Chip developer raises £21 million
Northern Gritstone has invested in Optalysys, the developer of a revolutionary photonic processing technology, as part of a £21 million Series A funding round alongside Lingotto (an investment management company owned by Exor N.V.) and imec.xpand.
The investment will allow the company to advance its Enable photonic computing technology to unlock a new form of secure processing known as Fully Homomorphic Encryption (FHE).
FHE is a form of quantum-secure cryptography that closes the last vulnerability in cloud systems: unlike other encryption methods, FHE does not require the data to be decrypted before it can be processed, allowing confidential or sensitive data to be sent along untrusted networks, or to be worked on by multiple parties without ever exposing the data itself.
However, the computational burden attached to this poses significant challenges, with a single process on encrypted data taking around one million times longer than on unencrypted data, making it near impossible to deploy at scale with conventional computer processors.
Optalysys’ approach addresses this bottleneck. The company has created an advanced photonic semiconductor which accelerates the FHE process, allowing encrypted data to be processed at similar speeds to its unencrypted form. This brings hope of deploying FHE at the scale demanded by the largest secure data applications.
With potential use cases across most major industries, including finance and banking, manufacturing, healthcare and machine analytics, research firm Global Market Insights estimates that the global FHE market is set to grow to $53 billion by 2030.
Optalysys was formed in 2013, having developed from co-founders Dr. Nick New and Robert Todd’s work for Cambridge Correlators, a company spun out of Nick’s PhD research on Optical Computing at the University of Cambridge. The company relocated to Leeds to draw on the city’s resources and the University’s strong expertise in the field of optical computing.
Nick and Robert made a key breakthrough three years ago, when their research into accelerating AI models led them to pivot towards chip-level silicon photonics from the communications industry. This combined the benefits of optical transport and processing by placing the optics at the heart of the electronics, making them the building blocks of much larger, high-precision functions.
The goal is for Optalysys to become the world’s leading provider of confidential and private computing leading to the Encrypted Data Centre, where today’s trust and security issues of sending data to the cloud become consigned to history. The company’s technology has already attracted the attention of financial institutions and has applications across a wide range of industries, from financial fraud detection to advanced processing of medical data.
The investment will allow the company to launch its technology on a cloud-based service model, in partnership with system integrators and service providers. Initial photonic systems developed by Optalysys will also be made available to end-users via an Accelerator program – ahead of the first high-speed Enable chips being produced within 24 months. The funding will also be used to expand its team in England, Europe and the US.
For co-founders Dr Nick New and Robert Todd, this marks the culmination of over 20 years development in optical computing.
Dr. Nick New, co-founder and CEO of Optalysys, said: “Fully Homomorphic Encryption has the power to unlock the full value of data – but despite its advantages, it is currently unviable for anything beyond basic processes – this is where Optalysys comes in. Our Enable technology allows us to turbo boost the workflows and address the underlying bottlenecks that hold FHE back.
“It is a very exciting moment for Optalysys and it’s fantastic to have the backing of such prestigious deep tech investors to help us reach our goals. We have turned optical computing on its head. What’s more, FHE is just the starting point for where our technology can go.”
Duncan Johnson, CEO of Northern Gritstone, said: “Optalysys has the Holy Grail of privacy technologies, providing a solution that will close the last major vulnerability in cloud and remote processing.
“Nick and Rob’s decision to move the company to Leeds validates Northern Gritstone’s belief that the thriving innovation hub in the North of England will attract fast-growing technology companies to the region. We are thrilled to support them in their journey as they seek to transform the data protection market and create another Northern success story.”
Ashish Kaushik, partner at Lingotto, said: “Optalysys presents a groundbreaking semiconductor technology to reduce energy consumption, boost processing power, and enhance data security.
“The capability to unlock the power of FHE with their photonic computing technology will enable new markets with advances in encrypted AI. We look forward to working with Nick, Rob, and the team to bring a new level of trust and security to how we use our data.”
Cyril Vančura, partner at imec.xpand, said: “We are at the cusp of a new era of data sharing, and in the future the biggest opportunities will lie in enabling data sharing across institutions and efficient data processing across industries without compromising data security, confidentiality, and privacy.
