Sheffield synthetic data platform provider raises $3.7m
The Sheffield-based company behind a platform for the creation of synthetic training data for AI vision systems has raised $3.7m (£2.8m) through a new investment round.
Mindtech Global has completed a strategic investment round led by Appen, a specialist in data for the AI lifecycle.
The latest investment round, including participation from Appen and existing Mindtech investors, follows a $3.25m funding round in July 2021 and will be used to support the company’s rapid growth.
The July 2021 investment round for Mindtech Global was led by NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), with Deeptech Labs and In-Q-Tel participating.
In addition to the new investment, Appen and Mindtech have formed a commercial partnership to provide a range of real and synthetic images and associated data and metadata annotation services to the market.
Mindtech’s Chameleon platform is expected to be complementary to Appen’s existing data and annotation services.
Chameleon’s ‘no-code’ platform is designed for the creation and automated annotation of synthetic data to train human-to-human and human-to-world AI applications. It is designed to help computers understand and predict human interactions in applications ranging across retail, smart home, healthcare and smart city.
Mark Brayan, Chief Executive at Appen, said: “Synthetic data is an invaluable resource in the training of AI models and when combined with real-world data can enable outstanding results. We’re excited to partner with Mindtech as their automated end-to-end end synthetic data platform produces the right synthetic data for our customers, faster than competing solutions.”
Steve Harris, Chief Executive at Mindtech, said: “We’re excited about this strategic partnership with Appen – it’s going to enable more customers to rapidly train their AI systems on scalable synthetic data while complementing Appen’s existing products in real-world data collection, management and annotation.
“By working in partnership, we’ll further accelerate the development of AI systems that better understand how humans interact with each other and the world around them.”
Solar energy trade body welcomes growing cross-party support
The Chief Exec of trade body Solar UK has welcomed growing cross-party support for accelerated change to renewables.
Chris Hewett, Solar Energy UK’s Chief Executive, said: “Solar can and will make a huge contribution to UK national energy security and self-sufficiency while addressing climate change head-on. It is also the quickest of all renewables to deploy.
“There is turmoil in the energy markets caused by events worldwide. Now is the time for the UK to follow all other major economies across the globe to formally adopt the net-zero compliant target for solar. For us, that means the trebling capacity to 40GW by 2030 with similar growth in the following decade. The entire energy industry supports this target, and the solar industry can deliver it.
“Deploying 40GW of solar by 2030 would reduce bills for consumers, help businesses to grow while cutting their carbon emissions, and provide clean energy for the country and the planet. It would also create thousands of high-quality green jobs around the country,” he added
The UK will need to deploy at least 40GW of solar by 2030 to achieve a net-zero economy by 2050. Doing so will require installed solar capacity to triple over the next decade, with an average annual installation rate of 2.6GW.
Solar Energy UK expects 10% of this to be deployed in Scotland. This will be a major challenge, even with the solar industry demonstrating strong growth. “Our analysis shows that the UK can both set and achieve a deployment target of 40GW of solar power in the UK by 2030 – this would accelerate the decarbonisation of the British economy, demonstrate global leadership in renewable energy, and create green jobs and investment.”
Hull City Council joins forces with city partners to help Hull get to net zero
Hull City Council has joined forces with some of the biggest organisations in the area, including Reckitt, the University of Hull and Marketing Humber to support the launch of the Oh Yes! Net Zero campaign – marking the start of the city leading the region and the UK to a net zero future.
The Oh Yes! Net Zero campaign will unite businesses, organisations and communities to raise awareness and help drive down carbon emissions, encouraging everyone to make changes towards a net zero future. The initiative aims to develop an innovative economic model in Hull to reduce carbon emissions and support a net zero future in an economically viable and sustainable way.
Daren Hale, Leader of Hull City Council, said: “Hull City Council declared a climate emergency in 2019 and we set ourselves the ambitious target of achieving net zero emissions by 2045.
“This campaign is one way in which our city and region can showcase what it is doing and will do to achieve net zero, whilst encouraging other organisations and local people to join us on this journey.”
Laxman Narasimhan, CEO of Reckitt, which was founded in Hull in 1840, said: “I’m excited that Reckitt, along with our coalition of partners, is bringing together the people of Hull and the Humber to shape the region’s net zero future. As a leading consumer hygiene, health and nutrition company, we’re extremely proud of our 182 years’ heritage in the city and are committed to the role Reckitt plays in creating a cleaner, healthier world for all.
“We are also laser-focused on delivering on our sustainability commitments, targeting a 65% reduction in carbon emissions by 2030, and are committed to helping everyone take the best possible care of the world we all share.”
