South West news #14
Our South West tech news round-up aims to give you an insight into the latest tech news specifically in the South West. If you enjoy this, make sure to sign up to our email list to receive updates on more content like this!
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Maritime tech company moves into Plymouth freeport’s Oceansgate
A disruptive tech company has become the latest to move into Plymouth’s £14.3 million Oceansgate development – now part of the city’s freeport area. JET Engineering System Solutions has opened its new office in Endeavour House in the marine enterprise zone, now included in Plymouth’s freeport/freezone. This is being seen as a “milestone move” for JET, on its mission to deploy maritime 5G mesh connectivity along the UK’s south coast.
“We are delighted to be making Plymouth our next hub for developing the partnerships with other high-technology marine organisations where together we will accelerate the roll out of maritime 5G connectivity and the associated applications,” said James Thomas, chief executive at JET.
Albotherm raises £370k investment to develop tech for the fight against climate change
Algotherm, a University of Bristol spin-out company developing passive cooling technologies to reduce energy usage in Agriculture and the Building (Construction/Architecture) sector, announced today the completion of a £370k seed funding round. The funding will support the development of Albotherm’s Variable Shading System, a temperature-responsive glass coating that reflects sunlight and significantly reduces the energy required to cool agricultural, domestic, and commercial buildings, which is expected to reach 13% of global energy by 2050.
Albotherm is led by two female founders, Molly Allington (CEO) and Dr Sian Fussell (CTO), recent graduates of the University of Bristol. Molly Allington, CEO at Albotherm says, “We are thrilled to have closed our first funding round and to have secured the right advisors to support us as we grow”.
Source: TechSPARK 2021
Vaarst launches to drive the future of marine robotics through data focus
Vaarst, a Bristol-based technology spin-off from leading subsea robotic and hydrographic survey company Rovco, was formally launched in late March with the goal of revolutionising the offshore robotics sector- leveraging intelligent data flows for smart asset management and creating an energy-efficient and more sustainable future. The business aims to accelerate advancement in ocean robotics, giving marine and subsea provides access to next-generation technology that will enable them to deliver AI-driven autonomous robotic work at scale.
Vaarst will target the energy and marine sectors through its innovative technologies, such as SubSLAM X2 – an intelligent data collection system that delivers robotic spatial awareness and live 3D point clouds to any device in the world, without costly positioning systems, thereby saving many project days.
LegalTech scene in Bristol and Bath is flourishing
Legal technology, or LegalTech, refers to the use of technology and software to provide legal services and support the legal industry. LegalTech companies are often start-ups founded with the purpose of disrupting the traditionally conservative legal market. As the legal industry digitalises, it is becoming an increasingly lucrative business for these firms.
The legal tech market is estimated to generate revenues of over $18 billion worldwide, according to Statista estimates. Industry incumbents generated $17 billion of that, while the legal tech start-up market added under $1 billion. However, Statista estimates that LegalTech start-ups will see their share grow rapidly (CAGR of 28% the period to 2025), with revenues set to near $3 billion at the end of that period.
Source: Consultancy UK 2021