PRESS RELEASE : Government scheme helps UK chip start-ups raise £10 million – from new fertility treatments to improving the efficiency of AI, British semiconductor innovators are reshaping global technology [August 2024]

The press release issued by the Department for Science, Innovation and Technology on 1 August 2024.

Eleven semiconductor start-ups working on chips that make AI more efficient and create new lifesaving healthcare tech have joined a government-backed support service to help turn their research into business realities.

Backing for firms will make chips to help phone batteries last longer, and train AI models with less energy
second round of companies to receive support also announced, including chip designers to make more efficient AI systems, and make wearable hormone monitoring patches for fertility treatment
government-backed chip support service helped semiconductor start-ups close over £10 million of funding from private investors and grants, with a total of nearly £20 million in commitments

Semiconductor chips are fundamental to the technology that we interact with daily, underpinning everything from smartphones to AI and advanced medical devices.

The companies will be the second group to go through ChipStart, an incubator programme launched in October 2023 with £1.3 million of backing to nurture a new generation of chip designers and crowd in investment totalling nearly £20 million in commitments from private investment and grants to help drive economic growth.

POM Health is among the companies joining the second round of the programme. It is pioneering the use of semiconductors to create a wearable patch for continuous hormone monitoring. This technology could transform healthcare by enhancing fertility treatments, offering women precise, real-time insights into their hormonal health.

HeronIC, another new joiner to the programme, has developed a software design tool that quickly creates custom chips for AI applications, boosting their energy efficiency and increasing performance for complex tasks.

Minister for Science, Patrick Vallance said:

Innovation in semiconductors can underpin technological advancements in every field, from AI to consumer devices and healthtech. British researchers across the country are leading in R&D in this essential field and the support we are delivering through ChipStart is helping their ideas become reality.

As well as the commercial success of the first cohort, the innovations ChipStart is supporting could help to change lives, from helping to develop new fertility treatments to optimising AI and extending the battery life of devices we use every day. We are making sure British science leadership converts to help address critical global challenges and drive economic growth.

Following a first round that saw participants close over £10 million of funding from private investors and grants, with a total of nearly £20 million in commitments being finalised, ChipStart will continue to provide these early-stage semiconductor companies with:

access to commercial design capability: Including the full Silicon Catalyst ecosystem, design tools, IP, and prototyping capability
commercial expertise and mentorship: Startups receive guidance from experienced semiconductor industry executives and connections to Silicon Catalyst’s global network
exposure to private capital: Access to over 270 Silicon Catalyst advisors, Strategic Partners, and an extensive network of investment groups

On completion, the pilot will provide the UK’s semiconductor industry with a pipeline of new startups that have an innovative product, route to market, and are a foundation for future growth, including routes to future seed funding.

Sean Redmond, Managing Partner, Silicon Catalyst UK said:

ChipStart UK is leveraging the UK’s position as a global centre of semiconductor research to transform academic innovations into market-ready technologies.

Nine of the eleven firms in the next group come from UK universities and are set to build on the success of the first cohort, which secured a strong position in the international semiconductor supply chain through private funding and global partnerships. After nine months of rigorous training, ChipStart has created over thirty new UK semiconductor executives, ready to scale their businesses towards global success.

Dorian Haci, CEO and Co-Founder, MintNeuro said:

The ChipStart UK programme, along with the Silicon Catalyst ecosystem, has equipped MintNeuro with essential design and manufacturing tools and a network of semiconductor-focused mentors and advisors, crucial for our go-to-market strategy.

Since joining the programme, we have secured additional funding and formed key partnerships. These developments accelerate the commercialisation of our pioneering neural implant technologies, aimed at improving the lives of millions suffering from neurological conditions.

After receiving this support over the last year, Vaire Computing raised $4.5 million to develop their revolutionary chips that use nearly no power at all. This innovation in energy efficiency has the potential to significantly extend smartphone batter life. With Vaire’s semiconductors, smartphones could soon only need charging once a month.

Another cohort member, Wave Photonics, closed an early funding round at £4.5 million for their tool which simplifies the design of highly complex photonic chips, chips that use light instead of electricity, meaning they operate at much faster speeds and use much less power. This technology could transform a wide range of industries by enabling faster, more energy-efficient communications, improving diagnostic capabilities in healthcare, and enhancing data processing in everything from data centres to autonomous vehicles.

Rodolfo Rosini, cofounder and CEO, Vaire Computing said:

As any founder will tell you, building a company in one of the most dynamic technology industries requires a tremendous amount of grit, ingenuity and support.

The networking opportunities provided by the Silicon Catalyst.UK ChipStart programme enabled us to execute on our vision and helped to set our company on a trajectory for long-term success. I strongly believe that expanding the program’s role in the near term would be extremely beneficial for the UK chip industry.

James Lee, CEO, Wave Photonics said:

Having raised funding during the programme, Wave Photonics is now deploying its technology to enable an explosion of integrated photonics applications beyond datacoms, including biosensing and quantum computing.

The ChipStart programme, run by semiconductor industry experts from Silicon Catalyst UK, helped us to learn from the development of the semiconductor industry and apply these lessons to the young, but growing, integrated photonics industry. The individual mentors and in-kind partnerships gave us easy access to expertise and tooling that would be difficult to find elsewhere.

Notes to editors

Companies that were members of the first cohort include:

Companies that have joined the second cohort include:

Notes to editors

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