AI chip start-ups join Government scheme to boost investment hopes
1 August 2024, 11:54
11 semiconductor firms working on chips to improve AI capabilities have joined a Government-backed support scheme to help grow their business.
A range of semiconductor start-ups working on tech that could help make AI more efficient and create new healthcare devices have joined a Government-backed scheme to help them receive more funding.
Eleven firms have become the second wave of start-ups to join ChipStart, which launched in October 2023 with £1.3 million of backing, and has since helped the first wave of firms in the scheme raise nearly £20 million in investment.
The 11 new firms joining the scheme include Pom Health, which is using semiconductors to create a wearable patch for continuous hormone monitoring, a device which could aid fertility treatments.
Semiconductors have become a key area of potential growth within the tech sector given the explosive growth of AI, which requires ever more computing power – and therefore more powerful computer chips – to be able to power more devices and future technologies.
Semiconductors are the bedrock of all our modern technology.
Through ChipStart UK, British semiconductor startups are provided with technical & commercial support🌐
Tech that the second cohort are working on include energy efficient chips & a non-invasive hormone monitor. pic.twitter.com/6Y7edEL8OR
— Department for Science, Innovation and Technology (@SciTechgovuk) August 1, 2024
The sector is currently dominated by Taiwan.
Science Minister, Sir 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.”
The Government said ChipStart provides firms with access to commercial design capability, as well as mentorship and access to private capital and potential investors as well of helping them grow their business by further developing their products and offering a potential route to market.
