Belfast-based company TriMedika has today been accepted into Tech Nation’s Upscale growth programme for fast-growing mid-stage scaling tech companies
Tech Nation, the UK’s leading growth platform for tech scaleups, has announced 31 mid-stage scaling tech companies that have been accepted into Upscale 7.0 - the seventh iteration of theUpscale programme, which supports the UK’s fastest-growing mid-sized (Series A) tech companies to overcome common growth challenges and scale faster.
This is a critical time in every scaleup’s journey, as around 60% of companies that raise Pre-Series A funding fail to make it to Series A or beyond.
The 31 companies selected to join Tech Nation’s programme have demonstrated an average growth rate of 250% and come from fields ranging from healthtech and edtech, to foodtech and cybersecurity.
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From Northern Ireland, Tech Nation welcomesTriMedika, which designs, develops and distributes highly accurate clinical devices for hospitals worldwide.
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.
Commenting on the developments, 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."
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Belfast-based TriMedika is part of a vibrant and fast-growing Northern Irish tech scene. According to data fromThe Tech Nation Report 2021, Northern Ireland is home to over 2,195 digital tech firms (and 2 tech ‘unicorns’ - companies valued at $1bn+), and its tech sector employs over 21,140 people, with an annual turnover of $3bn.
Belfast - where TriMedika hails from - is Northern Ireland’s largest tech hub, and the city received £11mn in investment in 2020 despite the Covid-19 pandemic, making it the eighteenth largest tech hub in the UK overall.
Healthtech as a sector is also growing. 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.
Source: Written from press release.
