Bristol and Bath is providing £2m to boost silicon and high tech startups.
Twelve startups and small companies in the region have been awarded close to £2m ($3m) from the West of England Growth Fund, with Blu Wireless Technology awarded £1m for its 60GHz programmable IP development. The Growth Fund administers UK and European matched funds for the region and has already awarded £11.85m to SME companies.
All the companies are in the Bristol or Bath centres of the SETsquared incubator.
Bath businesses receiving funding include app developer neighbourly (£94k), Clean Energy (£27k), Citeab (£26k), Tivarri , Envolve Technologies (£132k) and CloudFind (£90k).
”I’m delighted that our companies have benefited from this investment by the West of England Growth Fund – the grants will now leverage additional multi-million pound private investments into these companies,” said Simon Bond, Centre Director of Bath SETsquared and the University of Bath Innovation Centre.
Members of the Bristol SETsquared Centre in receipt of awards are Digital TV Labs (£233k), Blue Speck Financial (£220k), AptCore (£80k), Nanoscope Services (£40k) and SecondSync (£100k).
“Bristol and Bath has some fantastic tech businesses – in software, internet technology, electronics, semiconductor, biotech and across all sorts of sectors. These awards will make a massive impact into jobs growth here – and SETsquared has a track record of businesses growing steadily without failing, so these are high-value, sustainable jobs,” said Nick Sturge, Bristol SETsquared Director.
Paul Wilson, chief executive of the West of England LEP, says: “Through this fund we have already invested around £14m, which has attracted more than £41 million of private sector investment into the local economy, creating or safeguarding over 1,500 jobs. High tech is a significant area of growth for us – we already compete internationally and our region is nurturing a future generation of high tech businesses.”
Bristol-based gigabit wireless IP developer Blu Wireless Technology has won a £1m ($1.6m) grant from the local Growth Fund for its 60GHz IP development.
The initial markets for BWT’s technology include the emerging 60GHz ‘WiGig’ addition to the WiFi family and high-speed wireless links for the latest 4G mobile networks based around small cells. These low cost small cells will be mounted on street furniture such as signs and street lamps.
BWT is already starting work on applying the programmble baseband technology to the emerging 5G telecommunications standard.
The company has seen the investment from the West of England Growth fund that is administering UK and European matched funding to small companies in all sectors. The company has grown from a team of 7 at the beginning of 2013 to 17 and anticipates that by the end of 2014 it will have around 30 staff.
BWT is based in the Engine Shed in Bristol, alongside a growing cluster of high tech and digital businesses.”This grant from West of England Growth Fund, combined with the almost £2.4M we have raised from private investors over the last year, will allow us to complete the development of our prototype design by the end of 2014,” said Henry Nurser, CEO of BWT. “BWT already has a strong working relationship with the University of Bristol and these funds will ensure that these links are further strengthened. All feedback on our technology from the multiple international companies we have been in discussion with has shown us that we have an opportunity to become leaders in these exciting new markets. We are confident that customers will buy our Bristol designed technology as soon as it’s commercially available.””This is the single largest amount we’ve awarded from the £25 million pot and it’s exactly the type of project we want to support,” said Paul Wilson, chief executive of the West of England Local Enterprise Partnership LEP. “Through this fund we have already injected around £14m into the local economy, which has attracted more than £41 million private sector investment, creating or safeguarding over 1,500 jobs. High tech is a significant area of growth for us – we already compete internationally and our region is nurturing a future generation of high tech businesses.”The company has shifted from developing and selling a chip to focus on IP, and last month saw a deal with Interdigital to develop technology for small cell backhaul.
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