Funding Rounds, end of remote work and growth in the Scottish tech sector!
In May, we marvelled at the Met Gala’s dazzling fashion, stayed up late for the Northern Lights, and observed ground-breaking advancements in the tech world.
This month’s edition of RecruITing News delves into an announcement of significant funding for Edinburgh-based start-up Malted AI , a drop in remote working opportunities, and good news for the wider Scottish Tech industry.
Let's dive in!
Scottish AI start-up raises funding
Edinburgh-based AI startup Malted AI has secured £6 million in funding to develop smaller, bespoke language models for enterprises, addressing the limitations of large models like ChatGPT. These smaller models are designed to be more focused, cost-effective, and efficient for specific business needs, particularly in the financial and legal sectors. The funding round was led by Hoxton Ventures, with participation from the Creator Fund and angel investors. Malted plans to use the funds to enhance its product and expand its team.
Drop in remote working opportunities?
The article discusses the decline of remote work in the tech industry, signalling a shift back towards in-office environments. Post-pandemic, many tech companies are reducing or eliminating remote work options. Companies like Disney and Meta are leading this charge, pushing for more in-person collaboration. Despite this trend, remote work remains somewhat prevalent in tech hubs, university towns, and certain sectors like law and accounting.
This shift is attributed to several factors, including a desire for increased collaboration, productivity concerns, and the ability to better manage and mentor employees in person. Additionally, hybrid work models, where employees split time between home and office, are also declining, particularly in the finance sector.
Overall, while remote work isn't completely disappearing, its prominence is waning, especially compared to the peak pandemic years.
Do you agree with this move and is it similar to what your company is doing?
Rapid growth expected in Scottish Tech-sector
The Scottish tech sector is expected to grow significantly over the next five years, according to a UKTN report sponsored by KPMG. Nearly 80% of surveyed tech leaders foresee rapid growth, with Scotland becoming increasingly attractive for tech start-ups. Key strengths include fintech, health tech, climate tech, and deep tech, though challenges like securing funding and hiring skilled staff persist. Enhanced support for entrepreneurs and educational reforms are seen as crucial for continued growth. The sector already contributes substantially to the economy, boasting around 15,000 firms and 400,000 employees.
The Cathcart Current
Fundraising, new-starts and stag-dos!
In the last month we have raised around £1,000 for charities across three different events. In late April we hosted our inaugural ‘Cathcart Technology Golf Day’ and raised funds for the Edinburgh Children's Hospital Charity . Thanks to Duddingston Golf Club for hosting us, well done to the winners and thanks to all who attended and supported!
We also raised funds via the Cancer Research UK (CRUK) ‘Football Shirt Friday’ initiative, with some snazzy shirts being worn in the office! Just last Friday we had another ‘dress down’ day to raise funds for ‘Cash for Kids’ in Edinburgh, the Lothians, Fife and Falkirk.
In May, we welcomed new recruit Paul McGovern . He has settled in well already and we are looking forward to completing his training and seeing what he can do!
Exciting times also for Lead Consultant Douglas Paget , as he travelled to Berlin for his stag do with many colleagues in tow. He had a great send-off and we wish him well for his upcoming wedding in July!
Happy reading!