UK startups raise £10 million through ChipStart programme

These companies represent the second cohort in the ChipStart programme, an incubator launched in October 2023 with £1.3 million in funding. The programme aims to cultivate a new generation of chip designers, attracting nearly £20 million in private investment and grants to stimulate economic growth.

Among the participants is POM Health, which is pioneering the use of semiconductors to develop a wearable patch for continuous hormone monitoring. This breakthrough technology has the potential to revolutionise healthcare by improving fertility treatments and providing women with accurate, real-time insights into their hormonal health.

HeronIC, another new member of the programme, has created a software design tool that rapidly produces custom chips for AI applications. This innovation enhances the energy efficiency and performance of AI systems, enabling them to handle complex tasks more effectively.

The ChipStart programme, with its combination of funding and mentorship, seeks to bridge the gap between cutting-edge semiconductor research and practical business applications, fostering innovation and economic development in the tech sector.

Minister for Science, 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.”

Following a first round that saw participants close over £10 million of funding from private investors and grants, with a total of nearly £20 million in commitments being finalised, ChipStart will continue to provide these early-stage semiconductor companies with:

• Access to commercial design capability: including the full Silicon Catalyst ecosystem, design tools, IP, and prototyping capability
• Commercial expertise and mentorship: startups receive guidance from experienced semiconductor industry executives and connections to Silicon Catalyst’s global network
• Exposure to private capital: access to over 270 Silicon Catalyst advisors, Strategic Partners, and an extensive network of investment groups

On completion, the pilot will provide the UK’s semiconductor industry with a pipeline of new startups that have an innovative product, route to market, and are a foundation for future growth, including routes to future seed funding.

Sean Redmond, Managing Partner, Silicon Catalyst UK said: “ChipStart UK is leveraging the UK’s position as a global centre of semiconductor research to transform academic innovations into market-ready technologies.

“Nine of the eleven firms in the next group come from UK universities and are set to build on the success of the first cohort, which secured a strong position in the international semiconductor supply chain through private funding and global partnerships. After nine months of rigorous training, ChipStart has created over thirty new UK semiconductor executives, ready to scale their businesses towards global success.”

Dorian Haci, CEO and Co-Founder, MintNeuro said: “The ChipStart UK programme, along with the Silicon Catalyst ecosystem, has equipped MintNeuro with essential design and manufacturing tools and a network of semiconductor-focused mentors and advisors, crucial for our go-to-market strategy.

“Since joining the programme, we have secured additional funding and formed key partnerships. These developments accelerate the commercialisation of our pioneering neural implant technologies, aimed at improving the lives of millions suffering from neurological conditions.”

Following a year of support, Vaire Computing successfully raised $4.5 million to advance their groundbreaking chips that operate with minimal power consumption. This innovation in energy efficiency promises to substantially extend smartphone battery life, potentially reducing the need for recharging to just once a month.

Wave Photonics, another member of the cohort, secured £4.5 million in early funding for their tool that streamlines the design of intricate photonic chips. Unlike traditional chips that use electricity, photonic chips utilise light, enabling them to function at higher speeds and with significantly lower power usage. This technology holds the potential to revolutionise various industries by facilitating faster, more energy-efficient communications, enhancing diagnostic capabilities in healthcare, and improving data processing across applications from data centres to autonomous vehicles.

Rodolfo Rosini, Co-Founder and CEO, Vaire Computing said: “As any founder will tell you, building a company in one of the most dynamic technology industries requires a tremendous amount of grit, ingenuity and support.

“The networking opportunities provided by the Silicon Catalyst.UK ChipStart programme enabled us to execute on our vision and helped to set our company on a trajectory for long-term success. I strongly believe that expanding the program’s role in the near term would be extremely beneficial for the UK chip industry.”

James Lee, CEO, Wave Photonics said: “Having raised funding during the programme, Wave Photonics is now deploying its technology to enable an explosion of integrated photonics applications beyond datacoms, including biosensing and quantum computing.

“The ChipStart programme, run by semiconductor industry experts from Silicon Catalyst UK, helped us to learn from the development of the semiconductor industry and apply these lessons to the young, but growing, integrated photonics industry. The individual mentors and in-kind partnerships gave us easy access to expertise and tooling that would be difficult to find elsewhere.”