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Posted on:
9th November, 2018

Birmingham LEP helps underpin growth of SME tech firms

Three ambitious SMEs within the Greater Birmingham & Solihull area – Aceleron, Covatic and Adapttech – have secured funding from the Midlands Engine Investment Fund (MEIF), which is backed by GBSLEP.

Birmingham LEP helps underpin growth of SME tech firms

The three firms received a combined investment of £1.25 million from the MEIF Proof of Concept & Early Stage Fund. This will help the companies, which all have high-growth potential in the digital, low-carbon and life sciences sectors, to bring unique products to market and create skilled jobs in the region.

Adapttech
Biomedical start-up Adapttech has secured a £250,000 investment from MEIF, and moved its headquarters from Portugal to Birmingham’s Institute of Translational Medicine. The funding enables Adapttech to finalise clinical trials and commercialise its unique INSIGHT™ scanning tool, which offers a faster and easier way to fit lower-limb prostheses and monitor patients’ rehabilitation.

Aceleron
Two award-winning inventors, Amrit Chandan and Carlton Cummins, have secured £150,000 to launch the world’s first serviced battery. Their company, Aceleron, is based at the University of Birmingham’s Bizzinn incubator. Securing this investment will help Aceleron to unlock the benefits of sustainable battery technology for people and businesses across the world, whilst ensuring that the region continues to thrive in the technological and low-carbon sectors.

Covatic
MEIF’s investment of £850,000 will help Covatic – which recently located from Oxford to Birmingham – to bring its software to market and create six new technical and management jobs. Covatic’s innovative software platform enables broadcasters to deliver personalised content to users’ mobile devices.

Pat Hanlon, Chair GBSLEP’s Access to Finance group, said:

“The launch of the Midlands Engine Investment Fund represented a significant opportunity for local businesses to
access a share of £250 million in financial support. This Fund is a highly valuable resource for SMEs that want to
develop and grow – and businesses across Greater Birmingham and Solihull should make the most of it.
“Supporting the Fund is an important aspect of GBSLEP’s commitment to its business and innovation priorities; in
particular, strengthening the region’s provision of business support and access to finance. Opening up new streams
of funding to local firms is critical in encouraging our large numbers of start-ups to scale up their operations and
create new employment opportunities –supporting the wider economic growth of Greater Birmingham and Solihull in
the process.”

 

ENDS