TechWM founder to take new role as CEO appointed
A business body focused on boosting the West Midlands' tech industry has appointed a new chief executive. TechWM founder Yiannis Maos is stepping down from the role to become its new chief strategy and innovation officer, with cybersecurity expert Andy Hague taking over in April. Mr Maos will remain on the organisation's board. TechWM was launched in 2019 since when it has helped businesses raise more than £100 million and inspired thousands of people to get into the tech sector. It runs the annual Birmingham Tech Week festival every October and advises on regional tech policy, making recommendations and creating partnerships between the public, private and academic sectors. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Mr Maos said: "Having hosted our sixth Birmingham Tech Week in October, the largest to date, it feels right to scale TechWM. "It's been an amazing journey, starting with a simple desire to make the tech ecosystem more accessible and evolving into a strategic force for growth. "I'm proud of our journey, from 5,000 attendees at our first Tech Week to recent recognition from giants like IBM and a visit from the Secretary of State. This fuels our ambition to reach a £100 billion tech sector by 2030. "As we transition, our focus will be strategy, innovation and preserving our agile spirit. We'll continue creating opportunities for local talent, ensuring they don't need to move to London. "This is about building a thriving, collaborative community, recognising our collective strength is key to unlocking the West Midlands' tech potential." Mr Hague is a tech entrepreneur and board member with more than 20 years of experience in leading teams. His specialties are cybersecurity and investment funding and he founded Berkshire-based cybersecurity firm Cyberfort Group. He said: "Leading TechWM became an irresistible opportunity after my recent work in industry and government. "My priority is maintaining TechWM's momentum and strategically focusing the team's immense dedication to maximise impact. "Strengthening their ‘can-do' reputation is vital for solidifying TechWM as the key player in public-private tech partnerships. "Yiannis's remarkable legacy, especially Birmingham Tech Week's national prominence, and his continued involvement were crucial to my decision in taking this role.
Cardiff tech venture Nisien.AI boosted with equity investment
An artificial intelligence spinout company from Cardiff University that has developed a platform to identify online harm and enhance moderation is looking to accelerate growth following a significant equity investment. Nisien.AI has been backed in the first co-investment between the Development Bank of Wales and the British Business Bank’s £130m Investment Fund For Wales (IFW). The exact value of the investment, and the ownership stakes taken, have not been disclosed. The IFW is managed on behalf of the British Business Bank, which is the economic development of the UK Government, by fund manager Foresight. Founded less than two years ago by two Cardiff University academics, Professors Matt Williams criminology) and Pete Burnap (data science, AI), Nisien.AI uses scientifically informed technology to detect and respond to online harms, such as online conflict, to support healthy debate and conversations. Nisien.AI, which already has 14 employees, is working with key customers ranging from the top five social media platforms to global brands. The new investment will enable the company to continue to innovate and scale, making key hires and accelerating R&D to develop and bring to market products like its maiden revenue generating product HERO Detect, which deploys AI algorithms to accurately detect and classify harms across online platforms in real-time. In addition to identifying and responding to online harms, the company is also working on new AI products based on emerging scientific evidence on ‘what works’ in building cohesive integrated online spaces. These distinctive products address user/customer retention issues on social media platforms and brand channels, by using a non-censorship approach that protects freedom of expression. These products will support content moderation and longer term healthy online conversation and community integration. This functionality is essential given the polarising debate around issues of freedom of speech, where the current option to censor content is sub-optimal for users, platforms and brands. Alongside the investment, Foresight has introduced an experienced chair, Tony Stockham, to the business. Mr Stockham has worked with Foresight in the past to scale technology businesses and was formerly both an academic and successful entrepreneur in the field of AI. The founders, who are taking on the roles of chief science officer (Mr Williams) and chief AI officer (Burnap) at Nisien, will also remain employees of Cardiff University. They are supported by senior industry hires, including Lee Gainer, former CFO of Wealthify who has joined as chief executive; Dean Doyle, former head of delivery at HateLab, who has joined as chief operating officer and Rhodri Hewitson, former principal engineer at AM Digital, who has joined as head of engineering. Mr Gainer: “It’s an incredibly exciting time to be growing a challenger business in this sector. With the Online Safety Act being implemented soon, we believe the growth potential for Nisien.AI is huge. "With the support of Foresight, the Development Bank of Wales and the British Business Bank, we look forward to accelerating on the great start the business has made since its formation and continuing to grow, creating sustainable new tech jobs here in Cardiff.” Ruby Godrich, investment manager at Foresight said: “We are excited to be working with the Development Bank of Wales on our first joint investment into Nisien AI. We are keen to see the improvements Nisien.AI will provide to online safety and look forward to working together with the Nisien team.” Bethan Bannister, senior investment manager at the British Business Bank, said: “The Investment Fund for Wales was established to provide the financial backing that pioneering and ambitious companies like Nisien.AI so often need, and we are pleased to support their growth plans as they continue to innovate and scale. " The company has certainly established itself as one-to-watch on the Welsh tech scene and we’re looking forward to tracking their success as they continue on their journey.” Hannah Mallen, assistant investment executive at the Development Bank of Wales, said: “Nisien is a great example of a Welsh business working at the cutting edge of a rapidly developing field. Part of our aim at the development bank is to support businesses in Wales with strong growth potential and a positive social impact. "Nisien’s work will be increasingly important in the rapidly evolving and increasingly topical world of social media, and we’re glad to have supported them during this round. We look forward to working with Foresight to support the business.” Advisers: Financial due diligence SME Finance Partners (Chris Thomas). Foresight Legals: Geldards (Alex Butler and Mina Dimitrova isien.AI a pioneering Welsh artificial). Tech due diligence: Woodstreet Research (Cai Gwinnutt). Development Bank of Wales legals: Blake Morgan.
Car rental tech venture Finalrentals accelerating global growth
Car rental tech venture Finalrentals is looking to accelerate its global growth plans following a six-figure equity investment. The Cardiff-based firm, with provides a customer tech platform for car rental businesses globally, has closed a pre-Series A investment round. Its brings it total fundraising to over £1m following its first round in 2022. The latest round was backed by E100 London Business School Angel Syndicate, leading angel investors from both London and the United States, as well as existing backers Since its last funding round, Finalrentals has tripled its revenue, achieving a 300% year-over-year increase, and expanded into over 30 international markets. The company has also grown its global partner network to include more than 500 car rental providers. With this new investment, Finalrentals aims to surpass the £1.1m annual net revenue mark while increasing its global team by 40% to support further expansion. Founder and chief executive Ammar Akhtar said: “This funding is a testament to the strength of our vision and execution. With the backing of our investors, we are poised to redefine the car rental experience, empowering local rental companies with cutting-edge technology, automation, and seamless global reach. We will use this funding wisely and will work towards growth only growth." Finalrentals plans to use the funds to enhance its AI-driven automation, accelerate product development, and expand its international footprint, targeting key markets in Europe, the Middle East, and North America. The car rental sector is worth $100bn globally with Finalrentals well positioned as a key disruptor, bridging the gap between local rental businesses and global travellers through its innovative tech platform. It comes as it has expanded into the lucrative UAE marketplace in a partnership with car rental provider Autorent. The UAE’s car rental industry has experienced significant growth in recent years, driven by an increase in tourism and a growing demand for flexible mobility solutions. Mr Akhtar said; “This partnership will revolutionise the car rental sector in the UAE, providing a seamless and technology-driven experience for customers.”
Fintech unicorn Zopa to double office space as it launches in Canary Wharf
Fintech heavyweight Zopa is poised to double its office space as it plans a move to a new headquarters in Canary Wharf. The upcoming office, situated at 20 Water Street, will sprawl across 44,000 square feet and accommodate Zopa's existing workforce of 900, as reported by City AM. The British digital bank, established in 2020, announced the relocation as part of its preparations for the public launch of its flagship current account and a GenAI proposition designed to "bring humanity and warmth into banking". The fintech firm will be rubbing shoulders with several banking giants already based in the business district, including HSBC, JP Morgan, and Barclays. Iain Kendrick, Chief People Officer, described the move as a 'statement of intent', saying: "Our relocation to a brand-new headquarters at 20 Water Street in the heart of Canary Wharf marks a major milestone in Zopa's growth journey. "This move is more than just a change of address-it's a statement of intent as we change the face of banking in a location previously dominated by the UK's established banking players. "As we continue to scale, investing in a best-in-class workspace reinforces our ambition, culture, and commitment to attracting and retaining top talent." Zopa also revealed plans to install its own neon sign atop the 13-storey building, which boasts an impressive BREEAM sustainability rating. The company's rapid expansion over recent years culminated in it turning a profit in December 2023. The fintech's most recent endeavours saw it teaming up with energy behemoth Octopus to penetrate the energy market, and with retail giant John Lewis to provide personal loans to its 23 million customers.
'Let's build an industry that reflects diversity': Tech leaders speak out on International Women's Day
There’s still some way to go for women in tech despite the progress of recent years – that’s the message from tech leaders in the North West and beyond ahead of this year’s International Women’s Day. Dr Andrea Cullen, CEO and co-founder at Manchester-based cyber skills company CAPSLOCK, said: “After 30 years in the tech sector, I’ve seen progress in breaking barriers, but challenges remain. “When I studied computer science, I was often one of the only women in the room, and that lack of representation made it hard to envision a clear career path. Today, many women still face this struggle. “Confidence, not ability, remains one of the biggest barriers, with women often feeling unheard and undervalued. I’ve seen how men of all ages often push themselves forward while equally capable women hesitate. This isn’t about skill, it’s about how the industry perceives and supports women in tech. Without strong female role models at every level, breaking into and advancing in the field remains difficult. “While diversity is now part of the conversation, real change requires action. We need diversity at all levels, from schools to leadership positions, and recruiters must rethink hiring practices to ensure they’re accessible and not biased towards traditional university routes. An inclusive sector means creating an environment where women are heard, supported and empowered to lead. “Beyond policy and incentives, organisations need practical steps to drive change. Many want to improve diversity but don’t know where to start, so taskforces providing resources on inclusive hiring and workplace culture can make a difference. We must move beyond conversation and amplify women’s voices, break down barriers and build an industry that reflects diversity.” Linda Dotts, chief partner strategy officer at Warrington-based IT enterprise giant SS&C Blue Prism, said International Women’s Day offered a great opportunity to reflect on the state of women in the technology sector and to plan a more inclusive and equitable future. She said: “Fewer than a third of science, technology, engineering and maths (STEM) jobs (29%) are currently occupied by women. The statistics on female representation in the tech industry can be aggressively improved with better career mentoring in our schools and encouragement from leaders in all aspects of education and business. “Despite the remarkable advancements in AI, data and process automation, cloud computing, and a global talent shortage, we continually see so many talented women leaving the tech industry due to lack of career progression opportunities, female role models or company culture. As AI and other technologies continue to influence the business models enterprises create, a broad mix of developer talent representing the enterprises’ customer base will become even more important. “The barriers preventing women from accessing opportunities in science, technology, engineering, and math are not due to a lack of skills, but rather to persistent misconceptions and biases. The challenge lies in building a culture that values and supports the success of women in these fields. It is about creating an environment where women can excel in various roles, from research and development to leadership and innovation and take risks that drive high rewards of achievement. “As the landscape of IT evolves, embracing a new era for sustainability, it is crucial to recognise the skills required are not bound by gender. Women possess a diverse range of talents essential for driving scientific advancements. This year’s UN assembly’s theme for International Women’s Day is ‘Accelerate Action’, which should prompt us to consider how we can increase momentum and urgency in addressing the systemic barriers and biases that women face, specifically in science and technology.” Senior leaders at Manchester e-commerce giant THG Ingenuity also met ahead of International Women’s Day to discuss what can be done to "accelerate action” and to promote gender equality in the workplace. Hannah Pym, chief brand and marketing officer, said: “It’s about consistency, making small and positive change habitual within the workplace. It’s great to use IWD to shine a spotlight on the importance of gender equality, but the critical action is to champion it every day.” Alex Felton-Crawford, VP of alliances & partnerships, said fostering networks and a sense of community “helps women to connect outside of their day-to-day interactions, both cross-functionally and across levels of seniority. These connections break down silos and barriers to build coalitions that can advocate for change and establish safe spaces where women can discuss challenges and share success strategies.” Cat Mellor, director of creative services at THG Studios, said men needed to step up and use their voices to advocate for women. She said: “Whether it’s putting their name forward for big opportunities, backing them in key meetings, or ensuring they’re included in leadership conversations, these actions make a real difference. Training on unconscious bias, inclusive hiring, and workplace behaviour should go beyond theory and lead to real, actionable changes in how decisions are made.” Jo Drake chief information officer at THG Ingenuity, said companies needed to be steadfast in their support for inclusion. She said: “We need to anchor DEI initiatives and policies into business outcomes. Companies with diverse teams consistently outperform those without, so making the business case for inclusion is essential. The key is to integrate DEI into business strategy and not treat it as a standalone initiative that is seen as someone else’s problem.” Chief commercial officer Lucy Cooper said: “We must fuse individual passion with organisational backing. It starts with speaking candidly about the inequalities we see – calling them out without fear – and then championing practical fixes like inclusive hiring panels and continuous leadership development for underrepresented groups. Momentum thrives on results we can see and replicate.”
