The Government's innovation agency has said it helped companies in the South West to raise more than £56m to develop their businesses since the first national lockdown.
Innovate 海角视频 EDGE supports firms developing industry or society changing products or services to find investors and make applications for grants.
The organisation, which is headquartered in Swindon, is a non-departmental public body that operates at arm’s length from the workings of central government.
The group said in the last year it had worked with more than 300 firms throughout the region, helping them to raise £32m in equity investments and loans, and more than £24m in grant funding.
It said the support had helped South West firms to create 214 new jobs and maintain 163 existing roles.
Innovate 海角视频 said it worked to sustain innovative companies that had been impacted by the pandemic, including Dorset-based medical tech business i2r Medical.
The Bournemouth company, which helps to develop devices for clinicians, health SMEs and university departments, said its projects declined by 80% last year.
Keith Heaton, managing director of i2r Medical, said growth specialists at Innovate 海角视频 EDGE helped the business to find alternative sources of revenue, including introductions to five new clients outside the health sector.
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Mr Heaton said that without the ability to network at conferences during national lockdown, it would not have been able to find them.
Mr Heaton said: “Innovate 海角视频 EDGE had the expertise and the willingness to understand our business and create a bespoke plan that has been hugely impactful.”
Innovate 海角视频 EDGE said it had helped more than 40 businesses in the South West to access new markets. The group helps to deliver the Global Business Innovation Programme (GBIP), which provides international visits to help companies find international collaborators and growth opportunities.
One of the firms to participate in GBIP was Gloucestershire-based graphene developer, Versarien.
Founded in an engineer's garage, the Cheltenham headquartered business creates commercially viable products from the material, made from a single layer of carbon atoms, for the automotive, clothing, biomedical and aerospace sectors.
The business was able to secure a £1.93m investment from a South Korean tech firm while on a visit funded through GBIP. The investment later led to access to research and development facilities in the Asian country.
Matt Walker, head of international strategy and government relations at Versarien, said: “The GBIP opened doors to the likes of Hyundai, LG and Samsung, as well as some smaller, more agile companies that we wouldn’t have been able to connect with otherwise."
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“The GBIP allowed us to foster critical relationships and gain a foothold in South Korea. We’ve since been able to establish some extremely promising partnerships and can begin growing rapidly in-country.”
Paul O'Collins, manager of Innovate 海角视频 EDGE operations in the South West, said the organisation had “great faith” that firms in the region’s burgeoning tech sector would continue to overcome the challenges presented by Covid-19.
“The South West is a hotbed of ideas and innovation with great strengths in cyber and defence, high-value manufacturing, aerospace, fintech, maritime, creative industries and green technologies," he said.
“Innovate 海角视频 EDGE will continue to provide game-changing growth support to all innovation led businesses. We want to help our most forward thinking, high growth companies to scale rapidly and benefit us all.”
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