“Optalysys is developing the key hardware component which will enable this new paradigm of secure data sharing. We are thrilled to support the company in developing this novel technology.”
The company was supported by Mills and Reeve and advised by KPMG. The investors were advised by Taylor Wessing.
201 new homes approved for Castleford
Wakefield Councillors have voted to progress the development of 201 new homes in the Whitwood area of Castleford.
Members of Wakefield Council’s planning committee approved Persimmon’s plans for phase 2 of its Sycamore Gardens development. 201 new homes will be provided on the site located close to junction 31 of the M62. Homebuyers will be able to choose from a mix of properties ranging from bungalows and one-bedroom properties through to 2, 3 and 4 bedroom terraced, semi-detached and detached houses. The bungalows will be fully adaptable to meet the needs of wheelchair users. 60 of the 201 new homes will be transferred to a local housing association offering properties for social rent as well as intermediate or shared ownership. The development will boast two main areas of public open space including a children’s play area. Cycle and pedestrian links will also be created, linking the development to local amenities including a local play park as well as through to the local primary school. Every house will be completely gas free with properties powered by air source heat pumps. Each home will also benefit from having an electric vehicle charging point. A 10% diversity net gain will be delivered using nearby land, while nearly £400,000 will be paid to Wakefield Council via the Community Infrastructure Levy. Another £145,000 will go towards improving local bus stops and bus services in the area. James Parkin, land director at Persimmon West Yorkshire, said: “We’re pleased that committee members have voted to reaffirm the Council’s recommendation for approval. The scheme offers an exciting opportunity to provide much needed family housing in Castleford. “As well as providing a mix of house sizes for families and downsizers, home owners will enjoy significant areas of green space, cycle routes, play areas and new footpaths. “This proposed scheme will also provide over half a million pounds in funding for local transport and wider infrastructure improvements.”BCC predicts benefits for SMEs from UK membership of Asia-Pacific trading bloc
The British Chambers of Commerce predicts benefits for SMEs from the forthcoming addition of the UK to the Asia Pacific Trading Bloc, which accounts for 15% of global economic output.
Says William Bain, Head of Trade Policy at the BCC: “It will open up new opportunities for our businesses in both inward and external investment with the other 11 countries from the second half of next year.
“The UK has bilateral trading terms negotiated with nine of the eleven current members, but no agreements had been reached with Malaysia and Brunei, so the new terms will be of particular interest for traders in these markets.
“There are not many multi-national trade agreements like this one, and it offers new prospects in a fast-growing region of the global economy.
“We see particular relevance for small and medium sized businesses in reduced costs to import components from member countries to use in manufactured goods for export.
“There are also generous terms for data flows which underpin an increasing part of international trade.
“We will be scrutinising the Accession Protocol in detail on its publication in the next few days. But accession will be good news for UK businesses to enter or upscale their trade in these markets, with increased confidence and more generous trading terms.
“We look forward to working with the UK Government, and others, to ensure firms get the best possible access to this thriving market within the global trade system.”
Fines and suspended sentences for illegal tyre dump operators
Operators of illegal waste sites in Calderdale and Bradford have been fined and handed suspended sentences after a joint operation by the Environment Agency, Calderdale Council, Bradford Council and West Yorkshire Fire and Rescue.
Shakil Ahmed, 42, of Spinners Close, Halifax, Jamie Craggs, 34, of Sedbergh Close, Bradford, and Levi Depass, 35, of West Royd Road, Shipley, appeared at Bradford Crown Court on Wednesday 12 July after earlier pleading guilty.
Shakil Ahmed, owner of the Calderdale site, was sentenced to ten months imprisonment suspended for 18 months, 250 hours of unpaid work and was ordered to pay £2,500 in costs, after operating in breach of an environmental permit and failing to comply with notices. Ahmed also had a further offence taken into consideration for offending between June 2021 and December 2022.
Jamie Craggs and Levi Depass, directors of The Tyre Waste Team Limited, were both sentenced to 12 months imprisonment, suspended for 18 months, 250 hours unpaid work and ordered to pay £2,500 in costs.
The Tyre Waste Team Limited was fined £10,000 fine and ordered to pay costs of £2,500.
The Court heard how the case related to two illegal waste operations, involving the storage and treatment of tyres at Fairlea Mills at Luddendenfoot in Calderdale and a site at Ashley Lane, Shipley, Bradford.
