Seven innovative startups are sharing a significant £1.4 million investment from the inaugural PraeSeed cohort.
- The investment was facilitated by Praetura Ventures and NPIF II, aiming to nurture early-stage companies in Northern England.
- Robotiz3d, a University spinout, introduces groundbreaking technology for road maintenance.
- Lancaster University spinout, CCI Photonics, develops a crucial tool for reducing antimicrobial resistance.
- The diverse group of funded startups highlights impressive female and minority representation.
The inaugural PraeSeed cohort, orchestrated by Praetura Ventures in partnership with the Northern Powerhouse Investment Fund II (NPIF II), has allocated an impressive £1.4 million to a selection of seven promising startups. This funding aims to stimulate economic growth and innovation in Northern England, with a focus on nurturing early-stage companies.
Among the funded ventures is Robotiz3d, a SciTech Daresbury-based spinout from the University of Liverpool. This company has developed a suite of innovative products designed to detect and repair cracks and potholes, featuring two autonomous vehicles and a specialized camera system. This technology promises to revolutionize road maintenance and improve efficiency.
Also benefiting from this investment is CCI Photonics, a Lancaster University spinout working on a point-of-care test called InfectiScanTM. This test is poised to assist clinicians in accurately identifying infection types, thereby facilitating the prescription of appropriate antibiotics and combating antimicrobial resistance—a significant concern in healthcare today.
Another recipient, North AI in Manchester, is using its AI capabilities to aid media and entertainment companies in making smarter decisions regarding commissioning and licensing. By employing artificial intelligence, North AI positions itself as a leader in optimizing media-related processes.
Aquaint, also in Manchester, offers a user-friendly app to streamline workflows and ensure compliance within the hospitality and food service sectors. This tool enhances communication and management from allergen tracking to task management, demonstrating broad applicability and necessity.
ScrubMarine of Whitehaven, Cumbria, is engineering a submersible remotely operated vehicle (SROV) aimed at cleaning marine vessels plagued by biofouling, such as algae and barnacles. This innovation addresses a critical need in vessel maintenance, potentially saving significant costs and extending vessel lifespan.
BidScript, based in Warrington, is on the forefront of bid management, utilizing machine learning and AI to transform the tendering processes for organizations engaged in resource-heavy bid and tender activities.
WAC, a B2C employee application, empowers hourly workers to track and validate work hours, ensuring accurate payments and providing a mechanism for reporting discrepancies to employers, thus enhancing fair labor practices.
A remarkable aspect of the PraeSeed initiative is its emphasis on diversity, with every business in the cohort boasting a diverse founder. Notably, 29% of these ventures were founded by women and 86% by individuals with a BAME (Black, Asian, and Minority Ethnic) background, signaling a noteworthy commitment towards inclusivity.
Jessica Jackson, Investment Manager at Praetura Ventures, expressed pride in the diversity and innovation showcased by the chosen startups. “Our intention was always to invest in a limited number of companies that truly stood out,” she stated, emphasizing the remarkable talent and commitment to growth demonstrated by these enterprises.
The Northern Powerhouse Investment Fund II, backing the PraeSeed program through NPIF II – Praetura Equity Finance, extends its support across Northern England. It provides financial assistance ranging from £25k loans to £5m equity investments, fostering an environment where emerging companies can thrive and expand.
This significant investment not only nurtures innovation but also champions diversity in the startup ecosystem.