Tech South West receives government backing to expand growth accelerator
Tech South West, the regional sector support organisation, has secured Government funding to expand its Growth Forge accelerator. The money comes via the Barclays Eagle Labs Ecosystem Partnership Programme and will boost support for technology businesses across the West Country. The 2025 programme includes three specialist growth tracks covering AI, marinetech and cleantech. The expansion follows Growth Forge's successful first year in 2024, which saw participating tech companies secure more than £1.6m in investment and £500,000 in grants. Dan Pritchard, founder of Tech South West, said: “Since Growth Forge launched we have supported founders of dozens of growth-focused companies across the region, helping them secure investment, access grant funding, grow their teams and enhance their business operations. “The introduction of specialist tracks in AI, MarineTech and CleanTech reflects the South West's emerging strengths in these sectors. We’re delighted to be able to expand and deliver the programme with support from a host of exciting partners.” The programme brings together industry leaders including Microsoft, British Business Bank, Bishop Fleming, Ashfords, Howden, Program, Innovate UK Business Growth Programme, Plymouth and South Devon Freeport, and Future Space to deliver expert support. Companies on the programme receive support via one-to-one mentoring, partner consultations, interactive workshops, face-to-face growth days and ongoing founder peer groups. Amanda Allan, director of Barclays Eagle Labs, added: “We are eager to support the growth of the tech sector as much as possible and using our Ecosystem Partnership Programme, we’re allocating funding to organisations like Tech South West who are already plugged into their ecosystem needs. “We are proud to be able to support these projects which are designed to help early-stage tech entrepreneurs. This ensures our on-going commitment to support the tech sector which is vital to the continued growth of local economies across the whole of the UK.”
Dragons' Den success for Choppity after firm's founder dreamed of investment win
County Durham tech firm Choppity braved Dragons' Den and secured investment - and revealed the show success was revealed to them in a dream. Tech entrepreneurs Zara Paul and Aaron Morris, creators of the innovative AI-powered video editing platform Choppity, have successfully secured investment from Dragons' Den. The Durham-based company, which boasts an impressive client list featuring ITN, Autotrader, Turtle Bay, and Sonatype, made a significant impact on the TV show's investors. During their time on the programme, the entrepreneurial pair, who met at university in 2019 and are now married, offered up a 6% stake in their business, sparking interest from three Dragons. Zara, who identifies as non-binary and represented the LGBTQ+ community on the show, commended the inclusive approach of the BBC team, adding: "Knowing the inclusive values the BBC holds as an organisation, it was no surprise to me when the team was extremely accommodating around the use of my pronouns. I hope this encourages more members of the LGBTQ+ community to pursue their ambitions in business." Ultimately, they struck a deal with Peter Jones, who offered £100,000 for a 15% share, with an agreement to reduce it to 12.5% if the investment is repaid by 2025. Zara said: "It was an unforgettable moment to be in that room, presenting something we've worked so hard on. Then to receive three investment offers from some of the UK's top entrepreneurs was just incredible. The night before our pitch, I had a dream that Peter offered us a deal, so when that happened in reality, I couldn't believe it. We're very grateful to the show and the opportunity it gave us." During filming, Steven commented on how excited the pair were to be there, whereas Sara was impressed by them being a collaborative married couple. Post-filming, Choppity and Peter Jones mutually agreed not to proceed with the deal, a scenario not unusual post-filming, reports Chronicle Live. Nonetheless, the founders maintain their enthusiasm for the future post-show, as they prepare to enhance their platform with new editing functions aimed at extending its utility and appeal. Choppity serves as an automated web-based video editor targeting social media, sales, and training videos, simplifying the editing process for businesses and individual creators. Already used by prominent companies, Choppity is seen as an innovative tool in the market. The founding pair have a long history of product development together, with Zara’s background combining computer science, maths, and automation competencies, and Aaron’s expertise spanning computer science, video editing, and graphic design.
OpenAI releases new tools to rival Anthropic's new AI agent
OpenAI has unveiled a suite of tools designed to simplify the creation of autonomous agents that can complete tasks on behalf of users, following Anthropic's recent launch of its AI agent. According to an OpenAI spokesperson, "Building agents is harder than it needs to be," as reported by City AM. To address this challenge, the company behind ChatGPT has introduced five new tools aimed at helping businesses and customers develop and scale agentic AI. These tools enable developers to seamlessly integrate OpenAI's advanced models with real-world tools, such as web search, file search, and computer interaction. OpenAI claims that these tools will empower agents to perform intricate, multi-step tasks. The new tools include a web search function that allows agents to scour vast datasets and interact with computer systems directly. Developers have already utilised this feature in early testing to create research assistants and booking agents, as well as to extract insights from public and private datasets quickly and accurately. The web search tool provides real-time, relevant information with in-line citations to sources. Additionally, OpenAI has launched a file search tool that enables AI agents to search large document databases. Navan, a travel software firm, has leveraged this tool to enhance its AI-powered travel assistant, providing employees with rapid and accurate access to internal knowledge bases. Vodafone has entered into a decade-long, billion-pound agreement with Microsoft, which will see the telecommunications company utilise Microsoft's generative AI, digital and cloud services. The tech giant has introduced a 'computer use tool', a third tool that enables agents to carry out tasks traditionally requiring human interaction with a computer, such as data entry. OpenAI, the creator of ChatGPT, has also launched an 'Agents software development kit (SDK)', an open-source framework designed to facilitate the communication between multiple agents. "These new tools provide developers with an easier path to building and deploying AI agents, enabling applications across various industries", the company stated in a blog post on Tuesday. "By offering capabilities that were once difficult to integrate into agent systems, OpenAI is reducing barriers for businesses looking to harness the power of autonomous AI in real-world applications." These tools follow the launch of two AI agents by the company in January. The first, Operator, was released to independently browse the web for tasks such as booking flights or making online purchases. The second, Deep Research, is capable of performing more complex internet tasks. The company claimed that this agent can complete tasks in minutes that would take humans hours. OpenAI's newly released agent-building tools are entering a competitive market, with several companies already offering AI development platforms. It's being hailed as a 'watershed year' for agentic AI. Anthropic and Google's DeepMind have both launched large language models (LLMs) designed to power intelligent agents. Anthropic's latest offering is the market's first hybrid reasoning model, aimed at simplifying problem-solving for users and developers that require step-by-step cogitation as well as instinctive output. The model also includes a 'scratchpad' feature to display its reasoning process. Meanwhile, OpenAI has introduced new tools that stand out by offering an open-ended approach with some guidance for developers. Unlike competitors providing LLMs with limited integration, OpenAI's strategy focuses on equipping developers with the necessary tools to smoothly integrate AI with real-world actions.
AI bra fitting startup Brarista wins £510k funding to ‘transform’ lingerie and swimwear shopping
A tech startup using AI to help women shop for bras and swimwear has won £510,000 in growth funding. Manchester’s Brarista was founded in 2019 by Vietnamese entrepreneur Bella Trang Ngo, who wanted to “democratise the traditional bra fitting experience”. She spent four years developing her product, working with top lingerie experts and using data from customers. Brarista uses machine learning algorithms and proprietary Vision AI to offer personalised bra size recommendations and product suggestions, based on individual body types. Bella says research has shown that up to 80% of women wear the wrong bra size. That costs customers money and also means many products end up going to landfill rather than being returned. Brarista aims to help reduce waste and make sure customers are more satisfied with their purchases. The company is currently running paid pilot programs with selected retailers in the UK and EU including Lemonade Dolls, Evenly and Monsera. The funding round was led by GC Angels and also includes a grant from Innovate UK alongside private investment. Bella says she wants to use the cash to grow partnerships with retailers, to grow her team and further develop Brarista to include new products including maternity bras, swimwear and post-surgery lingerie. She said: “Our goal is to democratise the traditional bra-fitting experience, making it accessible and personalised for everyone. "The funding from GC Angels will help us to grow Brarista and reduce the £10 billion annual cost of lingerie returns that take place due to poor fit. "With the support of Ranvir and the GC Angels team, we’re looking to expand into new product categories, empower consumers and have a real impact in the lingerie and fashion markets.” Ranvir Singh, investment manager at GC Angels, said: “We’re really excited to support Bella and Brarista - it is a truly innovative solution that combines AI with the kind of expertise that is seldom available on the high street today. "It is going to completely transform the industry by addressing fit-related issues that have long-plagued both customers and retailers alike. With our investment, we are confident that Brarista will scale quickly and have a significant impact both in the UK and globally.”
Swedish battery maker Northvolt files for bankruptcy
Swedish battery manufacturer Northvolt has succumbed to financial woes, prompting a bankruptcy filing after it could not obtain the necessary funding. The firm faced an uphill battle in recent times, hampered by difficulties in meeting production goals despite receiving liquidity injections from major lenders such as Goldman Sachs and Blackrock, as reported by City AM. The company had previously turned to US Chapter 11 bankruptcy protection back in November. An emotional announcement came from Tom Johnstone, interim chairman of Northvolt's Board of Directors: "This is an incredibly difficult day for everyone at Northvolt," he commented, reflecting on the ambition behind the company's founding. "We set out to build something groundbreaking - to drive real change in the battery, EV and wider European industry and accelerate the transition to a green and sustainable future." Johnstone also lamented the unfortunate timing of the bankruptcy, highlighting that it follows a period of enhanced investor engagement and notable advances at the firm's Skellefteå operation. "The outcome is especially hard considering not only the level of engagement and interest we held with potential partners and investors in recent months, but also the clear improvement and upwards trajectory that we have been seeing in Northvolt's production in Skellefteå, where cell output from serial production lines has doubled and we have secured a 50 per cent improvement in production yield since September." The collapse of Northvolt is a significant setback for the European battery industry, which is currently striving to find its footing in a market dominated by Chinese companies. "Like many companies in the battery sector, Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand," the company announced in a statement. A trustee appointed by a Swedish court will supervise the bankruptcy process, which includes the sale of the business and its assets.
Fast-growing tech firm appoints new chief operating officer as it looks to expand
A fast-growing technology company in South Gloucestershire has appointed a new chief operating officer as it looks to expand its presence across the region. Victoria Parker has joined Almondsbury-based IT firm WestSpring following a 20-year career at a specialist technology recruitment company in Swindon where she rose to director level. WestSpring IT works with brands including cosmetics company The Somerset Toiletry Co and professional services firm ForrestBrown. Ms Parker said it had taken "an amazing opportunity" to tempt her away from a job she’d enjoyed since she was in her early 20s. "My vision for my new role is to ensure WestSpring operates efficiently and to create a stable operational platform upon which the business can grow," she said. "The team have done a brilliant job so far – we have happy customers, virtually all new business comes from referrals and (probably most importantly) everyone cares about the work they are doing and the success of the company as a whole." Executive chairman James Phipps said: “We are delighted we have been able to attract the calibre of leader in Victoria to WestSpring. We are a high-growth business and as we continue to grow the experience and leadership Victoria will bring will be indispensable to us being able to continue that growth. Our shared values and focus on the community is a key reason for her joining us as this exciting time.” In the last year alone, WestSpring has seen growth of more than 30 per cent and revenue for the year will be close to £4m. The business, which was founded by Jase Small and Phil Cater, is planning to open a satellite office in Swindon later in 2025. Mr Cater said: “We're very excited to have Victoria come and join the team and as we continue to focus on our service and technology offering to our clients we are ensuring that we have the best talent in the South West to facilitate that.”
Newcastle firms Seriös Group and Opencast team up on £1m contract
Two Newcastle tech firms have joined forces to take on a £1m contract with the NHS Business Services Authority (NHSBSA). The businesses - both based at Byker's Hoults Yard - have partnered to provide data services to the arm's length body of the Department of Health and Social Care, providing essential business support services to the NHS. Together they will use data to provide the Newcastle-based NHSBSA with better insights into its processes. The two-year piece of work will draw on Seriös Group's expertise in data solutions and Opencast's specialism in designing and building technology solutions for the Government, healthcare and private sector. An initial phase of work will see the firms deliver a data solution architecture, data engineering, insight analysis, data warehousing, user-centred design and big data analytics. Lee Rorison, founder and CEO at Seriös Group, said: “We have built an excellent relationship with our neighbour Opencast, having already collaborated successfully on other impactful projects. We are delighted to be joining forces once again with Opencast for the NHSBSA, combining our expertise to deliver data solutions and technology that make a positive difference. Our complementary skills and shared commitment to innovation position us perfectly to drive meaningful results." Harry Armstrong, chief growth officer at Opencast, said: “We’re delighted to be working once again with the NHSBSA, which is widely respected in the sector for its strong commitment to digital change. We’re excited to be supporting it in partnership with Seriös Group, whose experience and capabilities will be vital to the success of the project. "Healthcare is a strategic priority for us, and this is exactly the sort of contract we thrive on – interesting, fulfilling work that will make access to health services easier for millions of people. NHSBSA’s ambition is for a step change as a data-driven organisation and our work will support them in that."