Both sites were selected for inspection following a major fire in November 2020 at another waste site in Bradford that stored tyres. Due to the environmental impact of that fire, the Environment Agency, working with Calderdale Council, Bradford Council, Kirklees Council, Wakefield Council and West Yorkshire Fire and Rescue, launched a project to look at all other sites with exemptions to ensure the sites were in full compliance with the terms of the exemption and operating legally.
Ahmed operated a regulated facility for the storage and treatment of end-of-life vehicles at the Fairlea site. He had an environmental permit, which was in place to ensure any activity did not impact on the environment.
On the same site The Tyre Waste Team Limited operated a waste tyre business under the provision of an exemption. An exemption allowed the company to operate its business at the site without the need for an environmental permit provided the requirements of the exemption were followed.
The company brought waste tyres onto the Fairlea site before passing them to Shakil Ahmed for treatment.
The volume of tyres stored at the site significantly exceeded the quantity permitted and caused a significant fire risk. During the Environment Agency investigation, Shakil Ahmed was served with an enforcement notice and a suspension notice. These resulted in Shakil Ahmed being ordered to cease operating and to clear the site, which he initially failed to do.
The Tyre Waste Team Limited subsequently moved to the site in Shipley and started to import waste tyres there. The site didn’t hold an environmental permit because the activity came within an exempt activity, provided it complied with the exemption criteria, which included a limit on the quantity of waste tyres that could be stored and how they were stored. The Tyre Waste Team Limited operated outside the exemption criteria and therefore operated illegally.
Sophie joins Richardsons in interior design role
Bradford-based office design firm Richardsons has appointed Sophie Powell as a new graduate interior designer.
Thornton-based Sophie will be supporting the company on day-to-day activities including space planning, interior design, creating technical visuals and offering customers design solutions at varying budgets.
Sophie said: “I was looking for an interior design job and keen to stay local to Bradford, so I was thrilled to come across the opportunity at Richardsons.
“It’s such a positive workplace, I’ve already gained so much experience from the team around me and had the opportunity to visit client sites, create design plans and learn about all of the different pieces of the puzzle that come together when we’re creating a space that is entirely tailored to the client’s needs. I’m looking forward to getting stuck into more projects and supporting the team at all the different stages of design.
“Everyone here embodies going above and beyond whether that’s sourcing a niche fabric from a specific manufacturer or working historic or nostalgic artefacts into modern design spaces – it’s a really exciting company to have started my interior design career with.”
Richardsons has designed spaces for organisations including Bradford Grammar School, Professional Security, Slimming World and Emerald Group, working closely with clients to manage design, fit out and furniture supply, creating welcoming, practical areas.
MD Steven Richardson said: “Sophie has already proven to be a wonderful asset to the team, bringing with her impressive design skills and a real aptitude for creative design proposals and ideas.
“We’re always keen to hire local talent and having Sophie join the team at such a pivotal time in the industry has been an incredible asset, as we continue to grow and develop our offerings. The common workplace has changed in so many ways over the last few years that it’s imperative we innovate alongside it and growing the team is an integral part of that.”
Wastewise signs ten-year contract with council to turn garden waste into compost
Hull-based Wastewise has signed a ten-year contract worth about £4.5m with North Lincolnshire council to collect about 17,500 tonnes of garden waste a year and convert it into compost.
This is the eleventh municipal contract signed by the company, and will involve kerbside collection and processing activities run in partnership with Biowise, Down to Earth Recycling Ltd and Brier Hills Recycling Ltd. Anything that can’t be converted will be sent for energy generation.
Cllr Neil Poole, the council’s cabinet member for environmental operations, said: “This is another step forward in our plans to eradicate landfill waste.
“This new partnership is with a company that shares our vision for a cleaner, greener future for everyone in North Lincolnshire.
“This is all part of the bigger picture of A Green Future for North Lincolnshire, where everyone can make a difference, from companies like Wastewise to residents swapping their own bins for composters.”
Bob Wilkes, MD of Wastewise, said: “We look forward to working with North Lincolnshire Council in helping them achieve their waste management goals.
