the Edinburgh company to launch its WasteMap solution and extend the business commercially with new and renewed contract wins in 2023.

The money comes from seasoned high net worth investors and a grant from UK Research and Innovation (UKRI).

Michael Groves, CEO of Topolytics, said: “Topolytics has a growing global reputation for the insights available through our WasteMap platform. It helps waste producers and recyclers to drive resource and cost efficiencies, to trace the movement of waste and measure their impact, whilst validating performance and improving the quality and reliability of ESG and carbon reporting.

“It is a privilege to be working with some leading players in their sectors, UK and international businesses alike, that see great commercial and environmental benefit from taking a fresh look at waste.”

Jane Stewart, director of Topolytics, said: “Topolytics is delighted to secure investment from high-net-worth investors who bring significant depth of experience in globally scaling data analytics and software businesses.

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“It’s a privilege to get the backing of such high calibre individuals from both sides of the Atlantic to support our international growth.”

The business targeted private investors who would bring experience of scaling data analytics and SaaS (Software as a Service) businesses globally.

The seven individuals are based in the US and UK, and a number of the US-based investors have built, scaled and exited billion-dollar financial data companies.

Others are noted players in private equity and investment banking, with track records of investing in and supporting high growth software and data companies.

The individuals were attracted by the ambition of Topolytics to build a global data driven insights business in the waste and materials sector, which is ripe for innovation.

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WasteMap is becoming the defacto platform for waste producers and the waste sector to process and analyse complex waste ‘supply chain’ data across multiple sites, regions and countries.

The funding enables the company to accelerate development of the platform and support its UK and international expansion plans.

In 2020, Topolytics created a prototype of the UK government’s mandatory digital waste tracking system and was named best Technology Innovation at the UK Recycling Awards. In 2022, Topolytics was chosen as a leading innovator for the global Circulars Accelerator run by the World Economic Forum and Accenture.