'Digital humans', lightsabers and 'Airbnb for EVs': Tech entrepreneurs take to the stage for Baltic Ventures accelerator day
Never mind Dragons' Den – business pitching is much more fun when it’s short, snappy, and part of a party closed by an AI-powered “digital human” DJ. Tech accelerator Baltic Ventures took over Liverpool warehouse venue Camp & Furnace for this year’s Accelerator 2024 Demo Day, where entrepreneurs from 10 companies in its annual accelerator scheme got to pitch to investors and key players in the North West tech scene. There was a party atmosphere under the multi-coloured lights, with hundreds of guests enjoying the free bar and the sweet counter handing out popcorn and Blue Riband chocolate bars. And to make sure things kept moving, each founder got just three minutes to pitch. That meant those of us lucky enough to be invited got to hear 10 focused pitches from inspirational entrepreneurs covering everything from “digital humans” to an “Airbnb for electric vehicle charging”. Opening the event, Mo Aldalou, programme director at Baltic Ventures, said he wanted to “showcase and celebrate our cohort of founders”. He thanked everyone for coming along – and joked: “There’s a whole load of other things you could be doing right now… posting on LinkedIn about your 5am cold plunges…” But there was no time for posting as the pitches came thick and fast. The first pitcher was Sam Royle, founder of influencer marketing platform SoSquared. Demand for influencer content is soaring globally, but influencer marketing can be hard to analyse and measure. Sam said: "Our platform automates the most challenging parts of influencer marketing” and said he had already helped to facilitate thousands of collaborations, working with companies including consumer goods giant Kimberly-Clark. Ana Betancourt launched her presentation with one of the most famous sounds in film history – the lightsaber sound from Star Wars. She asked: “Did you know it took hundreds of hours to get to that particular sound?” Ana co-founded sound technology firm Black Goblin, which uses AI to help speed up sound design. She said the company wants to help people “craft iconic moments through sound” - and grow their profitability. Martin Woolley told the crowd about MyOpNotes, which aims to digitise medical notes to make healthcare more efficient and more cost effective. Its system has already had trials at NHS trusts – now it is looking for more investment to grow in the UK and beyond. Dr Grace Olugbodi founded BeGenio to develop games to help children learn maths. She admitted that she had been one of the one in three children who suffered from mathematical anxiety – and so developed the Race to Infinity game, She said the game’s players were “learning without realising they were learning, while improving their maths confidence and their grades". The game has been sold into schools across the UK and Grace is now working with eight edtech companies, with BeGenio also seeing ongoing interest in Saudi Arabia. Rob Sims from Liverpool’s Sum Vivas explained his company’s mission simply: ““We produce AI-integrated digital humans”. Sum Vivas’s avatars are realistic-looking onscreen humans who can talk and answer questions just like any real-world member of staff. They include the giant DJ onscreen at the end of the event, DJ Dex. Or it could, for example, include a digital assistant in a supermarket, who shoppers can chat to to help them find the products they need. Rob said the company wanted to bring in a “new era of customer experience” using digital humans, who can allow companies to effectively automate repetitive tasks while freeing up staff for other work. And he said: “The market for digital humans is set to explode in the next few years.” Liverpool’s Emma Jarvis closed the first pitching session by talking about her app DearBump, which supports women through pregnancy. Emma says she realised there was a “huge gap" in maternity care provision, and said: “I founded DearBump because I believe we can and must do better”. Now she aims to connect 1m women to “trusted and reliable maternal health support”, and is talking to employers about how they can better support their pregnant staff. Many of us worry we spend too much time on our phones – and parents also worry about their children spending too much time online. Samson Opaleye, co-founder of ApplatchKids, launched the final pitching round by talking about his firm’s solution – an app that means children have to solve educational quizzes before they can access their entertainment apps. He said he wanted to create a world “where children learn before they play”. James Burch, co-founder of Decently, talked about how his firm developed the Melo platform to support patients with brain injuries “to build gold-standard behavioural assessments”. Maebh Reynolds, CEO and co-founder of GoPlugable, talked about her Irish start-up’s mission to connect electric vehicle drivers with public and private chargepoints, allowing people to make money from their underused charging points. She said: “think about us almost as an Airbnb for private EV charging”. Tom Reynolds, founder of EdenFiftyOne, talked about how he went from being an English teacher to launching his business aimed at using tech to “demystify English education” and improve students’ 51 key English language skills.
Zoo Digital predicts return to Ebitda profit but likely to miss full year expectations
Subtitling and dubbing services provider Zoo Digital says 2025 revenues and earnings are likely to fall miss market expectations, despite a rise on last year. The Sheffield-based provider of 'localisation' services to Hollywood studios and streaming platforms says full-year performance will fall short of expected $55m revenue and £2.75m Ebitda. In a trading update, Zoo said it hopes to return to Ebitda profit of at least $1m compared with last year's $13m loss. It follows a turbulent time for the global operator which was severely impacted by the US screenwriter and actor strikes in 2023. The action stalled new productions and interrupted what had been a growth trajectory for the firm. In its wake, Zoo - which uses digital technology and a pool of more than 12,000+ freelancers to carry out its work - has been making cost savings. Bosses said those efforts have results in a 20% fall in fixed costs during the year, with expectations that blended gross margins will improve to 36%. Zoo said it had been closely managing its cash position as part of a move towards cash breakeven - and now expects a balance at the end of the 2025 financial year of more than $1m, with invoice discounting facilities of $3m and £2m that are not expected to be used. The firm's trading update said: "Whilst the company's order book has improved in recent months through the addition of several high value projects, these are not included in the company's current expectations for FY25. The timing of revenue recognition for these projects is uncertain as commencement for much of this work is dependent on the supply of original assets from licensors. In addition, some projects in the FY25 pipeline relate to titles that customers have either delayed or cancelled.
Tech firm Mojo-CX vows to create ‘high-quality jobs’ after £2.25m investment through Northern Powerhouse Investment Fund
A tech firm that creates AI-based systems for contact centres has vowed to create “high-quality jobs” in Manchester after securing a £2.25m investment through the Northern Powerhouse Investment Fund (NPIF). Mojo-CX was founded by CEO Jimmy Hosang in 2018 and has developed a suite of tools, to help businesses analyse digital and voice conversations, with the results being used to help contact centres and call handling teams deal with customers. Those tools include an AI team leader called MO and an agent assistant called JO, Its CECE tool uses AI to analyse conversations – and Mojo says it can help reduce the time taken to find an answer to a question by as much as 99%. The funding round was led by NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures. The £2.25m investment included £1m from the NPIF II, plus investment from River Capital’s fund:AI and Mojo’s existing investors the Greater Manchester Combined Authority (GMCA), and Foresight – from the Midlands Engine Investment Fund (MEIF). Mojo, which also has an office in Birmingham, plans to use the investment to develop its technology with new features, such as voice AI and automated quality assurance. It also plans to double the size of its sales and engineering teams. Jimmy Hosang, CEO of Mojo-CX, said: “With this new injection of capital and ideas, MOJO-CX will accelerate our vision of redefining customer contact, for customers, for brands and for employees through the use of AI. “As a proud northerner, this funding also allows us to deepen our commitment to the region by creating high-quality jobs and fostering a thriving tech community here in the North West. This is a pivotal moment for MOJO as a business and for the contact centre market, and I can’t wait to see what we can achieve in this space.” Michael Rees, investment manager at Praetura Ventures, said: “Businesses are looking for ways to stand-out against their competitors, and improving the experience for customers is a key way of doing this. Mojo’s tools are already having a significant impact by providing businesses with tangible data and insights to improve the quality of their customer service functions. “We’re proud to be backing another proudly northern company, which has identified a clear gap in the market for a suite of analytics, monitoring and training tools for contact centres, which are essential to every business’s consumer reputation and bottom line. We look forward to supporting Jimmy and the team with more than money as they explore new ways to grow and meet demand.” Sue Barnard, senior manager at British Business Bank, said: “The rollout of AI will transform the processes that businesses adopt and use as they grow, and it is brilliant to see companies like Mojo - delivering this technology transformation in the North West. Innovative companies are a key part of economic growth and we are looking forward to seeing more of these types of businesses emerge in the future.”
North East life sciences experiencing a wave of optimism - but there are challenges to overcome
Life sciences has long been touted as one of the North East’s most promising sectors. One which supports 15,000 jobs, is a major exporter and contributes £2.7bn to the economy each year. And new research points to growing optimism among the region’s 450 companies which include precision medicine specialists, pharmaceutical manufacturers and research and development companies, among other disciplines. A joint report from Teesside-based The Centre for Process Innovation and Newcastle-based Square One Law - the first of what is intended to be an annual snapshot - honed in on 30 firms. It found that nearly 75% think 2025 will bring better financial performance, with strategic shifts towards private sector sales in place of reliance on the NHS; clinical successes and the filing of patents, and scalability of services among the factors cited as confidence boosters. Attention is increasingly focussed across the Atlantic where North East firms - many of them SMEs - see opportunity in the lucrative US market. Perhaps unsurprisingly, the report does not mention the current unreliability of the US as a trading partner. President Donald Trump has proposed the US will slap a 25% tariff on pharmaceuticals starting in April and rising substantially through the year. That more drastic measure supersedes earlier thoughts that ‘reciprocal tariffs’ to VAT could be introduced. The British Chambers of Commerce say that even the latter would “upend established trade norms” and create cost and complexity for British firms. Notwithstanding those uncertainties, the report’s authors say the North East should help its companies build bridges with US healthcare systems including hospitals and others with direct access to the market stateside. Among its suggestions are trade missions from the region and programmes to help North East firms meet stringent US Food and Drug Administration requirements. Access to capital was also noted among the challenges faced by the sector with only 3% of firms reporting success with private funding - though 9% said they had success with public funding. Unnamed SME pharma respondents talked of difficulties in getting venture capital funding and seeing overseas competitors making progress while UK investors plumped for “safer” bets. Sam Whitehouse leads Newcastle-based LightOx, a cancer treatment innovator which has developed a light-activated gel that is a type of chemotherapy for early stage oral cancers. Last year, his firm secured £1.5m including from Newcastle’s Northstar Ventures and the GMC Life Sciences Fund which is designed to support firms setting up in Greater Manchester and surrounding area. Dr Whitehouse said: “The challenges for the region, it is sad to say, remain fairly constant. We have suffered from a lack of investment both from the private finance and from Government, with the majority of investment being in the South East and the golden triangle. There is sadly a lack of investors in the North East, and much of the finance gained by our companies comes from overseas. “This is compounded by the fact the Government also does not give certainty to the funding bodies such as Innovate UK, to work beyond a one-year period. Growth is only possible with the right nurture, and investment gives that stability to grow from. However, despite these challenges, we see more and more SMEs in the region, more jobs being created and a demand for space increasing. The technologies being developed continue to be at the cutting edge of innovation, and the value of these products continues to increase.” The reported funding challenges did not stop £100m of recent investment identified in the North East, and a further £40m spent by Organon - the £138m turnover women’s health drug maker which employs 675 at Cramlington. Lack of laboratory space also looms large as a hindrance to the growth of the sector.The report points to the success of Newcastle’s The Biosphere - home to LightOx and many others - which offers laboratory and office space, and County Durham’s NETPark which is hosts firms such as stem cell specialists Reprocell Europe and diabetic sleepmask creators PolyPhotonix. But it also talks of increasing demand for lab and cleanroom space - a national issue it says the North East is well positioned to meet with plans for similar Biosphere buildings, where Newcastle City Council is seeking an investor, and competitive overheads compared to rival areas, particularly the sector hotspots of Oxford and Cambridge. Demand is such that the North of Tyne Combined Authority, Invest Newcastle and Invest North East England commissioned a feasibility study last year to look at how existing buildings in Newcastle and the wider region could be converted and adapted to create new laboratory space. That work has reportedly turned up at least 40 sites which could be repurposed, and established a methodology that could be applied to more buildings.
Microsoft and Pearson to tackle AI skills gap as UK launches new action plan
Microsoft and Pearson, the London-listed education behemoth, have unveiled a long-term partnership aimed at bridging the global skills gap in artificial intelligence (AI), as the UK prioritises AI. This alliance will merge Microsoft’s cloud and AI technologies with Pearson’s expertise in learning and assessment to deliver AI tools. It will also provide customised learning and certifications for workers and businesses, including those in the UK. The announcement coincides with the UK's recent unveiling of its AI Opportunities Action plan, which aims to place AI at the heart of the UK’s economic growth strategy, as reported by City AM. Keir Starmer disclosed on Monday that the government will concentrate on enhancing access to AI education and providing workers with the necessary skills to support the action plan. Judson Althoff, Microsoft’s chief commercial officer, stated: "The speed and scale of AI innovation present a unique opportunity for organisations to transform, but this requires workers who are equipped with the right skills. " He added, "This partnership will empower employees to advance their careers while helping businesses unlock AI’s potential." While this is a global agreement, Pearson, a FTSE 100 company, currently employs around 3,000 people in the UK, where the Microsoft 365 Copilot will also be utilised. Coursera, one of the world's largest learning platforms, recently published a Job Skills report highlighting the global surge in demand for AI skills. Data has shown a staggering 866 per cent year-on-year increase in global AI course enrolments, with 'Google AI Essentials' being the most popular course among British learners, accounting for 4.2 million of the site's students. The data also indicated that generative AI was the fastest growing skill in 2024, with courses on tools such as ChatGPT ranking highly in popularity. Science and Technology Secretary Peter Kyle stated: "AI is transforming industries and creating new opportunities." He added: "By ensuring that everyone, from students to small businesses, has access to the tools and training they need, we can make Britain a leader in this technology." Despite the government's recent efforts in its AI plan, industry leaders have cautioned that more needs to be done to ready the workforce for the integration of AI into our economy. Dr Raoul-Gabriel Urma of Cambridge Spark argued that AI literacy should extend beyond large corporations and elite institutions.
Oracle smashes through UK sales milestone for first time after record-breaking year
US tech behemoth Oracle has announced UK sales exceeding £2bn for the first time, marking a profit increase of over 20%. As the third-largest technology company globally by revenue in 2023, trailing only Microsoft and Google, Oracle also sponsors the Red Bull F1 team, as reported by City AM. Recent filings with Companies House disclose that the group's UK turnover rose from £1.9bn to £2.2bn in the year ending 31 May, 2024. This latest figure extends Oracle's streak of annual turnover growth in the UK, which began in 2018 when its sales were just shy of £1.6bn. The results also indicate a surge in Oracle's pre-tax profit from £62.6m to £87.9m during the same period. The 12% increase in total UK revenue is largely attributed to heightened sales in its cloud business. Despite the rise in profits, the group's cost of sales and administrative expenses also saw an uptick over the year. During the financial year, Oracle made acquisitions including Cerner Ireland for £7.5m and Next Technic for £23,090. Despite the revenue and profit growth over the 12 months, the average number of UK-based Oracle employees fell from 2,666 to 2,529. These UK results come on the heels of Oracle's full-year results disclosure to the New York Stock Exchange.