Morley Town Deal proposals one step closer as first project receives sign-off
Plans to revitalise historic buildings in Morley using grants from the Town Deal have moved a step closer after central Government signed off the first project to be submitted by Leeds City Council.
The Heritage Investment Fund – which is a part of a broader £24.3 million grant from the national Towns Fund programme – will see £1.78 million invested in the heritage of Morley via grants to building owners.
Focusing on Queen Street, the grants will improve shop fronts and bring empty properties back into use, helping to increase footfall, support local business, and make Morley an even more attractive location to visitors.
Commenting on the sign-off, Cllr Helen Hayden, Leeds City Council’s Executive Member for Infrastructure and Climate, said: “Receiving sign-off for the first project is an excellent step toward realising the vision of making Morley a better connected, more environmentally friendly, and a greener place to live and work, while at the same time celebrating the town’s heritage and culture.
“Implementation of the Heritage Investment Fund will not only allow the people of Morley to be better connected to the town’s unique history, but it will also ensure the town can fully exploit future opportunities.
“Acceptance of the first project is a great testament to all the hard work done by the people of Morley, the Town Deal Board, and Leeds City Council in putting together a set of such innovative and forward-thinking plans.”
Chairman of the Morley Town Deal Board, Gerald Jennings, said: “Approval of the Heritage Investment Fund project is hopefully the first of many successful project approvals for Morley.
“As a board and as a community, we have worked hard to listen and understand what the people of Morley want and need for the future, so it’s a proud day when we see that work starting to pay off.
“However, the approval of this project is only the start. We need people to continue getting involved, as there is still much work to be done. We are currently consulting on the prospective learning campus for the town and will be holding further consultation events on various aspects of the Town Plan during the year.”
Approval of the first Town Deal project comes after Leeds City Council and the Morley Town Deal Board worked in partnership on a Town Investment Plan, which secured a £24.3 million grant allocation from the Government’s Towns Fund.
The Towns Fund grant will deliver on key priorities identified through public consultation, including greenspaces, jobs, skills, and improving cherished buildings.
Firms say improved rail service between Lincoln and Nottingham would support workers
Firms employing nearly 8,000 people have delivered an ‘overwhelming’ message that rail improvements are needed on the Nottingham, Newark to Lincoln line.
A survey organised by transport body Midands Connect showed that over half of businesses (51%) thought if the rail route was improved it would be used more by their employees.
97% of companies stated that investment in train routes between Nottingham and Lincoln should form part of the Government’s Levelling Up agenda.
Over 70% thought an improved rail route would make recruitment of new staff easier and 53% of businesses thought a faster and more frequent rail route would help their business grow as a result. 45% of the firms also responded to say believed that investment on the Nottingham to Lincoln rail route would save their businesses money.
74% of respondents stating their employees mostly drove to work. This is compared to just 14.5% who stated that most of their staff use the train to travel to work. The most common reason cited was inconvenient train times, followed by infrequent service.
Midlands Connect’s Head of Rail Karen Heppenstall said:“The results are pretty overwhelming and show that businesses in Lincoln, Newark and Nottingham want to see improved rail services. They see this investment as an example of levelling up their area and helping their economy to grow.
“What the survey also showed is faster and more frequent trains will save businesses money, allow them to recruit more people and grow. We will use these results as part of our strategic case for investment in the corridor and I want to thank all the firms and organisations who took part and supported the survey.”
Karl McCartney, MP for Lincoln and member of the House of Commons’ Transport Select Committee, said:“This research shows the case is even clearer now for the need for new investment in this strategic rail route. It will further plug Lincoln into the regional and national rail network which is vital to the success of the whole City and region. This will bring significant benefits to employers, workers and the wider public, including making it easier for tourists to enjoy Lincoln’s wonderful heritage and supporting our brilliant businesses to grow.
“It is well known that improving the transport infrastructure of regional cities like Lincoln and Nottingham leads to clear economic, environmental and quality of life benefits. To continue the drive to ‘Level Up’ our Country, this is the exactly the type of project that should be supported by the Government and delivered at pace.”
Yorkshire-headquartered group continues expansion with purchase of East Midlands insurance broker
Yorkshire-headquartered insurance broker group JMG Group has acquired Northampton business Astute Insurance Solutions for an undisclosed sum.
Leeds-based JMG Group, a Top 50 UK insurance broker, employs over 230 staff across 13 businesses from 11 offices throughout the UK. The acquisition of Astute Insurance Solutions takes JMG Group’s total acquisitions to six in just over a year and creates a hub in the East Midlands from which the group plans to expand further.
