Plug and Play Joins West Midlands Health Tech Innovation Accelerator to Propel New Technologies
By Anushka Malhotra
1 minute 30 seconds
Tech
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Quick Read: Plug and Play, a renowned Silicon Valley venture capital fund, partners with the West Midlands Health Tech Innovation Accelerator (WMHTIA) to drive the development and scaling of cutting-edge technologies. This collaboration, backed by a significant £14 million injection, aims to revolutionize the healthcare tech landscape, expecting to draw over £80 million in private investment in the coming years.
The West Midlands Health Tech Innovation Accelerator (WMHTIA) is set to see a significant boost with the inclusion of Plug and Play, a venture capital fund from Silicon Valley, aimed at developing and scaling up novel technologies.
With a track record of backing 30 unicorns including Dropbox, PayPal, and Trulioo, Plug and Play, announced during Birmingham Tech Week its keen interest in collaborating with UK talent.
This collaboration follows a substantial £14 million investment from the West Midlands Combined Authorities’ Innovation Accelerator, part of an Innovate UK funded program. Forecasts suggest this accelerator will draw over £80 million in private investment within the next three years, highlighting its potential impact on the regional economy, as noted by Professor Rachel O’Reilly, Pro-Vice Chancellor for Research at the University of Birmingham.
Focused on overcoming the challenges in introducing new medical and healthcare technologies into the UK market, this project aims to unite various key players, including universities, hospitals, industry partners, and government-funded ‘Catapults’ for manufacturing innovation. This collective effort seeks to guide companies through crucial commercialization stages and overcome associated hurdles.
Kieran Borrett, director of Plug and Play UK, expressed enthusiasm about the collaboration, stating,
“We are proud to bring Plug and Play Health to the UK and be selected as one of the delivery organizations of the WMHTIA. Plug and Play has been investing, accelerating, and supporting startups for over 30 years. We are excited to nurture a new generation of transformative companies through our extensive global healthcare ecosystem.”
Heading the project, Professor Liam Grover from the University of Birmingham’s Healthcare Technologies Institute, highlighted the significance of their approach in navigating regulatory complexities and funding challenges. He emphasized the objective of guiding companies to identify healthcare needs, collaborate with appropriate partners, and ensure market success.
The WMHTIA encompasses various delivery organizations, including the University of Warwick, Aston University, Birmingham City University, and several others, united in driving the region’s health tech innovations forward.
This is an adaptation of an article published by The Business Desk. To read the full article, visit their site.
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