Fastest-growing tech companies in South West named by Sunday Times
A Bristol-based defence engineering firm has been named the fastest-growing technology company in the South West. Rowden Technologies placed first regionally on the Sunday Times 100 Tech list. The league table ranks Britain’s fastest-growing private technology businesses, shining a spotlight on the entrepreneurs and teams driving their success. It is a sister ranking to The Sunday Times 100, a ranking of the UK's fastest-growing private companies. To qualify, businesses must be independent, privately owned and headquartered in the UK. Rowden Technologies was established in Bristol in 2016 by a former Army corporal to help the government become less reliant on multinational defence contractors. The business uses cloud computing, artificial intelligence, and edge computing, which is computing done at or near the source of the data, to enable the armed forces to do their jobs more effectively. Its founder, Rob Harper, 37, is a former military communication systems engineer, who grew the company's sales of £20.4m last year. The second-fastest growing firm in the South West is online marketplace OnBuy, which is based in Bournemouth. The company, also set up in 2016, has a platform that is home to thousands of retailers, ranging from small independents to retail giants such as Sports Direct, selling more than 40 million products. In 2023, OnBuy was named Europe’s fastest-growing e-commerce business. Devon-based direct mail platform Stannp was ranked in third place on the South West list for growth. Jim Armitage, business editor of The Sunday Times, said: "The government has pledged to kickstart economic growth in 2025. The Sunday Times 100 Tech shows that Britain’s technology entrepreneurs are already making progress, creating high-value jobs and delivering cutting-edge goods and services. "These businesses are proof that Britain remains a powerhouse for innovation. The rapid development of AI represents one of the biggest economic opportunities since the internet. We have seen the government embrace AI this week, but we still need the right support structures put in place to help the entrepreneurs who are harnessing AI to thrive." The research for The Sunday Times 100 Tech found that collectively the 100 companies on the national list generated sales of £3.2bn, up by £2.6bn in the last three years. In total, the companies employ 20,700 people, having created 11,200 new jobs in the last three years. Of those ranked, 82 said they were planning to make additional hires in the next 12 months, with 4,200 jobs planned in total. Nearly a fifth (17) of the businesses are founded or led by women and three-fifths (61) were founded in the last decade. Like this story? Why not sign up to get all the latest business news straight to your inbox Regional rank Company name Description HQ location Annual sales growth over 3 years Latest sales £m 1 Rowden Technologies Defence technology engineer Bristol 95.03% £20.4m* 2 OnBuy Digital marketplace Bournemouth 80.76% £14.4m† 3 Stannp Direct mail platform Barnstaple, Devon 75.70% £19.3m* 4 Dynisma Automotive simulator Bristol 79.40% £12.1m* 5 Beam Subsea technology Bristol 42.17% £19.6m 6 Spectrum Medical Medical device developer Gloucester 26.88%
UK government unveils major £23m telecoms boost to support AI and cloud computing
The UK government is set to bolster the nation's connectivity capabilities with a £23 million injection into telecoms research and development. This financial commitment is aimed at enhancing interconnectedness within pivotal sectors like AI, cloud computing, and agriculture. The investment aligns with the strategic objectives of science and technology secretary Peter Kyle, whose goal is to fast-track the introduction of cutting-edge telecom technologies. Kyle is expected to unveil the funding details in his upcoming address at the TechUK tech policy conference today, as reported by City AM. Ahead of this reveal, Kyle highlighted the significance of advancing telecom investments: "The UK has deep pedigree and expertise when it comes to developing, commercialising, and rolling out the most advanced telecoms tech. "Today, it is all the more important that we back our telecoms innovators to get their ideas out of the lab and into use, in every part of the country." The earmarked funds are destined for two principal domains. About £7 million will be channelled into local endeavours that integrate 5G with enterprises and public services, aiming to boost efficiency and public safety via improved connectivity. The bulk of the fund, amounting to £15 million, is reserved for research catering to the surging demands of data-hungry industries such as AI and cloud computing. This move is part of a comprehensive strategy to reinforce the UK's digital framework, positioning it to accommodate nascent technologies effectively. "None of our ambitions for national renewal will be possible without a backbone of telecoms tech that can meet the needs of burgeoning new industries like AI and data centres, and turbocharge existing enterprises too". A significant chunk of the funding is earmarked for three future communications research hubs, tasked with pioneering next-gen technology. The universities of Oxford, Cambridge, Bristol and Imperial College are set to spearhead various projects. Dr Kedar Pandya, executive director of strategy at UKRI's engineering and physical sciences research council, underscored the pivotal role of telecoms in propelling future tech advancements. "Transformative technologies, such as AI and quantum, will accelerate many aspects of our lives", he noted. "But to maximise their benefits, we must ensure our communications systems are able to connect efficiently, safely, and securely." The government has hinted that this initial tranche of funding forms part of a broader strategy to construct secure and resilient telecoms infrastructure.
Apple halts AI news alerts on iPhones after huge backlash over 'inaccurate' headlines
Apple has temporarily halted its artificial intelligence (AI) feature for news apps following criticism over repeated inaccuracies in alerts. The tech giant faced backlash from media outlets including the BBC, who complained that their articles were being incorrectly summarised. Organisations such as Reporters Without Borders and Bluesky had urged Apple to suspend the feature as early as December, citing concerns about misinformation. One misstep involved a BBC article on Luigi Mangione, which was erroneously headlined as him having shot himself, rather than being charged with the murder of UnitedHealthcare CEO Brian Thompson, as reported by City AM. Other inaccuracies included claims from the New York Times and the Washington Post that tennis player Rafael Nadal had come out as gay, and prematurely declaring Luke Littler as the winner of the World Darts Championship final. "We are working on improvements and will make them available in a future software update", an Apple spokesperson told the BBC. Despite initial complaints from the BBC in December, Apple did not respond or take action until January, promising a software update to clarify the AI summary's role instead of completely discontinuing it. This response drew further criticism, leading Apple to disable the feature entirely. "We’re pleased that Apple has listened to our concerns and is pausing the summarising feature for news." A BBC spokesperson added: "We look forward to working with them constructively on next steps. Our priority is the accuracy of the news we deliver to audiences which is essential to building and maintaining trust". This latest development follows a wider clampdown on the tech giant, which is set to face a UK class action trial over allegations of charging "excessive and unlawful" fees on its App Store. Apple is the first major tech firm to face trial under the UK's collective regime, amid a growing trend of large-scale class action lawsuits targeting tech industry leaders in the UK.
Ex-Dragons' Den judge hails 'step in right direction' for UK AI action plan
Former Dragons' Den investor Piers Linney has thrown his support behind the UK's 'AI Opportunities Action Plan', recently unveiled by Keir Starmer but crafted under tech entrepreneur Matt Clifford's guidance. The government's strategy aims to harness AI for the UK's economic growth, as reported by City AM. Linney, in a LinkedIn update, commended the plan: "Falling behind will lead to global irrelevance and wealth destruction. Catching up in an exponential world is impossible." He added, "The global AI race is now on. Nations that act quickly will lead, and those that hesitate risk being left behind. This plan signals the UK’s intent not just to keep up but to set the pace." He also shared a video of Clifford from the department for science, innovation and technology (DSIT), describing it as "a step in the right direction". As executive chairman and co-founder of Implement AI, Linney has been vocal about the necessity for regulation and strategic planning, suggesting on X: "We need a UK Manhattan Project to plan for exponential future across all policy". While endorsing the initiative, Linney did raise concerns, particularly questioning who benefits from the new data centres and emphasising the importance of making data "accessible to all businesses, not just the big players" He also emphasised the necessity for more audacious strategies to tackle the issues faced by SMEs, which makeup 99 per cent of UK businesses. "The UK’s 5.6m SMEs must be supported to implement AI effectively. Applying linear plans to an exponential future will not work", he stated.
NASA deal for Cornwall’s Blue Abyss to support astronaut training and space research
The Cornish company developing the world's deepest indoor pool has announced a partnership with NASA that could help astronauts train for missions to the Moon and Mars. Blue Abyss has signed a Space Act Agreement with NASA’s Glenn Research Center that it says will “ bolster the development of next-generation infrastructure and capabilities for human spaceflight, astronaut training, and the simulation of extreme environments”. The agreement will see NASA and Blue Abyss work together to work on research and training to address challenges faced by astronauts in environments from low-earth orbits to the surfaces of the Moon and Mars. Blue Abyss specialises in extreme environment research, training, and development. Its operations are designed to help people and companies operating in settings from underwater to space. It is planning to build a £150m pool in Cornwall to be used for training and research, which will be 50m deep and will be the deepest indoor pool of its type in the world. Blue Abyss is currently developing a research centre in Cleveland, Ohio, near NASA's Glenn Research Center. Work under the new partnership will include carrying out research on human performance, robotics, and scientific experiments under “extreme gravity conditions”. The organisations will also work on understanding what facilities are needed to help simulate conditions in space – potentially including underwater training, parabolic flights that create zero-gravity conditions, and augmented reality technology. NASA will provide technical support and share insights from its decades of work in space, as Blue Abyss works to develop its own commercial facilities and services for astronaut selection and training. The initial phase of the partnership will see Blue Abyss carry out a study of the market to understand the need for infrastructure over the next decade. Those results will be shared with NASA so the agency can better understand what commercial capabillities it will be able to use in future. John Vickers, chief executive officer at Blue Abyss, said: "This Space Act Agreement with NASA’s Glenn Research Center represents a pivotal milestone for Blue Abyss. As we develop next-generation infrastructure, including our proposed facilities in the US and UK, it helps position the UK as a significant player in the space sector, supporting industry growth, consultancy, training, and infrastructure development that will attract international clients and foster innovation within the UK space industry.” Ross Hulbert, head of engagement at Spaceport Cornwall added, "We're thrilled to welcome Blue Abyss to our Space Systems Operations Facility at Spaceport Cornwall. It's fantastic to have such an innovative team join us, especially at this exciting time. “We’d like to extend our huge congratulations to everyone at Blue Abyss on their new partnership with NASA's Glenn Research Center. This collaboration not only showcases their incredible capabilities but also solidifies the UK's role in advanced space and subsea training.” In an update in December on progress of its Cornish pool plans, Blue Abyss CEO John Vickers said: "While the development of our Cornwall facility has faced hurdles due to local and regional political dynamics, we have secured £600,000 in matched funding to support the UK site pre-development costs. "This funding highlights the strategic alignment of our projects with the UK’s renewable energy priorities. Despite challenges, we remain steadfast in our commitment and while we are also exploring alternative locations in the region to ensure the success of this critical project. The South West remains central to our vision for subsea innovation and energy resilience."
Manchester's Evergreen Life named UK's fastest-growing tech firm
Manchester is home to Britain’s fastest-growing tech firm, a new list has revealed. Healthcare platform and digital health services company Evergreen Life has topped the latest Sunday Times 100 Tech list, which ranks Britain’s fastest-growing private technology companies. Evergreen Life’s sales grew by an average of 554% a year over the last three years, reaching £36.1m in 2024. Over the same period it grew its headcount from 50 to 500 employees, and plans to create another 100 jobs in the next 12 months. Six of the 100 companies on the list are based in the North West. Manchester-based green energy marketplace UrbanChain is the third-fasting growing software firm in the country, seeing sales rise 334.39% to £25m over the three years. Somayeh Taheri, UrbanChain Founder CEO, said: "I remember The Times including UrbanChain in its ‘Rising stars series: the companies growing fast in the North West’ back in September 2021. "Looking at where we were then to where we are now very much symbolises the journey so far." She added: "There’s no doubt that today, as a team, we feel a real sense of pride. We have once again reached another important stage in our growth and this accolade is very much welcome." Blackpool-based banking fintech Tandem saw sales rise 104.02%to £86m, while Lancaster supply chain sensors specialist System Loco saw sales grow 85.84%to £12.7m. Oldham’s Innovative Technology, which produces cash handling equipment, saw sales soar 42.22% to £67.7m over the three years, while Rochdale’s Wireless CCTV saw annual sales grow £38.5m to 27.37%. To qualify for the Sunday Times list, companies must be independent, privately owned, and headquartered in the UK. The list defines a technology business as “one that either sells its own proprietary technology or has developed proprietary technology that is essential to delivering its products or services”. Jim Armitage, business editor of The Sunday Times, said: “The government has pledged to kickstart economic growth in 2025. The Sunday Times 100 Tech shows that Britain’s technology entrepreneurs are already making progress, creating high-value jobs and delivering cutting-edge goods and services. “These businesses are proof that Britain remains a powerhouse for innovation. The rapid development of AI represents one of the biggest economic opportunities since the internet. We have seen the government embrace AI this week, but we still need the right support structures put in place to help the entrepreneurs who are harnessing AI to thrive."
Leeds AI specialist The Data City seals £2m investment to ramp up growth plans
A Leeds artificial intelligence data business is ramping up growth on the back of its biggest investment to date. The Data City said it will accelerate plans to launch a new global industrial classification system, after securing £2m investment from Oxford Economics. The deal follows a record year of growth for the Leeds AI specialist, having created 10 new senior roles to boost the tech firm’s headcount from 20 to 30. The company, formed in 2017, secured funding of £350,000 two years ago from venture capitalist firm Venturian, valuing the firm at £10m, and this latest strategic investment almost doubles the value of The Data City to £19m. The investment will be used to boost The Data City’s global data infrastructure, expand its services for UK-based multinational clients, and fund the initial market development for its US joint venture with leading global economic advisory firm Oxford Economics. It will also provide working capital to support the company’s rapid growth. The global product represents the first time company data from the US and the rest of the world will combine with the company’s classification AI and proprietary RTICs - all available on one platform. Alex Craven, CEO of The Data City, said: “Securing this investment rounds off a remarkable period of sustained growth. Oxford Economics shares our vision and ambition of global strategic expansion, which enables us to strengthen our workforce, massively upscale our technological capabilities, and accelerate our global customer acquisition. “Central to our growth strategy is our innovative global data platform, which provides unparalleled access to insights from millions of companies across the United States and Europe. This extensive platform is underpinned by comprehensive global financial company information, offering our client users a robust foundation for informed decision-making and risk assessment in an increasingly interconnected business landscape. “We have been focused on our drive towards elevating our existing data platform to a global audience, enabling decision makers to benefit from a real-time, AI-driven understanding of the world’s industries, so to achieve this is a major milestone in becoming a global data as a service company.”