“The long-term contract will ensure that, together, we create clear, efficient processes to ensure an effective waste service for residents where as little as possible is wasted.”
Incommunities appoints new executive director of finance
Bradford-based housing provider Incommunities has appointed John Wright as its new executive director of finance.
John joins from River Clyde Homes, where he is the executive director of group services overseeing finance, HR, communications, IT, governance, and procurement.
With more than 20 years of experience in the housing sector, John has extensive experience in finance, governance, and change management.
His previous positions include director of finance at landlord and developer Thirteen which manages 35,000 homes across Teesside and other parts of the North East and Yorkshire, and various other senior roles.
He is a board member and audit and risk committee member at Ongo Homes, and a fellow of the Association of Chartered Certified Accountants.
Chief Executive of Incommunities, Rachael Dennis, said: “I am delighted John is joining us. He will bring extensive experience in finance and leadership, along with an unwavering dedication to social housing, which will be of immense value as we continue on our journey to grow, drive change and improve services for our customers.”
John Wright added: “It is an exciting time to be joining and I am thrilled to embrace this new challenge at Incommunities. I am looking forward to working with the team and I welcome the opportunity to contribute to Incommunities’ mission of building thriving communities and enhancing lives.”
John will begin his new role in August 2023.
South Yorkshire becomes UK’s first investment zone with promise of 8,000 new jobs
South Yorkshire is to be the first Investment Zone in the UK, creating 8,000 new jobs and attracting £1.2bn worth of private investment by 2030.
Using government support worth £80m, the new Investment Zone will use the region’s success in advanced manufacturing and will help make South Yorkshire the best place to start, scale or relocate businesses from around the world, boosting the UK economy.
The first investment announced is a more than £80m Boeing-led research project into manufacturing lightweight structures for aeroplanes – a key part of making aviation more sustainable.
Compass will be built as an extension to the University of Sheffield Advanced Manufacturing Research Centre’s Factory 2050. It will be built with support from the South Yorkshire Mayoral Combined Authority, Sheffield City Council and the High Value Manufacturing Catapult.
South Yorkshire’s Mayor Oliver Coppard said: “Our Investment Zone will help put South Yorkshire back where we belong; at the forefront of this country’s manufacturing-led growth.
“Technology created in South Yorkshire built the modern world. Because in South Yorkshire we have always known how to deliver practical solutions to big challenges. Yesterday it was stainless steel and our coal industry, today it is AI, Robotics and creating lighter, stronger materials for Jet Zero.
“That’s why this new Investment Zone status is so important. Because with the support of partners like Boeing, and working with the government, we’re showing we have the tools, the technology and the confidence to build on our strengths as not just the world’s first, but the world’s best Advanced Manufacturing District.”
The Investment Zone – the first of 12 such zones built around universities and high-growth industries – will build on the success of South Yorkshire’s Advanced Manufacturing Innovation District, expanding it to incorporate Rotherham town centre and Sheffield city centre, with Opportunity Sites across Barnsley and Doncaster.
Investors, developers and start-ups will be offered a combination of targeted support and financial interventions to start, scale up and relocate their businesses including:
• Help with relocating through funding for capital, infrastructure and feasibility work.
• Help unlocking barriers to planning, with support from dedicated Investment Zone planning officers throughout the process.
• Skills support schemes to upskill workforces and boost opportunities for graduates whilst tackling issues around economic inactivity.
Supply chain funding to build the capability and competitiveness of suppliers to access regional, national and international growth markets.
Barnsley Metropolitan Borough Council Leader Sir Stephen Houghton said: “Although the focus of the project covers Rotherham and Sheffield, the Investment Zone will bring strong benefits to the whole of South Yorkshire. The wider programme will provide us with new opportunities for growth and development in our borough.
“It will enable us to attract new businesses, provide scale up support to those already here, and create new jobs, which will bolster our local economy through opportunity sites at J36, J37 and in Goldthorpe.
“South Yorkshire’s Investment Zone will bolster the already attractive offer for innovative businesses looking to make the most of our pre-existing cluster of digital and tech companies and strengthen the growing reputation for Barnsley as a destination for digital businesses.”
Cash boost sees major renovation at long-standing Keighley community organisation
A major renovation is underway at a long-standing community organisation in Keighley, after almost a quarter of a million pounds worth of funding.
