Weekly Tech Round-Up | #21
Here is all the tech news you need to know from the past week, sign up for our newsletter to receive this in your inbox every week. We also do a South West tech news update.
Brighton startup develops tech 150 times more accurate than GPS
The GPS or Global Positioning Technology we have come to rely on has remained unchanged for years. However, the Brighton-based tech startup Naurt is all set to change that with its proprietary new technology that doesn’t require any new hardware to implement. The company is now launching a private beta phase, by trialling its new hyper-accurate satellite location technology.
Naurt is a fresh startup co-founded by Jack Maddalena and Nicolas Slack in April 2020. As per the company, its tech is 150 times more accurate than current GPS tracking technologies and is also capable of pinpointing exact location within 10cm, anywhere across the globe, either indoors or outside.
UK tech industry grows tenfold in the last decade as London leads Europe
The UK tech industry has expanded tenfold over the last 10 years as London continues to close the gap on Silicon Valley. Between 2010 and 2020 the number of British unicorns — private tech firms valued at more than $1bn — grew from eight to 81, while the number of companies nearing unicorn status also grew tenfold.
Driving the rapid growth was a rapid increase in venture capital investment into the UK, which rose from £1.2bn in 2010 to £11.3bn last year.
The figures, compiled by the government’s Digital Economy Council and Dealroom, highlights the strength of British tech firms in sectors such as fintech, food delivery, ecommerce and digital health.
Critical cybersecurity gaps in the UK tech sector
The UK boasts one of the strongest technology sectors in the world, attracting world-class talent, rapidly growing and enjoying an ecosystem valued at $585 billion, up by more than 120% since 2017. Venture Capital investment in the UK is the third highest in the world, reaching a record-breaking $15 billion in 2020, despite the double whammy of Brexit and Covid-19.
All of which makes it disturbing that many companies within the sector admit they are poorly prepared to prevent, repel or deal with the consequences of a cyberattack. More than two-thirds (69%) of UK technology and IT companies have suffered a cyberattack during the last 12 months, according to research conducted by Ponemon Institute.
Roundtable discussion: Can tech sector become an income play for investors?
The astonishing growth of technology companies in the past few years could lead to them becoming attractive income generators in a post-Covid environment, multi-asset investors say. The sector’s strength through the Covid-19 pandemic has left many of the world’s biggest tech companies with large cash positions that could be put to use through dividend payments, panellists argued at a roundtable entitled ‘Dividends versus Coupons’ on 21 April hosted by Investment Week and SPDR ETFs at State Street Global Advisors (SSGA).
Other areas of the growing technology infrastructure, such as data centres, could also prove interesting to those seeking income in a low-yield environment.