Astute Insurance was established in 2009 by directors Ian Mahony and Andy Baggott who bring an existing team of experienced insurance professionals to the JMG Group. The £6.5m gross written premium business provides a range of insurance broking services for corporate clients across Northamptonshire and throughout the whole of the UK. Ian and Andy retain a stake in the business.
Nick Houghton, JMG Group CEO, says: “This acquisition gives us a strong foothold in the Northampton area that we will use to develop other acquisitions. We are very selective about the businesses we invest in, with the people and culture top of the list when it comes to diligence. Ian and Andy have a great business and are a perfect fit for our Group. We are delighted to welcome them to the team.”
Ian Mahony, who has 34 years’ experience in the insurance industry, explains what the acquisition means for the business: “Our business is built on strong client relationships and growth through referrals. Astute Insurance will continue to provide the same client care provided by the same experienced team.
“The acquisition and the support gained from being part of a wider group will help propel us to the next level and give us greater security and strength in the marketplace which will ultimately benefit all our clients and our team.”
JM Glendinning underwent an MBO led by Group CEO Nick Houghton in November 2020, with private equity backing from growth investor Synova. The Group plans to double in size, through organic and acquisitive growth, over the next 12 months.
Government reveals largest-ever R &D budget – worth almost £40bn
The largest-ever research and development budget – worth £39.8 billion and to cover the next three years – has been allocated across the Department for Business, Energy and Industrial Strategy’s partner organisations, the government has confirmed.
The Spending Review committed record levels of investment in the UK’s world-leading research base, with annual R&D spending set to increase by £5bn to £20bn by 2024-2025 – a 33% increase in spending over the current parliament by 2024-2025.
These investments will contribute to the new cross-government approach on research and development, helping to deliver strategic advantage in science and technology, work alongside industry to leverage private investment, and deliver prosperity, security and resilience this century.
In turn, the investment will support priorities that are key to the UK’s prosperity, from tackling climate change to levelling up opportunities across the country, enabling investment in new technologies from clean tech to AI, where the UK has a strong competitive advantage globally and industrial strength at home.
Business Secretary Kwasi Kwarteng said: “For too long, R&D spending in the UK has trailed behind our neighbours – and in this country, science and business have existed in separate spheres. I am adamant that this must change. Now is the moment to unleash British science, technology and innovation to rise to the challenges of the 21st century.
“My department’s £39.8 billion R&D budget – the largest ever R&D budget committed so far – will be deployed and specifically targeted to strengthen Britain’s comparative advantages, supporting the best ideas to become the best commercial innovations, and securing the UK’s position as a science superpower.
“This includes full funding for EU programmes, for which £6.8 billion has been allocated to support the UK’s association with Horizon Europe, Euratom Research & Training, and Fusion for Energy. If the UK is unable to associate to Horizon Europe, the funding allocated to Horizon association will go to UK government R&D programmes, including those to support new international partnerships.” A significant proportion of the budget has been allocated to UK Research & Innovation (UKRI), which will receive over £25bn across the next three years, reaching over £8.8bn in 2024-2025, its highest ever level and over £1 billion more than in 2021-2022. This will include an increase in funding for core Innovate UK programmes by 66% to £1.1bn in 2024-2025, helping connect companies to the capital, skills and connections they need to innovate and grow. The UK Space Agency’s budget will also grow to over £600m by 2024-2025, recognising the fact that our world-leading space sector adds nearly £16bn to UK GDP while underpinning complementary parts of the economy including finance, logistics and agriculture. This is equivalent to a real terms increase of 14%.FSB urges Chancellor to deliver on low tax pledge at Spring Statement as 280,000 firms stand on the brink
The FSB is urging the Chancellor to make next week’s Spring Statement “a rallying point” for businesses as surging operating costs, supply chain disruption and labour shortages make it increasingly difficult for firms to invest and expand.
In a letter to Rishi Sunak, the FSB recommends interventions aimed at addressing “foundational issues” in the UK economy against a backdrop of declining business confidence.
The move follows a pledge from the Chancellor last month to create “a new culture of enterprise”. In his Mais lecture, Sunak stated that he “firmly believe[s] in lower taxes”, adding that “the marginal pound our country produces is far better spent by individuals and businesses than government.”
He is set to confirm an £18bn collective annual increase in national insurance contributions (NICs) and dividend taxation at his Spring Statement next week. There is also speculation that the Treasury may scrap the R&D tax credit incentive for small research-intensive businesses in favour of supporting larger companies.
In his correspondence with the Chancellor, the new FSB Chair, Martin McTague flags that, with the public finances tight, the Treasury should move away from an “eye-wateringly expensive” super deduction tax break which “will primarily be used by corporations and multinationals, not small businesses operating in all our communities,” and instead prioritise reduction of Government-imposed overheads to free up funds for investment at the local level.
