A Manchester-based enterprise capital agency has ploughed greater than £1.1m into a number of synthetic intelligence startups.
The funding package deal from EHE Ventures targets tech companies utilizing AI to unravel “real-world” issues in areas starting from well being and agriculture to publishing and client expertise.
It comes beneath the agency’s new SEIS AI Development Fund, which is a part of the UK authorities’s Seed Enterprise Funding Scheme. Over the following three years, the scheme goals to allocate £15m of funding to early-stage AI firms.
Along with receiving capital to get their concepts off the bottom or scale them, the companies can even obtain assist and recommendation from the corporate’s inside Enterprise Studio.
In addition to leveraging its in-house experience, EHE Ventures can even lean on frameworks from the federal government to assist the AI startups.
To get this assist, companies should be getting ready for seed funding or have accomplished a Sequence A funding spherical – and be creating options which are wholly or assisted by AI.
The primary batch of firms to win funding by way of EHE Ventures’ new AI scheme consists of advertising expertise startup SUBJCT, agtech agency Fotenix, medtech agency Highlight Pathology, fintech Good With, insurtech Peppercorn AI, ocean intelligence specialists NeuWave Applied sciences and pet well being platform Scooch.
Describing these companies and their missions, Neil Vose, CEO of EHE Enterprise Studio, mentioned: “AI is remodeling how we work, diagnose, farm, borrow, and eat, and we’re not right here for the hype. We’re right here to again sensible, scalable purposes of AI that truly make life higher.”
He added: “What makes us totally different is that we don’t simply make investments. Our enterprise studio mannequin means we’re within the trenches with founders, serving to form product, construct tech, and get to market sooner. It’s high-conviction, hands-on investing.”