UK space industry hailed for proving 'the sky isn't the limit' by securing £80m in contracts
Science Secretary Peter Kyle has lauded the recent accomplishments of the UK space sector, describing the UK as a "launchpad for innovation and investment." The industry secured £80m more in contracts from the European Space Agency (ESA) than government contributions in late 2024, marking the highest return for any ESA member state, as reported by City AM. This achievement is expected to contribute over £1bn to the UK economy and create 3,800 high-skilled jobs, positioning Britain as a global leader in space innovation. Kyle emphasised that the sector's ability to attract top contracts is fuelling economic growth and advancing the government's 'Plan for Change.' "These figures show not only incredible results of a government working hand in glove with industry to get even more bang for our buck, but also send a clear message to the private sector across the globe: when it comes to space, science and tech, the UK is a launchpad for innovation and investment," Kyle added. Recent ESA victories include missions in space weather forecasting, lunar exploration, and satellite launches, all of which have UK firms leading their cutting-edge technology. The global space sector is forecasted to triple to £1.4 trillion within the next decade, and the UK is positioning itself as a key player in the market. With 16 per cent of the UK's GDP reliant on satellite services, the government is ensuring Britain remains competitive. Dr Paul Bate, the UK Space Agency's chief executive, stated: "The reduction in the deficit is down to the efforts of the UK space sector. This result demonstrated the UK's competitiveness in securing industrial contracts."
GlobalData reports revenue and EBITDA growth in 'transformational' 2024
GlobalData has reported a five per cent increase in revenue to £285.5m for the year ended 31 December 2024, meeting market expectations. The firm, which offers data and business intelligence solutions across various sectors, saw its earnings before interest, tax, depreciation and amortisation (EBITDA) grow by five per cent to £116.8m, with an EBITDA margin of 41 per cent, as reported by City AM. Pre-tax profit surged 32 per cent to £54.9m. Contracted forward revenue rose by 12 per cent to £171.4m as the company gained more customers and demand for data increased due to the thriving AI sector. GlobalData revealed that over 42,000 users are engaged with its AI Hub, which combines proprietary data with AI-driven insights. However, operating profit fell by 12 per cent to £65.1m due to acquisition expenses, restructuring costs, and higher share-based payments. The company also announced plans to reduce its dividend to free up more cash for mergers and acquisitions (M&A). It proposed a final dividend of 1.0p, down from 3.2p in 2023. GlobalData recognised a £412m gain following the sale of its 40 per cent stake in Healthcare business to Inflexion Private Equity Partners. The company invested £88m across four acquisitions and completed the purchase of AI Palette on 7 March 2025 for $11.5m (£8.9m). Alongside the results, GlobalData also announced plans to move to the Main Market of the London Stock Exchange. Mike Danson, Chief Executive Officer of GlobalData, remarked: "2024 was transformational for GlobalData following Inflexion's significant investment in June 2024, which strengthened our balance sheet and accelerated our growth strategy." He further added, "Strategic M&A remains a core element of our growth strategy, with four earning accretive acquisitions completed during the year, strengthening our One Platform offering." Elaborating on future prospects, he explained, "With much of the foundational work to re-organise the business and set us up for accelerated growth now completed, we enter 2025 with clear priorities and a strengthened team to deliver."
Visualsoft job losses made in year of transformation following profit fall
North East ecommerce tech business Visualsoft saw profits fall by 68% in a year in which jobs losses were made as a part of a major restructuring. The firm, which has bases in Newcastle and Manchester as well as its Stockton-on-Tees head office, has published accounts for the year ending June 2024, which focus on a year of change following a restructure of its technology team. Employee numbers fell from 321 to 290 as a result of the changes, which directors said was made to streamline operations and focus resources on key strategic initiatives. Bosses said that revenues remained steady, falling from £19.8m to £19.1m ‘despite a tough economic climate and a decline in consumer spending,’ and that its gross profit margin improved slightly, despite a year of supplier price increases and wage inflation. Operating profit fell 68% from £2.2m to £705,000. During the final month of the financial year, the company formed a strategic partnership with multinational e-commerce company Shopify, which it said would expand its market, generate increased leads and boost project and recurring revenue. Service offerings were also boosted in the year, with a specific emphasis on design and creative solutions to support client growth. A report within the accounts by Ashley Wright, chief commercial officer, highlighted six months of significant change to address operational inefficiencies and redefine Visualsoft’s strategic direction. It said: “As of June 2024, the company has transitioned from a legacy technology provider to a consultative business model aligned with modern eCommerce demands. In June 2024, the decision was made to restructure the technology team which resulted in a reduction in the engineering development team in August 2024. “Leadership changes were implemented, changes in the executive and operational board, bringing greater stability and strategic direction to this area. Having made substantial progress in transforming its operations and strategy, Visualsoft is well-positioned to capitalise on market opportunities and achieve sustainable growth, ensuring a successful future in the competitive eCommerce landscape.” Following publication of the accounts, Mr Wright told BusinessLive: “The past year has been one of significant transformation for Visualsoft, as we streamlined operations, refined our strategic focus, and reinforced our position as a consultative eCommerce partner. While our financial results reflect the impact of a tough economic climate - with group revenue at £19.08m, down 4% from 2023, and profit after tax at £670,000 - our gross margin actually improved slightly to 54%, demonstrating our ability to manage costs effectively despite supplier price increases and wage inflation. “Since the year-end, we have continued to build on this momentum. Our shift to a consultative model, with a strong focus on Shopify and VSX, has allowed us to generate increased project revenue and recurring revenue streams. “Customer satisfaction has been a key focus, and our Net Promoter Score (NPS) has risen from -15 in June 2023 to +31 in June 2024, reflecting improved client relationships and service quality. “Operationally, we have strengthened our resilience, addressing infrastructure vulnerabilities and making strategic investments in predictive tools to better manage churn risk.
Sky accuses Amazon of failing to prevent piracy on Fire Sticks amid 'organised crime'
Sky has levelled accusations at Amazon, claiming the tech giant isn't doing enough to curb the piracy of its sports rights through "jailbroken" Fire Sticks. Sky's Group Chief Operating Officer, Nick Herm, stated that illicit viewing of its subscription content, which encompasses Premier League football, Formula 1 and boxing, is costing "hundreds of millions of dollars", with "about half" being accessed via manipulated Amazon Fire Sticks, as reported by City AM. "People will know you can get jailbroken Fire Sticks and you can access pirated services on them," he informed the FT Business of Football Summit. "There are football fans who literally have shirts printed with 'dodgy boxes and fire sticks' on them." "In addition to telcos, some of the tech giants – Amazon in particular – we do not get enough engagement to address some of those problems where people are buying these devices in bulk, they're breaking them and sideloading pirated apps on them – and people are just buying them. "It's essentially organised crime. We work closely with the police. The sums are huge. It's a battle and you need a lot of people to lean in to solve it." Sky's business strategy has long relied on subscribers to its live sport and its readiness to outbid competitors has helped maintain English football's coveted rights bubble. It secured four of the five packages available for the next round of domestic rights to the Premier League, which totalled £6.7bn and covers the period from 2025 to 2029. Piracy poses a significant threat to the value of sports streaming, with Dazn's global head of rights, Tom Burrows, describing it as "almost a crisis". Herm echoed these sentiments, stating: "It's a problem in all of our markets and we dedicate a lot of time to trying to defeat it. It's a never ending battle because there's always new technology and forms that emerge that you need to stay across." Quantifying the issue is challenging, as Herm explained: "It's always difficult to put an exact number on it because if you ask people if they pirate or not they're not always going to be honest with you. When you do analysis there's plenty of evidence to show that it is sizeable." The potential financial impact is staggering, with Herm adding: "How many of those people would convert to a legitimate service if piracy was no longer available? I don't know, but we're talking hundreds of millions of dollars – it's very substantial." When asked about the extent of piracy accessed via modified Amazon Fire Sticks, he revealed: "It's a big percentage – probably about half of the piracy." He warned that users often mistakenly believe they are using a legitimate service, even providing their credit card details to criminal gangs. In response to these concerns, Amazon stated its commitment to "committed to providing customers with a high-quality streaming experience while actively promoting a streaming landscape that respects intellectual property rights and encourages the responsible consumption of content."
Vodafone's share price drops 6% despite revenue growth as firm faces challenges in Germany
Vodafone shares have taken a hit of over six per cent in early trading today, following the release of the FTSE 100 giant's third-quarter results. Despite reporting an overall service revenue growth of 5.2 per cent for the quarter, surpassing the average analyst estimate of 4.2 per cent, the company noted that the migration of 1&1 customers in Germany has been slower than anticipated, as reported by City AM. The telecoms heavyweight reported a 2.2 per cent increase in adjusted EBITDA to €2.8bn (£2.3bn) for the quarter and reiterated its full-year guidance for an adjusted EBITDA of approximately €11bn and an adjusted free cash flow of at least €2.4bn. Vodafone's CEO, Margherita Della Vale, commented: "With service revenue growth accelerating to 5.2 per cent, we are making good progress in our transformation." Matt Britzman, senior equity analyst at Hargreaves Lansdown, observed: "The signal’s getting stronger at Vodafone, with service revenue growth exceeding expectations, thanks to dialled-up performance in the UK, Africa, and Turkey. But Germany remains a dropped call, weighing on overall performance." He added: "The €8bn Italy sale is in the bag, and the UK merger with Three has the green light, setting Vodafone up for a network-wide reboot with scale and cost synergies." "With €2bn in share buybacks on speed dial and over €2.4bn in free cash flow expected for the year, the case for good returns is still alive and well – but investors will want to keep an ear out for static from Germany’s ongoing struggles," said a spokesperson regarding Vodafone's UK merger. "The approval of the UK merger", she continued, marked "a significant reshaping of our portfolio", Della Vale added. In December 2024, the UK’s Competition and Markets Authority (CMA) gave the green light to the merger of Vodafone UK and Three UK. The transaction, which is anticipated to be completed in the coming months, will result in the UK’s largest mobile operator. Vodafone will retain a 51 per cent stake, with CK Hutchison, parent company of Three UK, owning the remaining 49 per cent. Albie Amankona, analyst at Third Bridge, commented ahead of today’s results: "The Vodafone-Three merger unlocks significant cost efficiencies through network integration. By consolidating infrastructure, the new entity can reduce maintenance expenses and strengthen its competitive position against BT-EE and Virgin Media O2." However, he noted that "Vodafone’s lack of exclusive content remains a weakness, as rivals continue to leverage proprietary entertainment services to drive customer retention". Despite these strategic moves, Vodafone continues to face pressure in an increasingly competitive market. Its share price has struggled over the past decade, and while progress is evident, analysts remain divided on its long term outlook. Vodafone's share price has seen a significant drop of 54.76% over the past five years, yet it has shown stability in the last year with an increase of 4.39%. Richard Hunter, head of markets at Interactive Investor, commented: "Vodafone’s transformation is well underway, but turning around a business of this scale takes time."
Lab firm BioGrad hopes women's health centre could find treatments for 'neglected' conditions like endometriosis and PCOS
A Liverpool lab firm says its pioneering new women's health centre could help researchers find treatments for often-neglected conditions like endometriosis and PCOS that have historically seen a lack of research and investment. Lab testing firm BioGrad has opened Europe’s first private women’s health research tissue bank as part of a £25m investment -- and says the site could be a "gateway to revolutionising women’s health" and in tackling inequalities in healthcare. The site aims to carry out research into women’s health issues including polycystic ovarian syndrome (PCOS), endometriosis, menopause and certain types of cancers. BioGrad says: “Historically, women’s health research has been underfunded. This has led to an underrepresentation of women in scientific research meaning women’s diseases have been notably neglected or misdiagnosed. In the case of more general diseases that impact both men and women, men are also more likely to receive more advanced diagnosis, with women also experiencing significantly longer diagnostic delays compared to men.” The centre will be led by an all-female team of experts, led by Dr. Sherin Pojar, who will also work with local hospitals including Liverpool Women’s Hospital as part of their sample collection work. The 10,000 sq ft facility will collect and store menstrual blood, peripheral blood, umbilical cord tissue, and umbilical cord blood. Now the centre is calling on women in the Liverpool city region to take part in the research by donating samples. The move to tackle health inequalities has been backed by governments past and present. Launching the Women’s Health Strategy in 2024, former health secretary Victoria Atkins said: “We are breaking historical barriers that prevent women getting the care they need, building greater understanding of women’s healthcare issues and ensuring their voices and choices are listened to.” Labour’s health and social care secretary Wes Streeting has also discussed the need to tackle health inequalities, saying the UK needs to ensure women are no longer “treated like an alien species with rare conditions when they turn up with things like menopause, PCOS and endometriosis.” Dr Natalie Kenny, chief executive at BioGrad, said: "For far too long women’s health has been an afterthought in scientific research. At BioGrad, we are proud to be leading the charge in changing this narrative. By opening Europe’s first dedicated private women’s health research tissue bank, we are not only addressing a critical gap in medical research but also empowering women to play a direct role in advancing healthcare and patient outcomes. "For many, women’s health is an enigma - it is a complex maze articulating the difficulties women encounter in communicating and confirming their pain as well as understanding the intricacies of illness such as endometriosis and PCOS, and often the institutional disregard for health issues that directly affect women. "Our mission is to challenge this, creating research that improves health outcomes for women, closing the gender gap and establishing the UK as a global superpower in science and technology by 2030." Lynn Greenhalgh, medical director at Liverpool’s Women’s Hospital, said: "Liverpool Women's Hospital is delighted to support BioGrad in the creation of the Women's Health Research Tissue Bank. The tissue bank will create a resource for the North of England for researchers in Women's health which will allow quicker access to samples for research. This will enable more women to benefit from a greater understanding and potentially new treatments for women's health problems that affect such a large part of the population.”
