£6.27million has been raised by 15 innovative Edinburgh University startups.
They have been selected to participate in the first AI for Post Covid Recovery Accelerator programme, building on previous activities, launched by the University of Edinburgh and Scale Space, the workspace community dedicated to scaleups.
Entrepreneurs creating AI powered robotic gloves, personalised medicine, through to ‘x-ray vision’ software were some of the 15 trail blazing organisations selected.
Applications to join the second cohort are still open, until 8 August.
The programme has been funded by the Scottish Funding Council and the DDI Programme.
Participants on the first cohort also achieved success beyond funding.
Lenz Labs were awarded a contract for £343,000 as part of the First of a Kind competition by the Department for Transport [DIT], United Kingdom and Innovate UK
Reath secured a pilot of their technology with Marks & Spencer, helping to improve and track re-use of their packaging
Zeg achieved their ever fastest raise following attendance at an investor event run during the programme.
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Charlotte Waugh, Enterprise and Innovation Programme Lead, Edinburgh Innovations, said: “Edinburgh continues to be a place where entrepreneurs flourish and investment opportunities abound.
“The AI For Post Covid Accelerator demonstrates that AI is a key investor focus, successfully scaling 15 companies during a difficult year when new, AI technologies were needed to lead the post covid revolution.
“The companies have made good use of the expertise and support on offer and scaled in a very short time – a testament to their hard work, a great programme team and the thriving ecosystem The University, DDI and Scale Space are delivering through this cutting edge Accelerator. ”
The five-month AI Accelerator Programme, based at the Bayes Centre, ran from February until July 2021, and sought to help these pioneering AI start-ups with high growth potential to scale globally and go on and become world-leading companies.
Jim Ashe, Director of Innovation, Bayes Centre, College of Science and Engineering said: “The University of Edinburgh is home to the largest centre for computing science and informatics in Europe.
“The AI Accelerator has delivered investment opportunities for our data driven AI cohort companies enabling business growth. The AI Accelerator is hosted at the Universities’ Bayes Centre, which provides a dynamic environment – enabling connections with investors, mentors and their peers.”