King’s College, Cambridge.
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LONDON. British chip designer Arm has co-founded a new startup accelerator in Cambridge, England to try to help young “deep tech” companies grow into the next generation of tech giants.
Widely known as the pearl of the British technology industry, Arm co-founded an accelerator known as Deeptech Labs with the University of Cambridge, private investor Cambridge Innovation Capital and venture capital firm Martlet Capital.
So-called deep technology companies are seeking to create new intellectual property, opening up new possibilities for solving complex problems.
Adam Bustin, Arm’s vice president of corporate development, said in a statement that Cambridge “has remained a critical hub for talent, creativity and innovation” since Arm’s earliest days in a barn just outside the city in the early 1980s.
“As a co-founder of Deeptech Labs, we are thrilled to support the next generation of game-changing technology companies by helping them gain access to Cambridge’s global technology ecosystem,” he said.
In exchange for a share of capital, typically between 5% and 20%, Deeptech Labs is offering startups £ 350,000 ($ 495,000), access to a three-month development program, and networking opportunities.
Deeptech Labs CEO Miles Kirby told CNBC on Friday, “I’ve seen a lot of deep tech founders who may have been scientists or engineers, and they have great technology, but they’re really having a hard time moving from technology to business.”
He added: “You see a lot of companies failing from seed to series A because they don’t find the right market or they don’t find the right business model. We are really helping to solve this problem. “
Kirby, who previously worked at Qualcomm for 18 years and managed the accelerator while he was there, said Deeptech Labs studied about 900 companies for its initial cohort before selecting five: AutoFill, BKwai, Circuit Mind, Contilio and Mindtech.
Circuit Mind, for example, aims to create a platform that will allow engineers to design PCBs in just a few hours using AI software, while Contilio is working on a 3D analytics platform to help the construction industry understand, predict, and deliver complex construction projects cheaper. , faster and more environmentally friendly.
While London is home to most of the UK’s tech companies, Cambridge has spawned some of the country’s most innovative companies that have caught the attention of American tech giants – Apple bought VocalIQ in 2015 to improve Siri, and Amazon bought Evi to boost Alexa in 2013. year. The city is also home to fast-growing startups like Darktrace, as well as large research labs like Amazon and Microsoft.
There are dozens of technical accelerators around the world. Y Combinator, home to Airbnb, Stripe, and Reddit, is arguably the most famous, but Google, Facebook, Microsoft, and many other big tech companies have similar ventures. While they clearly have definite advantages for founders, some question whether entrepreneurs should donate capital or go it alone.