Incubator planning to turn ‘game-changing’ tech ideas into viable businesses launches
SeedCloud facilitates first investment, announcing £500,000 deal for Sentience Technology
SeedCloud, a London-based incubator created to accelerate technology start-ups from a seedling of an idea to fast-growth has launched today. Developed by managing partner at Notion Capital Stephen Chandler and ex-CTO of HP Graham York, SeedCloud aims to support start-ups focused on technologies such as Big Data and cloud computing to develop their concept, providing market research and advice to help grow the business. The incubator plans to match start-ups with high net worth individuals, providing the companies with access to an initial seed investment of £150,000, which will be supported by personal investments from the SeedCloud team. More developed companies will then be matched with investors for the opportunity to secure backing of between £500,000 and £750,000.
In conjunction with the launch, SeedCloud has today announced the first successful investment facilitated by the incubator, following a £500,000 investment into Big Data start-up Sentience Technology. Chairman of SeedCloud Stephen Chandler hopes that offering investors Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) tax incentives will encourage them to part with their cash. He said: “The Seed EIS tax incentives generate attractive potential returns for investors in what is traditionally a very high risk area.” He added: “We roll our sleeves up and really help make the idea come to life, including researching the market opportunity, developing the proposition, creating the technical architecture, resourcing it and helping fund it.”