Mid-Week Tech News Roundup – October 21st to October 25th 2024
23 Oct, 20246 minutesMicroLub Secures £3.5m FundingLeeds-based foodtech startup MicroLub has rece...
MicroLub Secures £3.5m Funding
Leeds-based foodtech startup MicroLub has received a significant boost with a £3.5m seed funding round. The investment, led by Northern Gritstone, LIFTT, and NPIF II – Praetura Equity Finance, will support the company's mission to develop healthier and more sustainable food products.
MicroLub's innovative technology addresses the growing global obesity crisis by reducing the need for added fats and oils in foods. The company's unique "scaffolds" made of protein and water, coated by polysaccharides, provide lubrication without compromising taste or texture.
The funding will enable MicroLub to expand its team and develop commercial partnerships with major food and food ingredients companies. With a global market for reduced-fat dairy and plant-based products valued at over $120 billion, the potential for MicroLub's technology is significant.
Professor Anwesha Sarkar, founder of MicroLub said: “When we discovered the technology and tested lubricity, we knew it had many potential applications, which we can now explore with this investment led by Northern Gritstone.”
David Peters, CEO of MicroLub, added: ‘There is a huge market opportunity in food for MicroLub. We already have strong traction with ingredients giants and some of the largest food and dairy companies, who are looking for innovative ways to make their products healthier, more nutritious and more sustainable. I am very excited at the journey ahead with our customers.”
Plural Leads Funding for AI Startup Oriole Networks
Ian Hogarth's investment group, Plural, has led a £16.9m funding round in Oriole Networks, a London-based AI startup developing innovative photonics technology. The company led by CEO James Regan aims to revolutionise the training of large language models (LLMs) by using light to create faster and more sustainable networks of AI chips.
Oriole Networks' technology has the potential to significantly reduce the energy consumption and latency associated with training LLMs, a major challenge facing the AI industry. By leveraging advanced photonics research, the company claims it can train LLMs up to 100 times faster and with a fraction of the energy required by traditional methods.
The investment from Plural, along with support from existing investors like UCL Technology Fund and XTX Ventures, will enable Oriole Networks to further develop its technology and expand its operations. As the demand for AI applications continues to grow, the company's innovative approach could play a crucial role in shaping the future of the industry.
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Mindtech Secures £4.4m to Advance AI Vision Technology
Sheffield-based AI company and Steven Harris led Mindtech has secured a significant £4.4 million funding round to accelerate the development of its innovative synthetic data platform. The investment, led by Edge with participation from Mercia Ventures and the Northern Powerhouse Investment Fund, will enable Mindtech to expand its operations and solidify its position as a leader in the rapidly growing field of AI vision.
Founded by a group of industry veterans, including Sir Hossein Yassaie, former CEO of chip manufacturer Imagination Technologies, Mindtech has been at the forefront of developing synthetic data solutions for AI training. The company's Chameleon platform utilises game technology to generate vast quantities of realistic, synthetic images, addressing the critical challenge of data scarcity and quality in AI development.
Mindtech's technology offers several advantages over traditional data collection methods. By generating synthetic data, the company can ensure data privacy, reduce development costs, and mitigate bias in AI systems. Additionally, synthetic data can be customised to specific use cases, enabling AI models to be trained on highly relevant and representative datasets.
The new funding will support Mindtech's efforts to further refine its technology, expand into new markets, and forge strategic partnerships with industry leaders. The company's innovative approach has already attracted significant interest from sectors such as retail, healthcare, transportation, and robotics, and the new investment will fuel its growth ambitions.
As the demand for AI-powered solutions continues to soar, synthetic data is poised to play a pivotal role in driving innovation. Mindtech's technology offers a compelling solution to the challenges associated with traditional data collection and preparation, making it well-positioned to capitalise on the growing market opportunity.
Ruuby's £2 Million Funding Boost as On-Demand Beauty Marketplace Expands Operations
Ruuby, a leading on-demand beauty marketplace, has secured a £2 million funding round to fuel its growth in the North West of England. The investment will enable the company to expand its operations in Manchester and Liverpool, offering a wider range of beauty services to customers.
Founded in 2016 by CEO Venetia Archer who discovered a gap in the market, Ruuby has experienced rapid growth, driven by the convenience and flexibility of its platform. Customers can easily book a variety of beauty treatments, including hair styling, manicures, massages, waxing, and more, delivered directly to their homes or offices.
Key Highlights of the Funding:
- Expansion of Services: The investment will allow Ruuby to expand its offerings, catering to a broader range of customer preferences and needs.
- Job Creation: The growth of the company will create new job opportunities for beauty professionals in the region, contributing to the local economy.
- Enhanced Platform: The funding will be used to improve the Ruuby platform, making it even more user-friendly and efficient for both customers and service providers.
- Business-to-Business Growth: Ruuby plans to expand its business-to-business services, offering bespoke beauty experiences for corporate events, client hospitality, and branded activations.
Partnerships and Collaborations:
Ruuby has built strong partnerships with leading beauty professionals and luxury brands. Recent collaborations include:
- Chanel Partnership: Ruuby's practitioners provided makeup and hair styling services for Chanel's VIP guests during their Manchester Cruise Show.
- Celebrity Clientele: Ruuby has a growing list of celebrity clients, including Abbey Clancy, Peter Crouch, Amy Jackson, and Victoria Beckham.
International Expansion:
In addition to its UK operations, Ruuby is exploring opportunities for international expansion. The company has already established a presence in Switzerland and is actively seeking to expand its services across Europe.
Investor Support:
The £2 million funding round was led by NPIF II – Praetura Equity Finance, with additional investment from existing shareholders, including notable female angels Michelle Kennedy and Whitney Bromberg Hawkings.
With this significant investment, Ruuby is well-positioned to become a dominant player in the on-demand beauty market, offering a convenient and high-quality experience for customers across the UK and beyond.
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