Tech that!
MANCHESTER FASTEST TECHNOLOGICAL CITY IN EUROPE, SAYS TOP REPORT
Tech Nation said the digital tech sector GVA grew nearly six times faster than the rest of the UK economy in 2018, contributing £149bn to the UK economy and accounting for 7.7 per cent of UK GVA.
Some 25pc of Europe’s top 20 highest investment tech cities in 2019 are in the UK – Manchester, London, Bristol, Oxford and Cambridge.
Tech Nation chief executive Gerard Grech said: “In a rapidly changing world, the UK is a shining light for tech entrepreneurs, investors and employees, with jobs in the digital sector now accounting for 9pc of its national economy.
“Some of the biggest UK successes – the 77 so-called tech unicorns – are $1bn valued companies now inspiring others, and there are an additional 95 tech businesses across the UK primed to be scaling over the coming years.”
He added: “We need to stay responsive, with smart regulation, ever increasing access to growth capital and new markets.
“Every effort we put in now will repay many times over, as the past few years have already shown.”
Tech Nation, which receives 80 per cent of its funding from the Department of Culture, Media and Sport, has also chosen Altrinchambased Matillon and wejo to join its Future Fifty 8.0 programme for latestage tech companies.
A GREATER Manchester tech firm which has developed cutting edge computer vision and facial animation technology has been sold by its PE backers NorthEdge Capital.
NorthEdge Capital has completed the second exit from its Fund II with the sale of Cubic Motion to Epic Games.
Founded in 2009, Cubic Motion has flourished, attracting significant investment, and more than doubling its headcount. Its technology has been used in video games such as Hellblade, and Call of Duty.
NorthEdge’s investment in September 2017 unlocked the next phase of growth for Cubic Motion, which saw the business expand into US markets with a permanent presence in Los Angeles.
George Potts, investment director at NorthEdge Capital, said: “Cubic’s journey will continue, and we’re proud to have supported the team and played our part in their success to date.”