Belfast-based Neurovalens is one of 30 companies selected for Tech Nation’s Upscale 5.0 programme, which recognises the UK’s "most exciting and fastest growing tech organisations".
The medtech firm says its aim is to “treat global neurological health issues by influencing the brain and nervous system using safe and non-invasive technology. This technology aims to replace drugs as the first-line treatments for obesity, diabetes, insomnia and anxiety.”
Some of the biggest success stories of UK tech, such as Monzo, Bulb, Improbable and Bloom & Wild, have been through the Upscale programme.
Now in its fifth year, most of the companies have already raised a Series A round, and the average raise has increased from £4.2m in 2017, to £7.2m in 2020. Average revenues have also increased by 64% from £1.1m to £1.8m over three years, while the average number of employees when joining the cohort has grown by 48% from 31 to 46.
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In total, Tech Nation claims there are almost 5,000 UK tech scale-ups which add £17.2bn to the UK economy and employ almost 200,000 people. The tech entrepreneur network also said that UK scale-ups outperformed their peers in 2019, with companies raising £10.1bn; more than France (£3.8bn) and Germany (£5.4bn) combined, and are spread right across the UK.
The Upscale programme is designed to support the UK’s leading scale-ups by tackling the leadership challenge in UK tech. A recent report by Zenger/Folkman found that management and leadership skills are lacking in just over half of all leadership teams, and organisations that invest in developing leaders are 2.4 times more likely to hit their performance targets and almost double their profits.
Upscale sessions include addressing how to scale oneself as a leader, and how to scale internationally. The programme aims to create a peer-to-peer network of companies on their scale-up journey, and includes sessions led by tech entrepreneurs from some of the UK’s most successful companies, including Nilan Peiris, the VP of Growth at Transferwise and Will McInnes the CMO at Brandwatch.
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Companies are selected through a judging process of tech entrepreneurs and established VCs, including Anthony Fletcher, CEO of Graze and Cherry Freeman, CEO of Lovecrafts as well as entrepreneurs who have gone through the programme themselves, such as Aron Gelbard, CEO of London-based Bloom & Wild.
Companies hail from various tech sub-sectors, including health, finance, legal, AI (artificial intelligence) and SaaS (software as a service). Scaling medtech companies have increased by over 473% in the last decade in the UK, according to Tech Nation.
Source: Based on press release
