An Argentinian drones business is set to open its UK office in Cornwall after raising £1.55m in its latest funding round.
Robotics firm Uali supplies its AI-powered devices to firms in the oil, gas and sustainable energy sectors to provide data analysis and monitoring of large assets, such as wind turbines or rigs. It counts Shell, Telefonica and YPF among it clients.
The company, which also has an office in Spain, will be based at the Newquay Aerohub, where it will have a drone testing facility. Uali said the move would bring 20 jobs to the area over the next three years.
Chief executive Ian Bogado said: “We’re a global company who see positioning ourselves in Cornwall as a smart move. It will help us seek out local talent and deliver what we need in terms of research and development.
“Additionally, Cornwall has five airfields available for us to test our existing and new products. We’re really excited to expand our UK operations and get our new team on board to help us further disrupt existing tech in a very fast-growing market.”
During the raise Uali secured a £625,000 investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
The £40m CIOSIF provides debt and equity finance from £25,000 to £2m to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the area’s Local Enterprise Partnership (LEP).
Anna Staevska, investment manager at the FSE Group, the appointed CIOSIF fund manager, said: added: “Uali’s technology offers a real solution to a problem faced by anyone with a hard-to- reach asset, meaning their growth potential is fantastic. We’re delighted that such a strong company has seen the many advantages of basing themselves in Cornwall.
“Uali’s proven track record, agile team and impressive customer base makes them an attractive investment proposition and we are glad to welcome them to our growing CIOSIF portfolio.”
Paul Jones, senior manager at the British Business Bank, added: “The investment by CIOSIF has helped attract an innovative international business to Cornwall, that is committed to recruiting locally and developing a collaborative programme of research and development in the region. We look forward to its further growth.”
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