Innovate UK’s £12m innovation challenge; Chiaro gains £4.8m for women’s health tech

The Innovate UK Biomedical Catalyst program now has a £12m challenge program for innovative projects in several healthcare areas, including:

  • stratified healthcare (both therapy and diagnostic components)
  • advanced therapies (cell and gene therapy)
  • diagnostics
  • digital health
  • enabling medical technologies and devices

The fund was established by Innovate UK, the Medical Research Council and Scottish Enterprise. Deadline for challenge registration is midday 31 May. A few more details: projects must be led by an SME either working alone or with others; projects can range in size from £250,000 to £4 million and to last between 12 and 36 months; businesses could attract up to 70 percent of their project costs. Innovate UK/Gov.UK page.

‘Fem-Tech’ is a new term to this Editor, but it perfectly describes Chiaro with its smart pelvic floor exercise tool and app, Elvie. It was originally grant-funded by Innovate UK, but has gained an additional £4.8 million from Octopus Ventures and Allbright for a total funding of £9.6 million. It is profitable with direct sales of £800,000, which is another proof that innovators ‘playing the niches’ in the current fragmented environment may be the smartest of all. Plans include building on current major retailers including John Lewis and Amazon, developing three more smart female health products and expand into 25 countries. Innovate UK/Gov.UK page  Hat tip for both Innovate UK items to our Eye on Tenders, Susanne Woodman.

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Comments

  1. Femtech is new to me, too. What is true is the following comment on ‘playing the niches’ – a trend that InnovateUK rarely follows. Much of its funding is dedicated to poor fintech firms in the South East – while cash-starved manufacturers in the North West can’t get a penny out of them. Why? because few of IUK’s programmes are relevant to engineering and manufacturing – only bonkers projects such as graphene and driver-free cars – that nobody wants to buy.

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