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Five questions every private equity investor will ask technology businesses
Raising money from private equity investors to fund growth is a well-trodden path for technology businesses, and the key to a securing the deal is preparation, says Jack Clipsham and Haodong Zhang of Kreston Reeves. Here, they share the five key questions every private equity investor will ask a technology business looking for funding. Before approaching any funder, a technology business needs to ask itself one important question: how much is it looking to raise? The answer will determine who might be interested in investing. Companies looking for smaller amounts, typically under £2m, would be best looking towards family offices, high net worth individuals and private funds. Those businesses wanting more substantial amounts are best approaching larger private equity investors with institutional backing. There are a significant number of sources of funding and it is important to pitch to the right providers in terms of both amount and sector specialism. Irrespective of the amount raised, senior management teams can expect to be asked the following five questions: Q1. What are you going to do with the funds? There are three good reasons why would-be funders ask this question. Firstly, to simply make sure the right kind of funding is being sought. Would, for example, debt funding or asset-based lending be more appropriate and less dilutive for shareholders?
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COVID-19 & UK Tech SMEs: Demand for tech in the “new normal”
The “new normal” is a term that has been used with increasing regularity over recent months. It refers to the lasting changes COVID-19 will have on people’s day-to-day lives. From social distancing to new health and safety measures, remote working to travel restrictions, exactly what the “new normal” is going to look like will only become clear over time. However, what is already becoming apparent is that demand for technology is going to rise. With people cut adrift from the physical world, digital solutions have already become increasingly important for both consumers and businesses. Zoom stands as a testament to that; unable to meet in person, colleagues, friends, and family turned to technology to keep connected. On its quarterly earnings call webinar in June, the video conferencing tool reported a total revenue of $328.2 million in the three months to 30 April 2020, a 169% increase from the same period last year. Not only have consumers relied on technology for everything from managing their financial affairs to ordering groceries online, but industry sectors that have hitherto not been the most forthcoming in their adoption of tech have suddenly looked to digitise many of their processes. Pubs are now reliant on taking online bookings, barber shops are using contactless payments instead of accepting cash, and cafés have replaced paper loyalty cards with rewards apps; examples can be seen all around us. As a result, the technology sector as a whole – as broad and multifarious as it is – has been one of the few parts of the UK’s private sector to perform well during the immensely difficult coronavirus pandemic. However, as the use of many tech-based services spiked unexpectantly, the businesses delivering them have faced their own unique challenges – most notably in having to scale operations to keep pace with demand.
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Rockley Photonics closes $50m growth round
Rockley Photonics, an integrated optics solutions provider has today announced that it has closed an additional $50m of growth funding from leading deep-tech VCs, strategic investors, and institutional funds including Credit Suisse backed SIG-i Capital and Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., as well as existing shareholders. Formed in 2013, Rockley is led by Dr. Andrew Rickman, the founder of the first commercial silicon photonics company Bookham Technology. To date, Rockley has raised over $225m of financing to develop its unique silicon photonics platform. The Sunday Times also recently recognised Rockley Photonics as one of the ‘top 10 British tech companies to watch’. “It is testament to the strength of our technology and emerging market opportunities that we have attracted such a preeminent list of new investors to join many of our existing shareholders in this funding round,” said Andrew Rickman, chief executive officer, Rockley Photonics. “This round provides the funding for Rockley as it moves into the next exciting growth phase and develops next generation disruptive silicon photonics powered healthcare and wellness sensors and communications products for its Tier-1 customers.”
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Employee engagement platform Winningtemp raises €15.1m
Swedish employee engagement startup, Winningtemp has announced its Series B funding round of €15.1M co-led by London’s Frog Capital and Stockholm-based Bonnier Ventures. Having experienced a 300% increase in platform usage during the first three weeks of lockdown, and consistent growth over summer, Winningtemp’s AI and science-based employee engagement platform has become a mainstay for companies attempting to ensure morale is maintained during a time of remote working. Based on more than 600 international scientific studies, the platform helps senior team members visualise employees’ behaviour and development in real-time: providing predictions and recommendations alongside real-time insights and help. Winningtemp is relied upon by 600 companies globally. The startup now has over 100,000 daily users in over 20 countries, and is targeting international expansion, specifically to the United States. In order to maintain this international growth and to capitalise upon the fact that employee morale and efficacy has moved from the preserve of HR departments to being a top priority for CEOs and C- suite executives, this latest funding round was brought forward. “We are experiencing unprecedented demand,” said Pierre Lindmark, CEO, who co-founded Winningtemp in Gothenburg in 2014.
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Condense Reality raises £800k seed round
Condense Reality, a virtual reality startup developing technology to transform how viewers watch live entertainment and sports, has raised a seed round of more than £800,000, including £220,000 from SFC Capital, the most active seed-stage investor in the UK. The remaining funds come from two grant awards, together worth almost £500,000, as well as smaller commitments from RLC Ventures and angel investors. The investment will see Condense Reality increase its R&D capabilities and commercialise its technology over the next 12 months. Condense Reality has developed a system for streaming hologram-style 3D “volumetric video” of live events alongside a normal television broadcast, with the potential to bring entertainment and sport to life on the tabletop to complement the on-screen action. BT are working closely with Condense Reality in a DCMS funded project that includes the University of Bristol, The Grid Factory and Salsa Sound on the broadcaster’s 5G Edge XR trial to demonstrate the potential of 5G to deliver more immersive live sport viewing experiences through augmented and virtual reality. Until now, capturing volumetric video – which creates a three-dimensional image that can be viewed by multiple people from different angles – required fixed studios with green screens and hundreds of precisely-calibrated cameras, and it took days to process minutes of content for streaming. Condense Reality has developed a next-generation solution that enables broadcasters and content creators to capture and stream volumetric video in real time, outside the confines of a studio, and with far fewer cameras.
