The 2020 report has found that Edinburgh’s investment from 2018-2019 rose from £70 million to £120m.

Tech Nation’s study also revealed that in 2019 Scotland saw £200m total VC investment. A total of £93m was invested in emerging technology, with £25m invested in artificial intelligence.

Welcoming the report, Oliver Dowden, Secretary of State for Digital, Culture, Media and Sport, said: “Investment into Scotland’s tech sector was an impressive £200m in 2019, making it one of the fastest growing industries in the country.

“We are determined to create the conditions digital businesses in Scotland need to succeed and are investing heavily in gigabit speed broadband, 5G, cybersecurity, digital skills, and research and development.” 

Hazel Jane, entrepreneur engagement manager for Scotland at Tech Nation, said: “Scotland’s tech sector is growing fast and is attracting considerable amounts of investment. £93 million was invested in emerging technology in 2019 alone, and £25 million into Artificial Intelligence.

“I’m looking forward to seeing continued growth in Scotland’s tech sector, building on our growing reputation in the fintech sector, and in emerging areas of  technology too, including Healthtech and Spacetech.”

Allan Cannon, co-founder and CEO of start-up R3 IoT, said there is “a definite buzz in Scotland’s tech community”.

He said: “R3 IoT was founded in the summer of 2018, having identified a new approach to delivering remote data from sensors via satellite (Remote Industrial IoT). Although we are still relatively young for a start-up we have great traction and secured some amazing follow on work – in the last 6 months we’ve doubled our headcount and have generated a seven-figure sales pipeline.

“Being based in Scotland has provided us with a great foundation to generate growth. Not only are we surrounded by incredible talent from some of the best universities in the country, we’ve also had some amazing support from the likes of Scottish Enterprise, the UK Space Agency and the CENSIS innovation centre. There is a definite buzz in Scotland’s tech community particularly across Glasgow and Edinburgh and we are excited to be a part of it.”