THE UNIVERSITY of Nottingham has helped its spin-out
companies to secure millions of pounds in funding to develop technologies in
fields which range from manufacturing to mental health.
It has invested nearly £900,000 during the past year
in nine businesses which began life as university research projects.
The investments have helped the University’s spin-out
portfolio secure further funding packages totalling around £14 million – money which
will help them to either commercialise their ideas and bring them to market as
viable products, or build on an existing market presence.
The financial backing also forms a key part of the
University’s wider long-term strategy of supporting the development of
technologies that have the capacity to improve the world around us.
They include support for businesses active in fields
such as the use of artificial intelligence (AI) to diagnose mental health
conditions, and the manufacture of nanoparticles – which change the way
surfaces behave.
The investments have been led by Nottingham Technology
Ventures, which manages the University’s portfolio of 20 spin-out companies, working in partnership
with specialist investment funds such as Mercia Technologies and Foresight
Group. They include:
- Promethean Particles, which has received £250,000 from the University as part of a £1.24m funding round led by Foresight Group, which manages the government-backed Midlands Engine Investment Fund. Promethean has set up the world’s largest nanoparticle manufacturing plant in Nottingham, able to produce materials at a microscopic scale which can then be used to improve the performance of products which range from printed electronic circuits to medical implants. Its success stems from specialist expertise in nanoparticle manufacturing, where it has developed a patented reactor which enables continuous production of particles.
- Blueskeye AI, which is developing technology that uses cameras with embedded AI software to spot the changes in physical behaviour caused by conditions ranging from stress to depression. It receives £100,000 from the University as it continues work on a process which could speed up the diagnosis, treatment and management of a range of mental health conditions affecting a quarter of the UK population.
- TextureJet, which receives £60,00 from the University alongside £250,000 from Innovate UK, to develop a new manufacturing technology which leads to more efficient and environmentally-friendly surface treatments.
Early-stage technology companies can find it difficult
to secure funding, but the University uses its long-established expertise in
research commercialisation to identify strong teams whose inventions have clear
market potential based on broad societal benefit.
Dr Andy Naylor, CEO of NTV, says that the University’s support for spin-out businesses also helps give other funders the confidence to come on board.
He explained: “Technology companies can find it
extremely difficult to access the funding needed to develop their products when
they are at an early stage in their life. Their technology can be seen as
unproven and it may take time for them to develop it to the point where it’s
commercially viable.
“The University’s investment not only comes with the
support of an experienced team to help companies achieve their goals, it can also
reassure other potential investors that the ideas are have serious commercial potential.
“Supporting technologies that can have an impact at
scale is central to the University’s core mission and doing so in partnership
with other funding organisations demonstrates real strength in the numbers of
opportunities for investment in innovation across the Midlands.”
NTV has channelled the University’s financial support
through two specific funds – the Pathfinder Fund, which helps spin-outs with
their initial set-up costs, and the Invention Fund, which provides more substantial
backing as these spin-outs seek to develop and grow.
Between them, the two funds invested a total of
£881,000 during the year. Besides these current investments, the University has
a pipeline of new spin-out businesses which it is also likely to support.
Dr Naylor added: “The last year has been extremely
successful, with a series of new investments in spin-outs which are developing
some incredibly exciting new technologies.
“This builds on the University of Nottingham’s long
track record of research commercialisation and it’s one of the key reasons why
we have such a strong pipeline of new opportunities for investment.”