Tyneside tech firm Notify Technology raises £1.5m investment
A Tyneside safety tech business is set to tap into new AI features on the back of a £1.5m investment boost. Notify Technology was launched in in 2017 by Duncan Davies and Andy Dumbell to help businesses to digitally record information through a platform designed to improve health and safety at work. Its platform allows clients to document everything from accidents and near misses to complete audits, inspections and risk assessments, and to manage safety documents and analyse safety data from one central location. Now the firm, whose clients include McDonalds, Siemens and the NHS, has raised a further £1.5m from Calculus Capital, the North East Venture Fund supported by the European Regional Development Fund and managed by Mercia Ventures, and private investors. Notify Technology will use the funding to boost its platform with the addition of new AI-powered features and to accelerate its sales and marketing operations. The platform has been adopted by high-profile names including Wickes, Travis Perkins and Menzies Distribution and has over 250,000 users worldwide. Notify now employs 27 staff and recently moved into new offices in Newcastle city centre and over the past 18 months it has increased annual recurring revenue by 47%. The latest funding round brings the total it has raised to date to over £7m. Duncan Davies, co-founder and CEO, said: “Notify has become the challenger brand in Safety Tech through our approach to service and innovation, delivered by a fantastic team. I’m delighted we’ve been able to raise additional capital from long term investors to support our latest innovations and to continue our growth trajectory. Thousands of organisations are recognising the value of looking after the health, safety and wellbeing of their workforce, and Notify is now perfectly placed to deliver software that drives employee engagement and productivity.” Richard Moore, co-head of Investments at Calculus said: “We are excited to support Notify as it continues to develop its customer led Health and Safety software. We have seen the health safety and wellbeing sector become increasingly important to organisations and Notify is at the forefront of innovation in this space. We are pleased to be able to support the Company in its mission to make a billion workers safer, healthier and more productive.” Natalia Blagburn of Mercia Ventures added: “With businesses facing tighter regulations and rising insurance claims, Notify’s platform helps them manage risks. Incorporating AI will make it even more powerful - transforming safety management from a reactive to a proactive process, and helping businesses prevent accidents rather than just respond to them.”
Newcastle firm Opencast makes list of Europe's fastest growing companies
A North East technology company has been included on a list of Europe’s fastest-growing firms. Newcastle firm Opencast, which provides digital transformation for Government departments and other organisations, is ranked 365th on the FT1000 list, which brings together fast-growing companies from around Europe. Rankings are based on compound annual growth rate between 2020 and 2023, with Opencast seeing 76.2% growth over that period, as well as more than tripling its headcount. The company recently released accounts in which its turnover for 2023 came in at £49.9m, and has announced a £32m contract win with the Department for Work and Pensions. The FT1000 list – which has previously highlighted North East companies including END Clothing, Everflow and hedgehog lab – was topped this year by Menlo Electric, a Polish supplier of photovoltaic panels and inverters, followed by UK fintech company Allica and German advertising business Almedia. More than 100 UK firms are on the list, including chicken chain Wingstop and hot chocolate cafe firm Knoops, both of which have recently opened in Newcastle. The FT1000 list also has strong representation from Germany, France and Italy. Opencast CEO Tom Lawson said: “To be featured in the FT1000 ranking among companies from across Europe reflects a period that saw our business transform and our people count grow from 117 to 431 in 2023. More than 80% of our people with us today, joined the business during this time. “Like many businesses, we faced a tough economic and trading environment last year, but we’re starting to see positive signs for 2025 which I hope others are experiencing too. We’re working hard to return to the strong, profitable growth that this ranking recognises, as we see demand return from our key clients and partners, and we help them deliver social impact through better, more inclusive, digital services for all. “The FT1000 news is testimony to the massive efforts of our whole team to keep us on our sustained growth trajectory, even as the sector has faced tough times. A huge thank you to everyone at Opencast for their role in making us the business we are today, as well as our clients and partners for their continued commitment to working with us.”
The Welsh tech firm empowering football clubs to make smart recruitment decisions
A North Wales start-up developing an AI platform to support football clubs and other sports to recruit the best player talent and make smarter operational decisions, has been boosted with a six-figure equity investment. Pelly aims to transform sports operations by offering a platform for managing talent and streamlining decision-making. It combines artificial intelligence with an intuitive user interface to help sports organisations make data-driven decisions efficiently. It unifies a range of data, such as scouting reports, injury history, performance data, t support clubs in decision making. Eight football clubs are now testing the product ahead of an expected market launch in the spring. Based at M-SParc in Anglesey, Pelly is the brainchild of co-founders Iwan Pritchard, Stephen Hickingbotham, and Tomos Owen. The trio are under the age of 25. In their first investment round, they have raised £355,000 to support commercialisation plans. The round has been equally backed by a syndicate of ten investors from the M-SParc angel network, led by Robert Williams, the Development Bank of Wales, alongside private investment. Through an M-SParc accelerator programme, the Pelly team have been mentored by communications consultant Barbara Want , M-SParc angel Shaun King , as well as receiving guidance from private investor Ian Brookes. Co-founder Mr Pritchard said: “Pelly bridges the gap between data and action. We’ve built a platform that leverages AI to turn complex data into clear, actionable insights for clubs. Our focus is empowering teams to operate with agility, integrating the data they already have, and providing tools that help them win - both on and off the pitch. “We’ve been working closely with international academic institutions to develop our prototype. Over 100 industry professionals have been consulted to date, and eight football clubs are now testing the product before going to market in the next few months. The support of our team, advisors, and investors is helping us to accelerate our growth. They’re encouraging us to work smarter whilst opening doors and providing the working capital that we need to fund our early-stage development. It’s a huge vote of confidence in us, our business model, and our potential as a young and driven team .” M-SParc’s angel network was established to back start-up and early-stage businesses in North Wales. It is focused on mentorship and networks and to date has supported over 14 businesses in the region. However, the Pelly investment (£124,000), is its first major investment. Angel investor Mr Williams said: “Our members have a wealth of finance and business experience, having started, scaled, and exited a wide range of businesses. We’ve come together as a group as we all want to see the North Wales economy prosper, and we share a commitment to helping the next generation of entrepreneurs like the team at Pelly to succeed. Indeed, this is a team of bright, young, and ambitious football professionals who know their market, and have already established Pelly as a credible presence within the industry. This funding round now gives them the platform to go to market.”
Manchester is most popular UK city outside London to start a tech business, Capital Enterprise report shows
Manchester is the most popular UK city outside London to start a tech business, a new report suggests. Business innovation specialist Capital Enterprise says its poll of decision-makers at UK technology businesses showed Manchester and Liverpool were among the top locations for UK entrepreneurs to start new businesses. The report has been released on the day Capital Enterprise and tech hub Turing Innovation Catalyst Manchester hold their "Innovation with Impact AI Startup Showcase" to showcase the startups on their AI Accelerator programme. Capital Enterprise aims to drive investment across the UK and close the gap between the London-Oxbridge Golden Triangle and the rest of the country. Its members include investors, universities, corporates, business incubators and public sector bodies. Its latest research comes just days after Chancellor Rachel Reeves vowed to turn the Oxford-Cambridge corridor into Europe’s Silicon Valley. The organisation asked entrepreneurs which UK city they would choose if they started a new business. Manchester was the top regional city, with 28% of leaders believing it would be the best city in which to start a new business. While London topped the poll nationally, some 28% of leaders also believed London would be the worst city to start a business. The most important factor for all business leaders was the availability of local talent. Every business polled said that was important to their business, and more than half said that was a key factor in deciding where to build and grow. Some 84% of those surveyed felt that transport and connectivity were either 'very important' or 'essential' to their decision-making, while 44% listed entrepreneur and business support as a factor that would influence their location choice. Other Northern cities to score strongly as potential business locations were Liverpool, in fifth place, and Leeds in 11th. More than half of the business leaders polled (55%) said the UK government could do more to encourage startups outside London and the South East. Jonny Clark, who leads Capital Enterprise, said: “Tech entrepreneurs are increasingly drawn to the North’s growing innovation hubs, not just for affordability but for the strong networks of talent, transport links and business support they provide. By enabling founders to access funding, support and world class talent, programmes like the Turing Innovation Catalyst AI Accelerator are vital in stimulating these dynamic startup ecosystems. These factors propel founders to fulfil their potential to become major employers, drive economic growth, and shape the region’s future." Liz Scott, director at Turing Innovation Catalyst, says: “This new research reflects what we see on the ground: tech entrepreneurs are gravitating to Greater Manchester because it combines access to talent with leading research hubs and a close-knit business support ecosystem. By empowering entrepreneurs and innovators from across the region, Turing Innovation Catalyst Manchester plays a key role in connecting startup founders with the mentorship and investment they need to succeed.” One of the startups on the Turing Innovation Catalyst programme is Spotlight Pathology, which uses AI to enable precise blood cancer diagnoses. Founder Martin Fergie said: "Manchester is an ideal base for an AI medtech startup, combining world-class clinical research, leading cancer institutes like The Christie, and a thriving tech ecosystem supported by major global companies—creating the perfect environment for innovation and growth." Last month BusinessLive reported on Baltic Ventures' Accelerator 2024 Demo Day in Liverpool, where entrepreneurs from 10 companies pitched to investors and key players in the North West tech scene.
Virtual reality training data firm Vrai secures £4.2m from venture capitalists
Virtual reality simulation specialist Vrai has landed £4.2m investment led by transatlantic venture capital firm Beringea. The provider of performance data systems in simulation training, with customers including the British Army, Irish Defence Forces and the Royal Air Force, says it will use the capital injection to expand into the US, as well as creating jobs in its Newcastle and Dublin offices. The Series A fundraise means the tech company joins Beringea's $900m investment portfolio that also includes alcohol free lager brand Lucky Saint and digital entertainment media company Whistle Sports, along with many other UK and US businesses. Vrai will use Beringea's US presence to expand into what it says is the world’s largest market for immersive technologies in aerospace, defence and security. Vrai's team of 25 - split across the offices in Newcastle and Dublin - is expected to double in size as it invests in more product, sales, and marketing manpower. Those jobs are expected to cover both sites and a base in the US. The firm was launched in 2017 and its core product, HEAT, integrates with simulators of all kinds - including via headset displays - to provide an analytics layer that delivers insights into human performance. The technology is targeted at industries with complex and expensive equipment such as aerospace, defence and security - with estimates the global market for simulation learning could triple in size to almost $45bn by 2032. Beringea's investment into Vrai follows €3m raised to date from investors including Enterprise Ireland, Northstar Ventures, and several Irish family offices. The venture capitalist previously backed Newcastle-based digital agency TH_NK until it was acquired by US software firm EPAM in 2018. Pat O’Connor, founder and CEO of Vrai, said: “We are delighted to announce our latest investment round, which marks a significant milestone in our mission to redefine exceptional human performance through data driven simulation. We aim to be global leaders in our niche. This investment will allow us to continue innovating for our existing customers, continue building a talent dense team and growing the company through our new US office." Luke Edis, investment director at Beringea, said: "Global industries – particularly defence and aerospace – are increasingly turning to simulated environments to provide training. Gone are the days when individuals had to learn within expensive pieces of equipment – you can now train in simulated environments that are cheaper, safer, and more measurable.
Newcastle marketing group Fortuna Gaming helps launch new website Ivy Casino
A Newcastle gaming group has developed and launched a new casino website, designed to offer UK players with a “luxury gaming experience”. Ivy Casino has been developed by Mark Good, chief commercial officer, and the team at Fortuna Gaming, a Newcastle city centre online gaming and betting marketing and technology development specialist. The firm said the website aims to deliver a luxury, player-focused gaming experience with “top tier” games, and that the firm is focussed on growing the brand in a competitive, crowded market. Mr Good said: “Launching Ivy Casino has been an exciting journey, but like any ambitious project, it hasn’t been without its challenges. We have had to navigate the complexities of entering the highly competitive UK online casino market – one of the most regulated and competitive markets in the world. “One of the key challenges was ensuring that Ivy Casino not only met but exceeded the high expectations of UK players. This required building a state-of-the-art technology stack from the ground up to deliver exceptional performance, speed and reliability while maintaining full compliance with UK Gambling Commission regulations. “Another challenge was differentiating Ivy Casino in a crowded marketplace filled with established competitors. By leveraging many years of experience managing successful online gaming brands, the team identified a clear opportunity to deliver a premium, player-first experience that blends innovative game content with elegant design and tailored promotions.” The launch follows growth at the Blandford Square business which has seen a number of jobs created, with more to follow. Jason Bolton, chief operating officer at Fortuna Gaming, said: “Ivy Casino is proud to contribute positively to the local area in Newcastle, and the wider North East region, through the creation of new job opportunities at Fortuna Gaming, the driving force behind the brand. “So far, roles in marketing, affiliate management, UX and UI design, development, compliance and more have been established, and we anticipate further growth as the brand evolves. “As we grow, we aim to not only establish Ivy Casino as a leader in the UK iGaming market but also as a brand that makes a meaningful difference in Newcastle’s business and community landscape.”
