Bellrock Technology has appointed Steve Langmead as its new chairman, as the data analytics innovator gears up for a landmark year which will include the next stage release of its revolutionary Lumen software.
Steve Langmead joins the board of the Glasgow-based company, which has also welcomed a fresh injection of £1 million from its long-term investors – allowing Bellrock Technology to double its workforce to 16.
An experienced technologist and innovator, Mr Langmead brings significant business expertise to Bellrock Technology, a University of Strathclyde spinout co-founded by Chief Executive Adam Brown and Chief Technology Officer Professor Stephen McArthur.
He said: “Bellrock Technology is a significant part of the future of data science. Its Lumen software product stands on the threshold of delivering revolutionary change across all sectors – healthcare, oil and gas, public sector, manufacturing and finance – when it comes to data science and the speed, scale and cost of its deployment.
“Put simply, with Lumen, a company can deliver high-quality data science in minutes and hours, compared to existing methods that take weeks and months. Saving companies significant costs whilst improving their speed and effectiveness of decision making.”
Bellrock Technology was spun out from Strathclyde’s Institute for Energy and Environment in 2012, where its proprietary technology Lumen was developed from research led by Professor McArthur.
The university remains one of three long-term investors – along with the Scottish Investment Bank and Stirling-based ESM Investments, whose owner Steven Morris is on the Bellrock Technology board.
Mr Langmead said the seven-figure sum was a huge vote of confidence in Bellrock Technology and its future direction. Already the company has seen energy giants such as EDF subscribe to Lumen to help improve the monitoring of its UK nuclear reactors and supporting equipment.
He said: “EDF recognises just how powerful an asset data is. Thanks to Lumen, they can interpret data which enables them to maximise the value from their assets.
“I believe Bellrock Technology has the opportunity to become a pivotal player in a huge range of sectors, not just energy but financial services, oil and gas, smart cities and smart manufacturing. It provides a golden opportunity for companies to transform their data operations.”
Steven Morris said: “Data analytics is becoming increasingly important to fast growing businesses across all sectors. Bellrock Technology’s Lumen software product has the potential to have a seismic impact on the pace and value that businesses can derive from their data. ESM Investments has always seen the huge value of the Lumen product, and looks forward to seeing this value come to fruition.”
Kerry Sharp, Director, Scottish Investment Bank, said: “With our continued support, we believe Bellrock Technology and Lumen will provide huge value not just to businesses in Scotland but across the UK and around the world.”
Stuart Mackenzie, from the University of Strathclyde’s Investment Team, said: “The University has made over 40 investments in technology companies with Strathclyde connections, many based in the Glasgow City Innovation District, and is delighted to have participated in the latest funding round at Bellrock Technology.
“Bellrock Technology and Lumen are excellent examples of the way in which technology, developed at Strathclyde to address the needs of one industrial sector, can have much wider applications. The University is confident that the latest version of Lumen will take the value added by data analytics onto a new level. and will also add significant value for Bellrock Technology investors.”