The Sangat Centre received £230,000 from the Keighley Town Deal Board for essential refurbishments to its Marlborough Street premises.
It has been based in the old Victorian building for more than 20 years and the venue was in urgent need of modernisation.
The redevelopment will enable the association to continue to offer social day care, adult education activities, youth activities, holiday playschemes and other services to the hundreds of people it sees each week.
Bradford Council’s executive member for regeneration, planning and transport, Councillor Alex Ross–Shaw, said: “Keighley residents deserve a building that reflects the character of the local community.
“Through the Towns Fund, the Sangat Centre will be modernised to be energy efficient, meet the digital and online needs of service users and be an accessible, practical environment for an extensive range of crucial community services.”
Ian Hayfield, Chair of Keighley’s Town Deal Board, said: “This renovation means the Sangat Centre can function more efficiently and effectively for the people it serves. It also means the building will be a sustainable, productive place for many years into the future.”
The work is expected to take about two years and the centre will remain open as usual throughout. Refurbishment is already underway, with new flooring installed and a new roof having been fitted. The modernisation also includes some big projects such as a new IT suite and a mezzanine floor.
Riasat Ali, Sangat Centre Manager, said: “The building needed constant repairs and we were continually having to patch up leaks such as water pouring through the roof, as well as dealing with ongoing heating, boiler and electrical issues.
“It was so difficult and costly to make repairs on a piecemeal basis and we are so grateful to have this opportunity to properly upgrade the building. We’ve been using local tradespeople to do the work, to put the money back into the area.
“The improvements we are undertaking have come from the feedback of our service users and our community, which is truly at the centre of our vision for the future. The refurbishment means we can expand our provision and welcome even more people to make use of our services.”
In addition to this funding, the Sangat Centre has also received £140,000 of match funding towards the refurbishment from the Community Ownership Fund.
Leeds is first city outside London to join Open Finance Coalition
Leeds has become the first city and local authority outside London to support a new coalition to open up financial data that, it’s claimed, will deliver better outcomes for SMEs and consumers.
Launched this week by the Centre for Finance, Innovation and technology, it’s said the new Open Finance Coalition will demonstrate the power of leveraging financial data to deliver better outcomes and financial awareness for SMEs.
The first coalition partners who have committed to progressing Open Finance in the UK have also been announced. Leeds is the first city and local authority outside of London to be involved with the project, working closely with others on the list including: the Association of British Insurers, Allen and Overy, Amazon Web Services, Experian, the City of London Corporation, EY, HSBC, IBM, Innovate Finance, iwoca, KPMG, Leeds City Council, Lloyds Banking Group, Mastercard, MBN Solutions, Monzo, Open Banking Limited, the Open Finance Association, Revolut, the Smart Data Foundry, and Zopa Bank; with the support of the FCA.
The main focus for the coalition will be demonstrating the power of financial data to deliver better financial awareness for consumers and SME financing, giving SMEs the ability to better manage their savings, cashflow, investments, pensions and insurance and in turn lead to a positive outcome for the nation’s financial health.
The idea comes from recommendations originally put forward as part of the Kalifa Review of UK Fintech, launched in Leeds earlier this year, which seeks to unblock barriers to growth for financial technology and position the United Kingdom as a global leader in financial innovation. Leeds was identified in the report as being part of one of the most established FinTech hubs in the UK.
Councillor James Lewis, leader of Leeds City Council said: “The ethos and work to be done as part of this project feeds perfectly into our inclusive growth ambitions, and therefore we were keen to take this opportunity to further work within the city to increase financial awareness and knowledge in collaboration with our thriving Fintech community.”
Leeds is the UK’s second strongest financial and legal centre, with a flourishing FinTech sector and a GVA standing above £700m, having doubled in the last three years. The foundation for the flourishing FinTech sector is the region’s long-standing strength in financial services, combined with a vibrant and fast growing tech sector.
More than 60 established financial services organisations have bases in the region, with recent additions including the Financial Conduct Authority, UK Infrastructure Bank, and Bank of England. In tech, 17 of the 100 fastest-growing tech companies in the North of England are based in Leeds , which is also home to Leeds Digital Festival, one of the largest and highest profile digital events in the UK.
