We are so delighted to welcome the second cohort of the AI Accelerator program, run by the University of Edinburgh in partnership with Scale Space: a body-sizing app to improve online shopping, 3D printed tumours to test cancer drugs and a mental health early warning monitor are among the 12 innovations selected for this cohort, due to graduate in March 2022.
The 12 teams of artificial intelligence entrepreneurs were selected from over 666 entries from across the world.
Scale Space’s partnership with the University of Edinburgh provided them with access to a wide range of expertise, mentoring and knowledge to help them grow faster and stronger, in addition to links into London investment. We hosted the cohort in Scale Space White City earlier this month, where they could showcase their projects, receive feedback, and be in the same room as other like-minded innovators and investors.
Scale Space is looking forward to replicating the success achieved from the first cohort which ran from February to July 2021. The 15 companies who took part raised an impressive £6.3 million in investment and grants to develop their businesses.
Mark Sanders, Executive Chairman, Scale Space and Entrepreneur in Residence [EIR] said:
“I’ve been delighted with the progress that the participants have made, and I’ve seen them refining their propositions, being clearer about their growth plans and how they solve customer problems. This has helped them sharpen up their offer to investors and as many have secured investment, I look forward to seeing them continue to scale up and realise their potential.”
Many of the companies are addressing a global challenge or responding to urgent needs in the health and climate change domains. Entrepreneurs creating AI-powered robotic gloves, personalised medicine, through to ‘x-ray vision’ software were some of the 15 trailblazing organisations selected and the table below provides a full breakdown of funding secured:
|iLoF||Raised £1.3m as an initial tranche of a larger investment round [£2.5]|
|MyWay Digital Health||Awarded £1.2m AI Award from NHSx|
|Another 3M of investments are expected in the next month.|
Participants on the first cohort also achieved success beyond funding:
- Lenz Labs – 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.
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.”