Funding Competition: Innovate UK’s Open Competition and subsequent competitions
Company Sector: AI, Digital & Data and Health & Life Sciences
Funding Secured: A total of over £1m in funding
With the use of pioneering technology, Cambridge Spark is an innovative company with an ambition to transform data science, cyber-security and STEM tuition. Cambridge spark aimed to meet market demand for innovative products and services that can address current deficiencies in the supply of industry-relevant, efficient data-science education and training. The team had already invested significant time and resources into the concept of an automated and intelligent software tool that could deliver significant impact to software development training. The prototype platform had gained good initial traction in the market and there was considerable room for new features and functionality to be developed to augment the capabilities of the solution.
With the help of Granted, Cambridge spark’s application for Innovate UK’s Open Competition and the subsequent Innovation Funding Competition were successful. The grant opened up the opportunity to work with world-leading academic researchers on novel AI technology and the Innovation funding will expedite the exploitation of new markets.
“It was of critical importance to me to keep the equity in my company despite numerous offers from potential investors. Grant funding is non-dilutive so this was an attractive option – we just needed the correct support to navigate the process. The Open competition funding combined with the Innovation funding is going to really help scale our commercial ambition” – Raoul Gabriel Urma, Cambridge Spark.
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