South West News # 6
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!
We also do a weekly tech update, which you can find here.
Kaedim, University of Bristol spinout, has successfully raised their pre-seed round
Kaedim are a Bristol-based deep tech startup, developing AI technology to make it simpler, faster and cheaper to create high quality 3D assets for games, films and more. They have raised their substantial pre-seed round only 6 months after it was awarded top prize in the University of Bristol’s New Enterprise Competition.
Konstantina Psoma and Roman Bromidge founded Kaedim last February, just before the pandemic hit and prior to graduating. In December 2020 they successfully raised their substantial pre-seed round and are now ready to take on 2021.
SW tech firms chosen by Government for trade missions to USA, India and Singapore
Almost 50 South West tech companies have been selected to take part in the Government-backed trade missions to the USA, India and Singapore. The department for International Trade (DIT), in partnership with Business West, has chosen 47 companies in the region for the Tech 4 Good South West, initiative designed to stimulate international growth and expansion.
With the UK being ranked the fifth greatest digital tech services exporter in the world, at £23.3billion in 2019, sitting behind India, the USA, China and Germany, the initiative offers an invaluable opportunity to showcase the tech solutions the UK has to offer.
New ‘scale ratio’ reveals South West tech is well-positioned for sustained growth
Tech Nation, the scaleup network for entrepreneurs, has launched its inaugural Scale Ratio, which compares the number of seed stage, early growth and late growth companies in the UK’s tech ecosystems. The Scale Ratio reveals that a 50:30:20 ratio of seed (50%), early growth (30%), late growth (20%) companies in a UK regional tech hub is indicative of a mature, balanced ecosystem, well placed to benefit from the accelerated growth of late stage companies while creating the next wave of tech scaleups.
London, Manchester and Cambridge generally exhibit the 50:30:20 ratio and attracted the most investment in the UK in 2020, with 70% of investments made into late stage companies.
Plymouth tech success The iOutlet acquired by management team
The founders of Plymouth’s The iOutlet tech refurbishment firm have sold the successful business to its management team but will remain involved with the venture. James Green Ltd, which trades ad The iOutlet, has been sold by directors Matt Green and Liam James to Lewis Cox, Ollie Green, Greg Jones and Russell Jones in a management buyout.
Set up in 2012 by Mr Green and Mr James, in a kitchen with a kitty of just £5,000, The iOutlet has developed into one of the UK’s leading multi-channel retailers of refurbished or pre-owned phones, having sold close to £100million worth of products to date.