Preatura Ventures and NPIF II have revealed the companies sharing £1.4m from the inaugural PraeSeed cohort investing programme
The programme aims to identify startup and early-stage investment opportunities for Northern Powerhouse Investment Fund II.
In total 7 are sharing the cash, including:
- Robotiz3d, a SciTech Daresbury-based University of Liverpool spinout, which has developed a suite of products to detect and repair cracks and potholes, including two autonomous vehicles and a specialised camera system.
- CCI Photonics a Lancaster University spinout, which is developing a point-of-care test (InfectiScanTM) to help clinicians accurately detect infection types in patients, so the best antibiotic can be prescribed, reducing antimicrobial resistance.
- North AI in Manchester which helps media and entertainment companies make smarter commissioning and licensing decisions using AI
- Aquaint, also in Manchester, which has created a user-friendly workflow and compliance app for staff at hospitality and food services companies to improve communication across everything from allergens to task management.
- ScrubMarine of Whitehaven in Cumbria, which is developing a submersible remotely operated vehicle (SROV) to clean marine vessels affected by a build-up of unwanted organisms (biofouling), such as algae and barnacles.
- BidScript in Warrington is behind machine learning and artificial intelligence powered software to transform the bid management process for organisations going through resource intensive tendering processes.
- Finally WAC, a B2C app for hourly workers to record and track their hours to ensure they are paid accurately, with functionality that enables staff to raise discrepancies to be resolved by employers.
Every business on the final cohort also features a diverse founder, with 29% of them founded by a female and 86% founded or co-founded by a founder with a BAME background.
“We were inundated with applications for our inaugural PraeSeed cohort, with 200 businesses applying to take part, highlighting that the north is alive with innovation,” said Jessica Jackson, Investment Manager at Praetura Ventures and PraeSeed lead.
“Our intention was always to invest in a limited number of companies that truly stood out, and that’s where we have arrived at with these seven businesses, whose founders displayed tenacity, a willingness to learn and, above all, the talent required to scale a successful business. Equally, we’re incredibly proud of the level of diversity displayed across our final seven companies, with entrepreneurs from diverse backgrounds and female founders receiving the funding needed to hit new milestones and enter a new chapter of growth.”
The £660m Northern Powerhouse Investment Fund II (NPIFII), which has funded PraeSeed through NPIF II – Praetura Equity Finance, covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m.
The next instalment of PraeSeed will launch in March next year.
