The Tech Nation business network has selected 13 tech startups to join its 11th batch of the Future Fifty program, which is designed to help late-stage digital businesses grow.
Selected startups include Wayve, a mobility startup that uses artificial intelligence and machine learning to develop autonomous driving systems; Yapily, an open banking platform that allows companies to access financial data and initiate payments; and digital identity platform Yoti, which is already testing biometric age estimation technology for alcohol sales in UK supermarkets.
Collectively, Future Fifty 11.0 companies employ more than 4,200 people and have so far raised more than $2 billion in venture capital (VC) investments.
To be eligible for the Future Fifty programme, companies must be based in the UK, be in the Series B funding stage (or generate annual revenue of more than £5m) and achieve 50% annual growth. .
Tech Nation said the latest cohort was the most regionally diverse yet, with nearly half (46%) of companies based outside of London.
This includes Para, a manufacturer of high-purity graphene, a key component in a variety of everyday electronics, from Somersham in the east of England; Speechmatics, the Cambridge-based artificial intelligence (AI) company that is developing automatic speech recognition technology; and a Manchester-based household waste reduction app called The Modern Milkman.
Tech Nation expects rapid growth for the selected companies in the coming months, with an average headcount increase projected for the coming year of more than 400% and plans to expand to 44 countries collectively in the next year.
As part of the program, the 13 companies will benefit from access to peer-to-peer learning opportunities, open dialogue between experienced entrepreneurs and founders, in-depth masterclass sessions led by experienced trainers, sessions with key government officials and exclusive ministerial roundtables, and access to a dedicated Tech Nation Visa team.
“For the past decade, Tech Nation’s Future Fifty program has been the definitive list for identifying the UK’s best and brightest scalable technology companies,” said Hussein Kanji, Partner at Hoxton Ventures and Future Fifty 11.0 judge.
“This is the strongest cohort I have seen to date in terms of ambition, innovation and scaling potential. It is amazing to see both winners and applicants getting better year on year, as the UK tech ecosystem continues to mature.”
Hussein Kanji, Hoxton Ventures
Other technology companies selected to join the cohort include the company’s faculty of applied AI; substitute staffing software provider Florence; semiconductor firm Graphcore; Hayo e-commerce platform; technology-driven insurance firm YuLife; open banking firm Zilch; and auto finance transparency firm Zuto.
HSBC UK, Evelyn Partners and Slaughter and May have been selected as program partners for this year’s cohort, to whom they will provide support, experience and expertise.
In early August 2022, Tech Nation data showed that while more UK startups are scaling to exit than ever before, with a higher percentage of companies making it out now than the percentage failing, around half still languish in the early stages of growth without adequate support.
Late-stage companies, on the other hand, have already raised $18.7 billion in 2022 so far, an eight-fold increase in the level of investment in 2012. Over the past year, late-stage technology companies they also raised 50 “mega rounds”. ” (those that attract $100 million or more), compared to just two this time a decade ago.