Tech Nation welcomes Belfast-based healthtech company TriMedika to its seventh Upscale growth programme
Belfast-based Medtech company TriMedika has been accepted into Tech Nation’s Upscale growth programme for fast-growing mid-stage scaling tech companies
TriMedika, which designs, develops and distributes highly accurate clinical devices for hospitals worldwide, joins 30 other companies selected to join the programme having demonstrated an average growth rate of 250%.
TriMedika’s success reflects the strength of the mid-sized market overall, which is growing faster than ever across the board, with mid-stage scaling tech companies (at Series A) having raised $2.7bn in 2021 so far - an all time record - up from $2.4bn in 2020.
The UK currently has 136 tech ‘futurecorns’ (fast-growing tech businesses set to achieve a $1bn+ valuation) in the pipeline, demonstrating the rapid growth of UK tech as companies innovate to solve social, economic and environmental challenges.
Digital secretary Nadine Dorries said: “It’s fantastic to see so many fast-growing scaleups creating wealth and well-paid jobs up and down the country.
“Through organisations like Tech Nation, this government is helping people across the UK get the skills they need to work in this fascinating industry and supporting businesses with pro-innovation policies so they can continue to grow and thrive.”
Belfast-based TriMedika is part of a vibrant and fast-growing Northern Irish tech scene.
According to data from The Tech Nation Report 2021, Northern Ireland is home to over 2,195 digital tech firms (and two tech ‘unicorns’ - companies valued at $1bn+), and its tech sector employs over 21,140 people, with an annual turnover of $3bn.
Belfast is also Northern Ireland’s largest tech hub, and the city received £11mn in investment in 2020 despite the Covid-19 pandemic, making it the 18th largest tech hub in the UK overall.
Nearly a quarter of the 31 new cohort companies joining Upscale 7.0 including TriMedika specialise in healthtech, which is one of the sectors experiencing the strongest growth in mid-stage UK tech companies, with Series A stage companies in the UK having raised $674mn in 2021 so far, up 66% from $404mn in 2020 and up 69% from $398mn in 2019.
UK healthtech as a whole received $5.6bn overall investment in 2021, more than double its investment in the whole of 2020 ($2.5bn) and 2019 ($2.4bn).
Much of this growth capital is being deployed to hiring in these scaling firms, driving job vacancies, and providing opportunities in tech for candidates with a range of tech, clinical and non-tech skills.
The six-month government-backed Upscale programme was designed to support and scale the most promising mid-stage tech companies in the UK. Companies accepted into the Upscale programme will receive over 60 hours of support at world-class coaching sessions (delivered by over 20 expert scale coaches), attend networking events with key stakeholders, peers, corporates and investors and have access to a range of online resources, designed to tackle fundamental scaling challenges around culture, talent, international expansion and financing.
Liam Ward, Upscale Programme lead at Tech Nation, added: “I’m delighted to welcome all of these ambitious, fast-growing tech scaleups to the Upscale programme this year.
“The impact these companies’ innovative solutions are already having on people’s lives across so many industries is evident from their combined revenue of over £90 million, and it’s fantastic to see investors taking note of the potential these tech companies have not only to scale but to transform every corner of society for the better.”
Dr Roisin Molloy, CEO and founder of TriMedika stated: “We are delighted to be part of the Tech Nation Upscale program as it presents an exciting opportunity to network with Top tech companies in the UK and learn from their success.
“It will boost the learning across all disciplines as it offers peer mentoring for the whole team helping incorporate and develop the skills and abilities needed to succeed in the MedTech industry. This will build the TriMedika brand within the Tech sector and gain us recognition on a global stage and help build our vision and drive to succeed.
“The Tech Nation networks offers access to diverse groups of experienced people and expand our network and strategies beyond our existing thinking and know-how and gain access to exceptional resources.”
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