FSB research shows that just 4% of the small businesses that make up 99% of the private sector see the super deduction as one of the top three incentives to invest.
In its costed Spring Statement submission, FSB recommends:
- Increasing the Employment Allowance to £5,000.
- Taking an additional 200,000 community small businesses in levelling up target areas out of the business rates system by increasing the rateable value ceiling for small business rates relief to £25,000, and extending a one-year relief on business rates increases linked to property investments in plant and machinery.
- Extending support with energy costs being allocated via the council tax system to micro businesses via the business rates system, and launching a Help To Green initiative to spur on-site renewable generation.
- Delivering on pledges to end the UK’s poor payment culture by making Audit Committees directly responsible for ensuring best practice within supply chains.
- Expanding and making permanent a statutory sick pay rebate for small firms whilst continuing with incentives in England to take on apprentices and T Level placements.
- Widening eligibility for the Help To Grow Digital and Management initiatives to the 750,000 small firms currently excluded from them.
- Simplifying the R&D tax credit system to make it more accessible for small businesses without having to use paid intermediaries.
Russian invasion increases risk of recession in UK, says BCC
Russia’s invasion of Ukraine has increased the risk of a recession in the UK by exacerbating the already acute inflationary squeeze on consumers and businesses and derailing the supply of critical commodities to many sectors of the economy.
Suren Thiru, Head of Economics at the British Chambers of Commerce said: “While there was a strong rebound in output in January as the impact of Omicron started to ease, the figures have been pushed into the rear-view mirror by renewed domestic and global shocks, including Russia’s invasion of Ukraine.
“Consumer-facing services firms enjoyed a particularly strong start to the year, following the partial release of pent-up customer demand as concerns over Omicron started to fade. The UK’s economy could stall in the near term as rising inflation, soaring energy bills and higher taxes increasingly drag on activity, despite a probable boost to output in February from the end of Plan B Covid restrictions.
“Russia’s invasion of Ukraine has increased the risk of a recession in the UK by exacerbating the already acute inflationary squeeze on consumers and businesses and derailing the supply of critical commodities to many sectors of the economy.
“Raising interest rates and taxes at this time would weaken the UK’s growth prospects further, by undermining confidence and diminishing households’ and firms’ finances.
“We urge the Chancellor to use the upcoming Spring Statement to tackle the cost-of-doing-business crisis by delaying the National Insurance rise and committing to no further policy measures that will increase costs for business for the remainder of this Parliament.”
Natural paint firm sees growing export demand from US
Leeds-based Brouns & Co, a business that manufactures traditional paints based on linseed oil made from West Yorkshire-grown flax, expects to top £100,000 in US exports in 2022 after a year of growth in the market.
Founder and CEO Michiel Brouns, who has been working with International trade advisers from the Department of International Trade (DIT) in Yorkshire, has seen huge interest in the Yorkshire flax-based products.
“Linseed paint has been used for hundreds of years to protect and coat wood both inside and outside, and the US architectural heritage means there are enormous numbers of timber-build buildings, hence we have been working to raise awareness of the products Stateside,” said Michiel.
One of only a handful of linseed paint manufacturers in Europe, Brouns & Co will see US orders, fulfilled from the firm’s Leeds warehouse, top over £100,000 for the first time in 2022.
“There is a focus on regions such New England, as well as most of the east coast including South Carolina where the maintenance and preservation of historic wooden buildings is a major conservation issue,” said Michiel.
“The DIT has helped us fund projects to identify the best potential markets for us and we are even hosting events with the British Consulate in Boston, when we return to the US in April, to meet face to face with conservation bodies and heritage professionals.”
Brouns & Co’s client list in the UK includes a number of historic stately homes such as Chatsworth House and Grosvenor Estates, and linseed-based paint is gaining in popularity globally due to its environmentally friendly and hypoallergenic properties, as well as its durability.
Michiel said: “The US is our biggest potential market, particularly among owners and custodians of the historic wooden properties typical of the East Coast and other historic areas of America that were settled in the 18th and 19th centuries.
“People are now specifying products that are environmentally sustainable and long lasting, as well as performing very well, and linseed paint is ideal. We had a series of really good meetings when we travelled out to New Orleans, North and South Carolina and we’re returning to New England in April, with the expectation that we will open a US base in 2022.”
Conservation expert Michiel, originally from the Netherlands, relocated to Yorkshire in 2006, launching his Garforth-based business with Histoglass, a specialised thin double-glazing product ideal for historic properties, before recognising the demand for high quality natural paints.
