Manchester AI Startup Secures £125k Investment

Spotlight Pathology, a life sciences company originating from the University of Manchester, has received a £125,000 investment from LYVA Labs. Based in Daresbury, the start-up specialises in developing artificial intelligence tools to aid in the diagnosis of blood cancer.

With a growing shortage of pathologists in the UK and increasing workloads for those remaining, Spotlight's automated assistance tools aim to alleviate pressure on healthcare professionals.

LYVA Labs, a Liverpool-based venture capital firm, has made its fourth investment in a female-led business with this funding. Established by the Liverpool City Region Combined Authority, LYVA Labs has a £11 million fund to support science and technology companies. The firm previously invested £145,000 in Myma Medical, another AI-driven healthcare startup. “We are delighted to receive this investment from LYVA labs. The investment process was rapid and straightforward, allowing us to keep a focus on developing the business,” said Spotlight Pathology CEO Dr Sam Perona.

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Plum Secures £16m to Fuel Profitability

The investment, split between institutional backers and crowdfunding, comes as the personal finance app looks to build on recent growth.

Launched in 2016, Plum offers investment accounts, payment cards, and automated savings tools. While the company reported a loss of £8.7 million in the financial year ending March 2022, it claims to be on a strong growth trajectory. Plum's CEO, Victor Trokoudes, attributes this optimism to the recent launch of a cash ISA and European ETF offerings.

The funding round was led by iGrow Venture Capital, with participation from existing investors and over 5,500 crowdfunders. The company has previously raised £1 million in just eight hours through crowdfunding.

Plum founder Victor Trokoudes said, “The need for a smart app that helps people grow their money for life has never been stronger, and we’re already delivering this to millions of people…But we don’t rest – we’re focused on what’s next and how to get even more people maximising their money with Plum.” 

Plum joins a growing number of fintechs aiming to democratize access to financial products. The company believes its platform can help millions of people manage their money more effectively.

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Tech-Enabled Travel Firm Appoints New Business Development Head

Manchester-based Travel Counsellors for Business has strengthened its team with the appointment of Wayne Durkin as Head of Business Development. 

The new role entails leading the direct sales strategy, managing new client acquisition targets, and expanding the business development team to support the company's overall growth objectives.

Bringing over 25 years of industry experience, Durkin joins from CRTM where he held the same position. His extensive background in the travel sector includes key roles at Clyde Travel Management, Good Travel Management, Meon Valley, and Griffin (now ATPI).

“We are thrilled to welcome Wayne to the team and it’s a delight to be working together once again...His experience in business development and the SME market makes him a perfect fit for Travel Counsellors for Business. Wayne’s strategic vision will be invaluable as we continue to drive sales growth and maintain our commitment to providing the highest level of concierge-like service for our corporate travel clients" - Mel Quinn, Director of Corporate Travel at Travel Counsellors for Business.

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Wamo, a London-based fintech specializing in business accounts for SMEs, has secured a £3.8 million bridge round led by Turkish VC firm Logo Ventures.

Finberg and Re-Pie Asset Management also participated in the investment. The funding will support the company's expansion plans ahead of a planned Series A round.

With this latest injection of capital, Wamo has raised a total of £9 million to date. The company has also obtained an Electronic Money Institution (EMI) license from Finnish regulators, paving the way for its European expansion.

Wamo's CEO, Yanki Onen, stated “Since launching Wamo, we’ve been relentlessly focused on removing the barriers that SMEs face when opening a business account and managing their finances…Wamo has a deep understanding of the needs of SMEs and is laser-focused on driving real value by offering better and faster service for its customers.”

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Critico appoint new Chief Financial Officer

Critico Group, a leading provider of critical communications solutions, is pleased to announce the appointment of Manjinder Johal as the company’s new Chief Financial Officer (CFO).

Manjinder Johal joins Critico with a distinguished background in financial leadership and strategic management. Previously, she served as the CFO of Corti AI, an innovative AI technology firm focused on healthcare solutions. At Corti AI, Manjinder led the Finance, HR, Legal, and RevOps departments, enhancing operational efficiencies and played a pivotal role in securing substantial Series B funding of $60 million.

“We are excited to welcome Manjinder Johal to the Critico family,” said Chris Jones, Co-CEO of Critico Group. “Her extensive experience and proven track record in financial leadership make her an invaluable addition to our executive team.”

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