Virgin Media O2 announces £700 million mobile network upgrade
Virgin Media has unveiled plans for a £700m investment this year aimed at enhancing mobile reliability and speed for its UK clientele. This funding will also enable the broadband behemoth to bolster its 4G and 5G coverage in rural regions, as reported by City AM. As part of its mobile transformation strategy, the company intends to implement thousands of upgrades, including new mobile masts and small cells in urban areas where customers grapple with weak signals. Virgin Media O2 is directing its investment towards locations where connectivity is paramount and where customers have long demanded enhancements. This encompasses rail travel and motorways, with the aim to improve signal strength at stations and reduce dead zones for drivers utilising GPS or streaming on the move. The investment will also extend to live events, stadiums, and city centres, increasing capacity to prevent slow speeds when large crowds are online. The commitment to invest £2m daily will result in fewer dropped calls, quicker downloads, and superior performance in these areas. Virgin Media O2 is also phasing out any obsolete 3G networks that are no longer effective, freeing up bandwidth to enhance faster, more energy-efficient 4G and 5G networks. The firm has also revealed its use of artificial intelligence (AI) to boost efficiency, ensuring customers enjoy a consistently reliable and stronger mobile experience in the forthcoming years. This £700m upgrade to the mobile network forms part of Virgin Media O2's broader £2bn investment in connectivity for 2025, encompassing both mobile and broadband services. The announcement comes in response to a significant surge in mobile network demand, which has hit an unprecedented high, with traffic more than doubling over the past five years. Jeanie York, Chief Technology Officer at Virgin Media O2, stated: "We know how frustrating patchy signal can be, so we're making sure our customers get the reliable, high speed mobile service they expect – whether they're commuting, working, or just streaming on their sofa." She further added, "This investment isn't just about upgrades, it's about creating a network that's ready for the future". In contrast, the government unveiled a £23m investment in telecoms research and development on Monday. Since its £31bn merger in 2021, Virgin Media O2 has emerged as one of the nation's largest and most innovative telecom providers. Coupled with O2's mobile network, the company is now a key contender in fixed and mobile connectivity, vying directly with BT, EE, Vodafone, and other major providers.
Biotech firm HistoCyte Laboratories expands at Newcastle business park
A Tyneside biotech business is set to launch a recruitment drive after doubling the size of its Newcastle base. HistoCyte Laboratories, which develops medical testing products, has grown to a team of 20 staff since first moving to Newcastle’s Quorum Park in 2019. The company has now doubled its floor space within Quorum’s Neon building to help accommodate its growth. The firm has signed a new lease with landlord Shelborn Asset Management for a new 4,000 sqft space which will enable HistoCyte to expand production capacity and take on 10 additional staff. The firm is also installing two large tissue culture laboratories, a cold room and expanding its storage space. HistoCyte’s CEO Colin Tristram said: “We are very excited to be increasing our floor space here at Quorum Park. Since moving here in 2019 our sales have grown by approximately 30% each year and while our headcount has grown with demand, the premises haven’t, until now. “Our new large tissue culture laboratories are where we will grow the cells for our products. There will be a cold room for raw materials but also for our finished stock as we will create our packaging and distribution point here. There will be a write up area for our scientists as well as histology space where we will process the cells and cut material on to microscope slides. “The team at Quorum have been very accommodating in providing space for a biotech company in what are effectively buildings for offices. There is a burgeoning biotech sector in Newcastle but we don’t have to be located in the city centre where it is comparatively much more expensive to operate.” Mark Rabinowitz, director of Shelborn Asset Management, added: “At Shelborn we have gained a wealth of experience in providing organisations who work in the life sciences and biotech sectors with office space solutions and we see it as a big growth sector in the UK.
Opinion: How the North West's unique start-up strengths are boosting its tech scene
Manchester is the most exciting place to start a tech business in the UK right now according to Capital Enterprise’s latest poll of decision-makers in the sector. In recent years, both public and private sector organisations have taken steps to create an environment that helps businesses start and scale, and this momentum is being felt right across the North West – pushing across to Liverpool, Lancaster and further afield. We’re used to businesses citing low costs of set up as a reason for starting in the North West. But we’re increasingly seeing founders achieve success through key drivers that aren’t just cost. Importantly, our tech talent is developing fast. At the same time as our roster of universities continues to create a robust early hire pipeline, there’s been a huge boost to the creation of tech leaders in Manchester. So, as skills are built at the senior levels, they’re also recycled back into the ecosystem. This is also true for exited founders turned angels. We’re seeing more North West founders exit and reinvest their capital back into younger regional start-ups. Crucially, this capital is coming with operator experience and established sector networks alongside it. This circular flow is also starting to increase the diversity in our angel networks. The North’s angel networks now span a far wider range of backgrounds than we’ve seen in previous years. And top universities don’t just produce talent in terms of the individuals that graduate, spin-outs also have a big role to play in a thriving local tech scene. Take CareLoop for instance, a University of Manchester health tech spin-out that we recently supported to raise a £1.8 million funding round. Combining two of the region’s top strengths, technology and life sciences, the platform offers digital support to patients struggling with mental illness. It’s important to highlight that homegrown tech talent doesn’t thrive on its own – the application of sector expertise is facilitated by the ongoing evolution of skills in supporting roles like people, marketing, finance and sales. While slightly more difficult to put your finger on, working with founders every day at Praetura Ventures, makes you acutely aware of Manchester’s (and the North West’s) industrious spirit and ability to seek out innovation. A close-knit regional founder ecosystem means that founders push each other to keep raising the bar, benefitting from their proximity to other innovative businesses. Perhaps it’s a scrappy, Northern start-up mentality, but ultimately, players in the community genuinely want to see their peers succeed and readily offer them support and insight to give them a leg-up. Finally, the benefits of a progressive and supportive public sector cannot be ignored. Whether it’s funding or business support, there are a significant number of organisations who share the same mission of helping the North West reach its full potential. At Praetura, we’re proud to manage the NPIFII – Equity North West fund for the British Business Bank and the GMC Life Sciences Fund By Praetura for Bruntwood SciTech, GMCA & Enterprise Cheshire & Warrington. These funds are focused on fuelling growth for our most promising businesses, allowing them to benefit from collaborative public sector funders who are willing to put patient capital into the startup economy, precisely because they understand its power. All of these factors are what makes an ecosystem exactly right, complementing each other to create an environment that encourages growth. The task now is seizing on the momentum and cementing the North West’s place as the place to start and scale a tech business.
Onbuy quits Bournemouth and blames local council in scathing statement
Technology firm Onbuy has decided to leave its Bournemouth base, with the CEO criticising the local council for a lack of industry support. Cas Paton announced on LinkedIn that the company will now primarily operate from London and New York, as reported by City AM. He stated that although Onbuy "will always" maintain an office in the south, it is "no longer a Bournemouth company". Previously headquartered at Dean Park Crescent in Bournemouth, Onbuy is now registered at an address on Great Portland Street in London. The company's latest accounts for 2023 show a revenue increase to £21.5m from £11.7m, and a reduction in pre-tax loss from £10.7m to £8.7m. In the post, Paton said: "As a tech founder, be careful where you setup your business. Not all cities and towns are equal – and some are working against you at every step. We are saying goodbye to Bournemouth." "Bournemouth we tried, but the journey has come to an end and we have to part ways. We really tried to keep Bournemouth our HQ and believed in BCP Council’s vision for Bournemouth and ‘Silicon Beach’ but the truth is, Bournemouth is an under-invested, council-destroyed destination; high streets that are completely deserted, major homeless drug user problem worse than the streets of London or Manchester, a transportation nightmare, and the opportunity cost is just too great." "There is no support for tech here in Bournemouth. The ‘Silicon Beach’ dream was a lie. We say goodbye to Bournemouth. We say hello to London and New York." "We will always have a satellite office in the south, but we are no longer a Bournemouth company. Was fun while it lasted. We will miss the good old days." Cllr Richard Herrett, portfolio holder for destination, leisure and commercial operations, BCP Council, commented: "We know confidence is flowing back into Bournemouth town centre – evidenced by new businesses coming into the town. Just before Christmas we saw the opening of the high-end restaurant The Ivy, and soon we will welcome The Botanist & JD Gyms amongst others, so it’s a shame OnBuy didn’t speak to us, as we’d have been able to share all this positive information with them." "The town has clearly turned a corner, with footfall over Christmas up 12.5% compared to the previous year. We’ve secured a local operator for next year’s Christmas events and activities demonstrating there is a real belief in Bournemouth." "Empty shop units are being brought back into action as we attract more investors into the town centre. At the former Beales and House of Fraser stores we are seeing a mixed use of retail, workspace and accommodation take shape which highlights Bournemouth’s commitment to growth and modernisation. These developments not only enhance the town’s appeal but also creates job opportunities and fosters a thriving local economy." "We are also fortunate to have a thriving and growing creative and digital community in the area, which the Council continues to nurture and support, along with our partners at the universities and college." "Many of these businesses are based in offices in and around the town centre. Together with the success of co-working spaces in Bournemouth such as This Workspace and the recently arrived Patch, as well as The Foundry in Poole, the office community bring further footfall and spend into Bournemouth Town Centre." "We are aware of the challenges facing every high street in the UK, but as a council we are determined to make sure we continue to do our part in supporting our local businesses. We recently awarded £358,000 to make the town centres of Bournemouth, Christchurch and Poole more attractive with projects such as enhancing street lighting additional planters, artwork and events."
Wise's customer numbers soar as fintech makes big deals with financial giants
Fintech platform Wise has reported a 20% increase in customer numbers over the past year, bolstered by strategic partnerships with leading financial institutions. In its latest quarterly trading update, the money transfer company disclosed that cross-border volumes had leapt by 24%, or 27% on a constant currency basis, reaching £37.8bn. Additionally, Wise account balances saw a 26% growth to £16.2bn, while the broader uptake of the firm's accounts contributed to a 39% rise in card and other revenue, as reported by City AM. Wise anticipates an underlying income growth of 15-20% for the full financial year on a constant currency basis, although it expects reported growth to be at the lower end of this range due to foreign exchange headwinds. "This quarter saw us take another step closer to achieving our mission, most notably through extending the availability of Wise to even more customers," commented Kristo Käärmann, co-founder and CEO of Wise. During the quarter, Wise expanded its services in Brazil, initially from individual customers to now also encompass micro-businesses, as it aims to integrate with Brazil's payment system, PIX. Furthermore, last month, Wise announced a significant agreement to manage foreign exchange payments for Morgan Stanley’s corporate clients, marking Morgan Stanley as the first major investment bank to offer "high speed cross border" payments via Wise's platform. The agreement marked an effort by the fintech to secure more prominent financial clients, in addition to its conventional money transfer service, which enables individuals and businesses to transmit money internationally.
Filtronic triples revenue and profits as SpaceX relationship blossoms
Radio frequency tech specialist Filtronic has significantly boosted revenue and profitability as its relationship with Elon Musk's SpaceX continues to strengthen. First half results for the Sedgefield-based firm, which also has operations near Leeds and Cambridge, show revenue grew to £25.6m in the six months to the end of November 2024, compared with £8.5m in the same period the year before. Operating profit was £6.8m during the period, following a £400,000 first half loss in 2024. Filtronic told investors there is still further growth potential in the low earth orbit market - which is projected to be worth $310bn by 2031 - and has hinted that further collaboration with SpaceX could be in the pipeline, amid the firm's work on components for the Starlink constellation. Last year's agreement with SpaceX, which gave the US rocket giant options to acquire a stake in Filtronic, has led to a series of multimillion-dollar orders, and brought about expansion at Filtronic's NETPark home in County Durham. Having installed two new production lines in the North East and opened a new design centre in Cambridge, the firm says it is looking to ramp up output. That comes ahead of a move into larger premises at NETPark later this year. In the next year, Filtronic expects to complete a project with the European Space Agency which will bring revenues in 2026. Other customers Almagest Space Corporation and XDLINX Space Labs have also taken the firm's mmWave technology into space. Jonathan Neale, Filtronic chairman, said: "We are pleased to communicate these strong set of interim results. Robust order intake has resulted in the improved revenue and profit outlook in H2 which we communicated in market upgrades in December 2024 and January 2025. Investing in the business to underpin the orderbook has been timely and effective and we look forward to being able to communicate more about the next financial year as things develop during H2." He added: "We have an exciting technology roadmap, developing semiconductor and passive technologies in the millimetre-wave spectrum for both the ground station, payload and platform systems and components. These are supported by leading edge global semiconductor foundry technologies. The developments relating to these are progressing well and we still expect to deliver against critical timelines.
Quartet of Midlands tech companies named among UK's fastest growing
A quartet of Midlands firms has been named among the UK's fastest-growing tech companies. The Sunday Times 100 Tech listing is published today and in this weekend's newspaper and ranks Britain's fastest-growing private technology companies. To qualify, firms must be independent, privately owned and headquartered in the UK and either sell their own proprietary technology or have developed proprietary technology essential to delivering products or services. Among those included is Warwick-based Moasure whose motion-based device allows customers to measure and draw simultaneously across all dimensions, connecting to an app that calculates perimeter, area, elevation and volume. Founder Alan Rock set up the company in 2014 after inventing a small device which aimed to replace traditional methods of measuring a large outdoor space such as a garden or irregularly shaped swimming pool. It now has 12 international websites and ships to nearly 100 countries. It posted revenue of £12.2 million over the past year and enjoyed annual sales growth of 102.91 per cent over the last three years. Moasure was also named in our annual 'Ones to Watch' poll earlier this month which canvasses the opinions of West Midlands business leaders on which companies they expect to be making headlines in the months and years to come. Also in the list is Birmingham-based nutrition firm Rem3dy Health which produces gummy stacks containing a mix of seven different vitamins and minerals based on a customer's individual requirements. Founded by American entrepreneur Melissa Snover in 2019, its main brand is Nourished and it operates from a factory in Digbeth which uses the firm's own patented 3D printing technology. The company posted revenue of £7.6 million in its latest accounts and growth of 100.04 per cent over the past three years while enjoying a foothold in markets such as the US, Japan, Greece, France and Italy. Ms Snover said: "We are thrilled to be included on this prestigious list. It recognises the huge growth we have achieved since we started, just over five years ago. "We have evolved from a previously untried nutrition concept into a truly international company that has a unique place in the wellness sector. "Personalised nutrition is fast gaining popularity among consumers, particularly younger generations and is set to grow by more than 16 per cent a year globally by 2030." Nottingham-based workforce learning platform Thrive is the third highest-ranked Midlands company, posting turnover of £7.3 million in its latest accounts and growth of 80.73 per cent over the last three years. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Completing the region's line up is pipe cleaning technology Hygienic Pigging System, also based in Nottingham, whose latest annual revenue is £7 million and sales growth of 28.49 per cent over the past three years. The research found the 100 companies generated sales of £3.2 billion, up by £2.6 billion in the last three years. In total, they employ 20,700 people and have created 11,200 new jobs over the last three years while 82 companies said they planned to make additional hires over the coming 12 months, totalling 4,200 jobs. However, the Midlands region has one of the smallest representations in the list, with only Scotland (three), Northern Ireland (two) and Wales (one) securing fewer spots. Perhaps unsurprisingly, London made up more than half of all entrants (56). Seventeen of the businesses are founded or led by women while 61 were launched within the last decade. Sunday Times business editor Jim Armitage said: "The Government has pledged to kick start economic growth in 2025. "The Sunday Times 100 Tech shows that Britain's technology entrepreneurs are already making progress, creating high-value jobs and delivering cutting-edge goods and services. "These businesses are proof that Britain remains a powerhouse for innovation. The rapid development of AI represents one of the biggest economic opportunities since the internet. "We have seen the Government embrace AI this week but we still need the right support structures put in place to help the entrepreneurs who are harnessing AI to thrive."
