At Pinnacle Business Finance we came across this topical story on a local Bristol based technology research firm. They secured a groundbreaking £2 million worth of funding. Furthermore, it was a tech business that required start up funding.
The start-up business KETS has formed 2 years ago at the University of Bristol quantum engineering technology labs. The mission of the business was improving and developing cybersecurity encryption. This was to allow financial, defence, and telecommunication companies to be prepared for future cyber threats. Funding for such a scale can be daunting for any business. Let alone a high-risk start-up with little to no proven track record. The government has allowed for £235 million worth of investment into the development of quantum technologies. This demonstrates the high importance of making sure the UK stays at the forefront of cyber technology security.
KETS secured £1 million from Innovate UK, Industrial Strategy Challenge Fund. Additional funding from Quantonation was put in place for them. This allowed KETS to push forward their ideas and make them financially viable to release into the market place. IBM, Microsoft, and Google are all developing new supercomputers that hale to be the future. This allows for huge scope to expand with the financial backing they required.
This is just one example of how instrumental funding can be for any business. Without this funding, KETS would be just a mere, well thought out idea, with no financial backing to test the encryption product.