Thebeyond, a new tech hub in Glasgow claimed as Europe's largest, has secured £2.5 million in funding from Federated Hermes, the owner of Skypark Glasgow.
Launched earlier this year, the hub, created by Smart Things Accelerator Centre (STAC) at SkyPark, Finnieston, is aimed at boosting the Scottish internet of things (IoT) industry.
Federated Hermes has already invested 'significantly' in the site, and said it now plans to develop a major European technology center in the coming two years, closely linked with local universities as well as wider industry.
A new 10 year lease has been agreed, and thebeyond is now opening two suites in Glasgow’s Skypark, extending to around 20,000 sq ft.
"I cannot overstate the invaluable financial and strategic support we’ve received from Federated Hermes and Skypark. Their £2.5 million investment in ‘thebeyond’ underscores their dedication to creating an environment where emerging technologies can flourish and revolutionize industries," said Gregor Aikman, co-founder and COO of STAC.
"STAC’s expansion into thebeyond will take acceleration to the next level."
Thebeyond will include a fully-furnished electronics lab, fabrication lab, and R&D maker-space, as well as a media lab and co-working space and event spaces.
Aikman revealed that, since its launch, environmental organization Nudge Innovations is on the verge of launching its inaugural product.
"Through access to STAC’s prototyping lab and Skypark’s comprehensive facilities, Nudge Innovations, one of the companies in the STAC cohort, has rapidly advanced its growth trajectory," he said.
"With mentorship from STAC’s industry-led programme, STAC Scale, Nudge have expedited their journey to market. Contributions from STAC sponsors Pivot International and Eurofins, alongside founding partners Filament PD & BODE Studio, have been instrumental in this progress."
The development comes as part of a partnership between the UK government, Glasgow City Council, and STAC, which aims to transform Glasgow into Europe’s largest IoT hub.
It will focus on industrial, lifestyle, health, and sustainability applications, with the aim of attracting as many as 100 companies by the end of 2024.
"Glasgow can be a powerhouse in the key technologies that will enhance life and industry for the next decades," said Paul Wilson, CEO and co-founder of STAC.
"As we build the leading tech cluster around STAC's thebeyond we will gain a reputation and attract international investment. That's the goal, ambitious and realizable. We believe thebeyond will be Europe's largest Smart Things and IoT space."
Glasgow is fast emerging as a leading UK tech hub, with the city council recently giving permission for Bruntwood SciTech to revamp the city’s Met Tower to create a large-scale startup incubator.
Earlier this month, JPMorgan Chase opened a new 270,000 square foot office in the city, offering software development facilities to the firm and its clients worldwide.
Similarly, late last year FinTech Scotland, the University of Glasgow, and the University of Strathclyde launched the Financial Regulation Innovation Lab (FRIL) in the city, working with the financial services industry to examine technology-based regulatory products and services.