Revenue and profits rise at Tyneside games developer Ubisoft Reflections
North East games developer Ubisoft Reflections chalked up a 12% leap in revenues, with its popular Tom Clancy games bringing in more than half of all sales, new accounts show. Newcastle’s Reflections became part of the Ubisoft group in 2007, with the global games giant having its head office in France and bases in almost 30 countries. The move which triggered growth at the Tyneside firm as it works alongside other studios on within the group around the world. The Gosforth-based firm, known for its games including Tom Clancy’s The Division and Watch Dogs, has published accounts for the year ended March 31 2024, showing revenue increased from £50.3m to £56.3m. Operating profit rose from £27.1m to £31.1m, while pre-tax profit increased from £22.5m to £27.1m. Overall profit rose from £16.5m to £22.2m. Average employee numbers dropped from 416 to 393, however. A breakdown in turnover showed that £25.5m of the total sales related to development of games software and that £30.8m accounted for the Tom Clancy brand and associated trademarks. The directors’ report said: “During the year the company worked on various titles in collaboration with other Ubisoft Studios including some unannounced titles. The company’s activities flex to meet the demands of the projects and headcount has stabilised based on current demand. “The Clancy brand revenue showed a significant increase. In its ninth year, Rainbow Six Siege strengthened its leadership in the highly competitive first-person shooter live services landscape with impressive and sustained numbers throughout the year which is reflected in the 34% increase in profit for the year. Other sales of £26m have remained in line with 2023.” The firm said that the impact of the cost of living on its staff continues to be a challenge and “where possible measures have been put in place to provide additional support for staff”. It added that that its products are subject to technological advances so the group is committed to research and development. The studio also highlighted how the company is involved in initiatives designed to boost skills and encourage future workers “in particular by providing support to those most vulnerable, such as job seekers, seniors, and those from rapidly changing urban areas”. The report added: “The Newcastle studio continues with its role as skills developer within the Dynamo North East group, which is supporting Newcastle’s post industrial transition to help the city become an emerging technological hub. This industrial initiative focused on the growth of the technology sector in North East England seeks to promote skills, education, and support research and development in the regions in the new technologies sector.”
Uber-backed AI startup that could rival Tesla takes on Europe's largest car market
UK-based artificial intelligence (AI) startup Wayve, known for its work on autonomous vehicle systems, has unveiled plans to expedite its global expansion by establishing a new hub in Stuttgart, Germany. The firm, which enjoys the backing of tech behemoths Uber and Softbank, is currently trialling its AI-driven self-driving technology in Germany and the US, with an eye on forging partnerships with various car manufacturers, as reported by City AM. Wayve's foray into Germany, Europe's biggest auto market, will enable the company to fine-tune its 'embodied AI' technology, with a focus on lane change assistance that mimics human driving behaviour. The Stuttgart hub will also aid in the development of advanced driver assistance system (ADAS) features and automated driving capabilities. Alex Kendall, co-founder and CEO of Wayve, hailed Germany as the "perfect place" to fast-track AI-powered driving technology, lauding the country's automotive expertise. "I look forward to partnering with Germany's world-leading manufacturers and tier one suppliers to bring safe, scalable and production ready AI software to vehicles worldwide", he stated. The new location will provide Wayve with access to top-notch engineering talent and regulatory support for its vehicle testing. This announcement comes on the heels of a significant $1bn funding round spearheaded by Softbank, with contributions from tech giants Microsoft and Nvidia, making it one of Europe's largest investments. Wayve also added Uber to its roster of investors last August, amid surging interest in an AI-centric approach to autonomous driving. Launched in 2017, Wayve stands out as a front-runner among Europe's autonomous vehicle manufacturers. The company is in direct competition with American heavyweights such as Tesla and Alphabet's Waymo, not to mention rivals in China like BYD. Setting itself apart from Waymo's pricey, sensor-laden tactic, Wayve opts for a cost-effective, camera-based AI technology that progressively learns from hands-on driving experience. The firm has made inroads into the US market by setting up shop in Silicon Valley and deploying test drives of its fleet in San Francisco. Ambitious expansion plans are on the horizon with a Vancouver office set to open doors. CEO Alex Kendall teased further worldwide expansion ambitions, earmarking 2025 as the "year of global expansion" and hinting at an interest in making inroads into the Japanese market. The landscape of autonomous driving tech is changing at breakneck speed, with milestone breakthroughs and shifts occurring hand-in-hand. While Waymo advances its robotaxi services, General Motors shut down its robotic vehicle division 'Cruise' owing to significant financial losses.
Bernard Looney breaks silence since BP exit as he takes on new role with AI start-up
Nearly 18 months after his controversial exit from oil giant BP, former chief executive Bernard Looney has been appointed chairman of ExpertAI, a sustainability-focused AI startup based in London. The company is geared towards helping small and medium-sized businesses (SMBs) lower emissions by facilitating easier access to local green suppliers and subsidies, as reported by City AM. Following the "serious misconduct" incident that led to his dismissal from BP for not disclosing past relationships with colleagues, Looney will now work alongside Dr Anand Verma, chief executive of ExpertAI, to propel the firm's UK growth. This role marks Looney's second venture into the AI industry since leaving BP; he joined Prometeus Hyperscale's board in the US last November. His move into sustainable technology is a pointed deviation from BP's recent direction. Just last week, BP yielded to Elliott Management's activist investor pressure to abandon renewable energy projects in favour of increasing oil and gas output, mirroring similar pullbacks from climate commitments by Shell and Equinor. On Tuesday, Looney highlighted ExpertAI's mission in a statement, saying: "It helps them grasp opportunities to grow their business and cut costs, all while reducing emissions. Exactly what they need, now more than ever." He elaborated: "The energy transition must make economic sense if it is to succeed. This applies to businesses making investment decisions, shareholders directing capital, and customers choosing where to spend their money." "That's why I said yes when Dr. Anand Verma-ExpectAI's Founder and CEO-asked me to take on the role of Chairman. ExpectAI's mission is clear: Higher Profits, Lower Emissions." ExpectAI's Founder and CEO, Dr Anand Verma, expressed his enthusiasm: "We are thrilled to welcome Bernard as our Chairman. His deep global expertise and commitment to innovation align perfectly with our goals." Dr Verma further remarked, “Bernard and I share a common vision: using AI to help the world's 330m SMBs scale profitably and sustainably. ”. He also critiqued current approaches, saying, “Climate solutions today are broken. At ExpectAI, we reject the false binary between mission and profitability.
Klarna targets $15bn valuation with upcoming US IPO, bypassing London markets
Swedish fintech firm Klarna is reportedly seeking to raise at least $1bn (£777m) in a US initial public offering (IPO), according to sources who spoke to Bloomberg. The company's US filing, which could be submitted as early as next week, is expected to target a valuation exceeding $15bn on the New York Stock Exchange, insiders revealed, as reported by City AM. Discussions are ongoing, with the payments business aiming to price the IPO in early April, although specific details of the listing plan or timings could change, Bloomberg's sources noted. In November, Klarna submitted a confidential IPO filing with the US Securities and Exchange Commission (SEC). It is believed that the firm is working with up to 15 banks on the listing, including industry heavyweights JP Morgan, Goldman Sachs and Morgan Stanley. A US listing would represent another setback for the struggling London Stock Exchange (LSE). Last year saw 88 companies depart the LSE, including tech star Darktrace and Paddy Power-owner Flutter, while only 18 firms joined through new listings. These figures, initially reported by the Financial Times, represent the most significant net outflow of firms from the market since the financial crisis in 2009. Despite this, Klarna maintains a strong UK presence, boasting over 18m customers and 31,000 merchants, which had previously sparked hopes of a high-profile London IPO. The decision by the company could raise concerns about the future of its fintech peers Monzo and Revolut, with the CEO of the latter stating in December that the UK market cannot compete with the US in its current state. Klarna provides a buy now, pay later service, enabling consumers to divide purchases into interest-free payments or ones they can opt to pay over time. The firm's valuations have fluctuated in recent years, with a 2021 funding round propelling the company to a valuation of $45.6bn (£35.4bn), but falling in the subsequent round to $6.7bn (£5.2bn). Several major retailers support Klarna payments, including Argos, Currys, JD Sports and, since last year, Uber Eats.
Investor scrutiny intensifies as Nvidia reports Q4 earnings post DeepSeek disruption
Today marks a pivotal moment for Nvidia as the tech firm is scheduled to unveil its much-anticipated fourth-quarter earnings after the US market closes, amid heightened expectations. This represents Nvidia's initial financial report since the rise of China's DeepSeek model, and investors are keenly awaiting any indicators that could suggest a shift in momentum or reaffirmation of Nvidia's stronghold during the ongoing AI surge, as reported by City AM. The emergence of DeepSeek has already sent ripples through the artificial intelligence (AI) sector, triggering the most significant single-day market capitalisation drop in Nvidia's history. In the lead-up to this crucial earnings release, Nvidia's shares have faced substantial headwinds. The semiconductor heavyweight, now valued at an immense $3.1 trillion (£2.44 trillion), has endured a 19% dip in share price since its zenith in early January. At the heart of investor concerns lies DeepSeek's open source AI model offering—the potential to run on less sophisticated chips at considerably lower costs poses a critical challenge to the demand for Nvidia's products. Nevertheless, certain analysts maintain a positive outlook; Vivek Arya from Bank of America anticipates today's earnings call "could mark the trough in investor sentiment" while setting an ambitious target price of $190 (£149.67), nearly 38% above the stock's current value. With eyes fixed on Nvidia's forthcoming financial update, its reverberations are expected to resonate beyond the company alone, potentially influencing broader market trajectories. David Morrison, a senior market analyst at Trade Union, asserts the significance of Nvidia's announcement, particularly in light of recent rumours regarding Microsoft's data centre expansion plans—rumours that Microsoft itself has denied. Susannah Streeter, who leads money and markets at Hargreaves Lansdown, acknowledged the unease investors have felt over Deepseek but maintained a positive outlook, commenting: "The arrival of low-cost Chinese model DeepSeek rattled investors but, given Nvidia's first mover advantage and the huge infrastructure investment plans from tech giants like Meta, it's an indication that Nvidia's high-end chips will remain in demand." On the flip side, Forrester senior analyst Alvin Nguyen pointed out that Deepseek offers competition, like Intel, an opportunity to stake a claim in the low-end AI infrastructure market. Nevertheless, he believes "this should not have an immediate impact on NVIDIA since demand for their GPUs exceeds their ability to supply." Looking beyond the statistics, all eyes will be on Nvidia CEO Jensen Huang as he provides direction on pivotal areas poised to influence the company's course. Projections for future revenue also stand out as an area of interest, especially after Nvidia's previously announced second-quarter sales prediction of $37.5bn (£29.54bn), which would mark an impressive 70 per cent year-over-year growth.
Tyneside firm ships educational robots to Miami after hard-won order
A Tyneside start-up that creates robots that introduce children to programming from an early age has shipped some of its products to Miami. Roamer Robotics creates screen-free, modular robots that feature a keypad for programming them to perform different manoeuvres. The units have a voice and sound and can be instructed to play music and come with a range of jackets that can transform them into a dog, a car or a spider. The technology was invented by engineer Dave Catlin who has produced a number of research papers on the topic. Mike Carter, CEO of Roamer Robotics, set up the company in 2022 to carry on what he called the floor robot tradition in education. Now the firm has sent a number of its products to the US following a major order. Roamer robots have been sent to Miami, Florida for use by Miami-Dade County Schools to be used within the state's floor robots training programme. The deal follows Roamer's recent work with neighbouring Swift Electronics Ltd - a provider of printed circuit boards that has premises on Saltmeadows Road in Gateshead. Swift supplied circuit boards for the robots and programmed them to follow commands and assembled them before shipment. Mike Carter, Roamer Robotics CEO, said: "It has been a hard-fought battle to gain the order for the training, having to navigate the complex logistical issues around exporting abroad and especially to the United States of America. I'm delighted that through the support of our logistics partner InXpress in Gateshead we've been able to fulfil this exciting order. I strongly believe that once each teacher becomes confident in using the floor robot, they will want more." Swift Electronics Ltd, managing director, Jonathan Sloane added: "It has been an absolute pleasure supporting Mike and the team at Roamer. It’s great to see another Gateshead company doing well and we wish them a fantastic 2025."