Seven start-ups secure seed investment from powerhouse pot
Seven start-ups from the North West of England have become the first businesses to receive a share of £1.4m in funding from PraeSeed, a six-week cohort-based investment programme for early-stage businesses launched by Praetura Ventures and the Northern Powerhouse Investment Fund II.
In total seven businesses have secured investment from PraeSeed, an initiative founded by the Manchester-based VC Praetura Ventures and funded by NPIF II – Praetura Equity Finance, which is managed by Praetura as part of the Northern Powerhouse Investment Fund II.
There were 200 applications for funding from PraeSeed which aims to identify startup and early-stage investment opportunities for NPIF II, while providing founders at the pre-seed stage with new opportunities for additional funding and support with investor readiness.
Jessica Jackson, investment manager at Praetura Ventures and PraeSeed lead, said: “We were inundated with applications for our inaugural PraeSeed cohort, with 200 businesses applying to take part, highlighting that the north is alive with innovation.”
She also said the entrepreneurs were from diverse backgrounds with female founders receiving the funding.
The lucky seven are now receiving £200k worth of funding each to support their scaling plans.
Among them are Lancaster University spinout CCI Photonics, which is developing a point-of-care test (InfectiScanTM) to help clinicians accurately detect infection types in patients, so the best antibiotic can be prescribed, reducing antimicrobial resistance.
PraeSeed is also backing Robotiz3d, a SciTech Daresbury-based University of Liverpool spinout, which has developed a suite of products to detect and repair cracks and potholes, including two autonomous vehicles and a specialised camera system.
Two businesses from Manchester have also received investment to aid their growth. They are North AI, which helps global media and entertainment companies make smarter commissioning and licensing decisions using AI, and Aquaint, which has created a user-friendly workflow and compliance app for staff at hospitality and food services companies to improve communication across everything from allergens to task management.
Joining these businesses are ScrubMarine of Whitehaven in Cumbria, which is developing a submersible remotely operated vehicle (SROV) to clean marine vessels affected by a build-up of unwanted organisms (biofouling), such as algae and barnacles, and BidScript, a Warrington-based start-up that has created machine learning and artificial intelligence powered software to transform the bid management process for organisations going through resource intensive tendering processes.
The final business to receive funding from PraeSeed is WAC, a B2C app for hourly workers to record and track their hours to ensure they are paid accurately, with functionality that enables staff to raise discrepancies to be resolved by employers.
The next instalment of PraeSeed will launch again in March next year and businesses wishing to take part our encouraged to follow Praetura Ventures on LinkedIn or X for more details.
CCI Photonics and BidScript were advised by Darren Ormsby, partner at DWF Law LLP; Robotiz3d was advised by Daniel Hall, partner, and Jonathan Edwards, corporate associate, at Eversheds Sutherland; North AI was advised by Emma Norman-Jones, corporate solicitor at Brabners; Aquaint and ScrubMarine were advised by Kelly Clarke, legal director, and Jennifer Murphy, senior associate, both in the corporate team at TLT LLP; WAC was advised by Carly Gulliver, partner, and Gavin Smith, managing associate, at Addleshaw Goddard.
A team from Irwin Mitchell LLP, led by partner Adam Kaucher, acted on behalf of Praetura Ventures for all the above deals and supported the legal framework for the programme.
