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Innovation company aims to deliver £20m to economy by exploiting Wales’ AI potential

A digital innovation company based in south Wales has set a target of delivering £20m to the economy before 2030 by helping young tech companies exploit the growing market potential for artificial intelligence (AI).

Innovation Point works to connect private, academic and public sector partners in order to help tech sector SMEs secure the investment they need to grow.  The company recently marked two years of supporting the development of young companies in the tech sector, and has delivered nearly £3m of new investment into the economy since its inception.

David Warrender, CEO of Innovation Point said:

“Artificial intelligence is everywhere, and with it has come immense economic potential. Advancements in robotics, language recognition software and automated data analysis tools are just a few examples of how AI is enabling companies to make their processes more efficient and exploit new markets.  Much of the innovation behind those advancements is coming from young companies in Wales.

“We are here to help those companies capitalise on this growing market potential, whether that be securing investment for growth, accessing new markets or augmenting their brand awareness on a global scale.  Innovation Point offers the expertise and support that can help turn their tech talent into business success.”

Innovation Point will also be working with universities in south Wales to triple the number of cyber and software graduates entering the sector over the next 10 years.

One company to benefit from Innovation Point’s support is University Cribs, a digital student property rental platform. University Cribs was a finalist on Innovation Point’s Digital Dozen accelerator programme, where its founders met serial entrepreneur and current chairman David Murray-Hundley.

Jack Jenkins, founder of University Cribs said:

“Innovation Point gave us the opportunity to access expertise. David Murray-Hundley mentored us on a one-to-one basis throughout the Digital Dozen programme, and has since become our chairman.  When we were looking towards a funding round last year, his experience proved invaluable in helping us make some serious strategic business decisions.  In September 2017, we secured investment of £450,000.”

Manchester-based Coursematch, a social network designed to help young people research, compare and discuss their university and career options, secured £275,000 investment following an introduction to the Development Bank of Wales by Innovation Point.  Dhiraj Mukherjee, founder of the definitive song identification app, Shazam, was one of seven angel investors also to invest in the company.

Innovation Point was critical in persuading Coursematch to open an office in Cardiff ahead of any other UK city.

Joe Perkins, founder of Coursematch said:

“When we started to consider expansion, Innovation Point highlighted Cardiff as a top city for tech companies looking to grow, and they have helped us make connections with leading universities here that are ready to do business.”

Innovation Point is now looking ahead to Digital Festival at Wales Millennium Centre in Cardiff Bay on May 21 and 22, which it organises in partnership with Welsh Government.

For more information on Innovation Point and its work visit: www.innovationpoint.uk