Seven innovative start-ups have received significant funding from Praetura Ventures and NPIF II.
- The funding comes from the inaugural PraeSeed cohort, aimed at boosting northern innovations.
- Each company selected reflects a commitment to advancing robotics and artificial intelligence.
- The programme highlights diversity, with a focus on supporting businesses with diverse founders.
- Northern Powerhouse Investment Fund II is the financial backbone of this initiative.
In a major boost to northern innovation, Praetura Ventures and NPIF II have awarded £1.4 million to seven promising start-ups. This funding is part of the first PraeSeed cohort, designed to identify and nurture early-stage investment opportunities in robotics and artificial intelligence across the north.
The start-ups benefiting from this financial injection represent a diverse array of technologies and services. Robotiz3d, a University of Liverpool spinout, has developed products aimed at detecting and repairing road faults. Their innovations include autonomous vehicles and a specialised camera system, aiming to streamline maintenance processes.
CCI Photonics, a Lancaster University spinout, is advancing medical technology with their InfectiScanTM. This point-of-care diagnostic tool aids clinicians in identifying infection types, enhancing antibiotic prescription accuracy and aiming to reduce antimicrobial resistance.
North AI, based in Manchester, utilises artificial intelligence to support media and entertainment businesses. Their solutions help in smarter commissioning and licensing decisions, optimising operational efficiencies.
Also from Manchester, Aquaint has created an app improving workflow for hospitality staff. This tool facilitates communication on crucial aspects like allergens and task management, enhancing overall operational effectiveness.
In Whitehaven, ScrubMarine is engineering a submersible vehicle to clean marine vessels. Their technology targets biofouling, addressing the issue of marine organisms compromising vessel efficiency.
BidScript in Warrington is transforming bid management through machine learning and AI. Their software simplifies the resource-intensive tendering processes for organisations, promising significant time savings.
Finally, WAC has developed a consumer-focused app empowering hourly workers to track their work hours accurately. Such functionality ensures fair payment and enables resolution of payment discrepancies efficiently.
These businesses not only represent technological advancement but also a commitment to diversity. A remarkable 29% of these start-ups have a female founder, and 86% have at least one founder from a BAME background. Jessica Jackson, the Investment Manager at Praetura Ventures, noted the outstanding level of innovation and diversity demonstrated by the final cohort.
The Northern Powerhouse Investment Fund II, which has allocated the resources through Praetura’s equity finance, aims to stimulate economic growth across the north. It provides financial backing with loans from £25k to £2m and equity investments reaching up to £5m.
Plans for the next PraeSeed cohort are already in motion, with a launch anticipated in March next year.
This funding initiative underscores the thriving climate for innovation in the north, with diverse and dynamic start-ups poised for growth.