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RSGB 2020 Convention – Online
This year’s Convention was on online-only event and streamed live between 08.45 and 17.30 on Saturday, 10 October 2020. There are a range of presentations to enjoy—whether you’re a new or returning licensee, or someone who has enjoyed amateur radio…
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Are you ready for an unforgettable night of Virtual Reality and eye-opening experiences exclusive to the 4th International #VRAwards?
This year our partners #AIXR are going virtual, bringing the unique VR driven ceremony to you on the 12th of November! Join the celebrations all from the comfort of your own home via desktop, phone, tablet or virtual reality.…
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SPECIAL OFFER - 20% OFF STANDARD and VIP tickets
20% OFF STANDARD and VIP tickets, simply use the code GIANT20 at checkout! Don’t miss out, this offer only lasts until SUNDAY! Buy your ticket here now.
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Join Startups Magazine for an afternoon of inspiration & motivation - there will be a short talks, networking, goodie bags & prizes
This will be a VIRUTAL event, held on Zoom but with a mix of polls, interactions, goody bags and surprises. Bring a notepad & pen! Date And Time: Thu, October 15, 2020 Check out the agenda here.
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SPECIAL OFFER on our New Premium Membership Service
If you purchase the premium annual membership before October 31st 2020 it will cost £110 instead of £150. Likewise, the monthly membership will cost £10 a month instead of £15. Find out more here.
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Uses of Telehealth during COVID'19
Uses of Telehealth during COVID'19 The COVID'19 pandemic has made telehealth an essential tool in the fight against the virus. In the Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSA), the importance of telehealth during COVD'19 is further stressed by easing some of the regulations around it. This was accomplished by adding 80 additional services under the umbrella of telehealth. COVID'19 has caused the use of telehealth to go up from 11% to 49% in just one year. Healthcare providers have reported receiving around 50 times more patients through telehealth sessions than they did before the pandemic. While the search for the vaccine continues, it is likely that the prevalence of telehealth will keep increasing for the next few years. The shift towards telehealth has accelerated, thanks to the convenience of platforms such as SmartClinix, and its accessibility for people who cannot afford to leave their houses amidst the pandemic. SmartClinix focuses on providing a complete clinical visit experience, not just the audio and visual aspects of it. Following are a few of the ways telehealth is being used during COVID'19: Online consultations with COVID’19 patients Frontline workers, such as doctors and other medical health employees, are at an increased risk of getting infected with the virus. Telehealth allows these professionals to monitor the symptoms of patients from a distance. This plays a huge part in avoiding the further spread of the virus. If these patients were to visit the doctor for in-person sessions, they would risk infecting other people on their way. [1] Caring for high-risk patients with diseases other than COVID’19 Patients who would be at high risk in case they get COVID'19, such as those suffering from pre-existing medical conditions like diabetes and cardiovascular diseases, should take particular care when maintaining social distancing. Telehealth allows all such patients to safely consult their doctors in a completely remote and private manner. SmartClinix allows seamless, high-quality video communication between both parties with the option of accessing all previous records of the patient from the telemedicine EMR and patient management portal. Scheduling tests SmartClinix has made ordering lab tests for doctors very convenient. SmartClinix speeds up the process significantly. The earlier the public gets their COVID'19 test results through the patient portal, the faster they are in taking the necessary precautions to help stop the spread of the virus. Without such an option, getting test results could take up to several days, during which the COVID'19 patients could unknowingly be spreading the virus further. Educating the masses Telehealth helps in spreading news regarding the virus at a much faster pace. There are thousands of blogs from credible sources that contain everything you need to know about COVID'19. From the symptoms to the necessary courses of action, alerts can be enabled on devices that allow you to keep yourself updated regarding any new SOPs or virus hot-spots. Apps for recording symptoms Several apps are available online that allow patients of COVID'19 to record their symptoms before they consult their doctors. These apps help medical health professionals better understand the severity and progression of the virus in the patient, allowing them to treat them accordingly in a more efficient manner Online pharmacies These pharmacies allow customers to place their orders of medical supplies right from the comfort of their homes. Such services reduce the need for physical pharmacies and allow the public to practice SOPs. In case of an emergency, online pharmacies can be particularly convenient, with a lot of them offering same-day deliveries to their customers. Reaching low-access patients SmartClinix believes that quality healthcare is the right of every American. Telehealth services have the potential to significantly increase access to healthcare for rural and low-income areas in the country. By partnering with Pioneer Medical Foundation, SmartClinix works tirelessly in providing its free services to the refugee, uninsured, underinsured, and homeless population of the country. All patients of Pioneer Medical Foundation need to do is access the website and begin their journey to quality healthcare with SmartClinix. Devices for monitoring vitals Technology enables patients to use devices that directly transmit the results to their doctors without requiring the patient to read or interpret the result. Direct transmission of the readings reduces the chances of recording incorrect ones when the patient uses the device to measure lung health or blood pressure. With more and more patients embracing technology, it is evident that telemedicine is here to stay even after the end of the pandemic. As patients demonstrate increasing levels of comfort with using technology, the number of people opting for telemedicine in place of traditional in-person consultations has reached unprecedented levels.
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COVID-19 and UK Tech SMEs: Overcoming cashflow issues
Cashflow, the net amount of money coming into and out of a business, is an essential sign in establishing the health of many organisations. This is particularly true of small and medium sized enterprises (SMEs), which typically lack the cash reserves of larger companies. Instead, they rely on predictable monthly turnover to ensure operations run smoothly. By extension, cashflow issues can be extremely serious for smaller businesses that have little buffer to account for a sudden drop in incoming cash, or indeed a sudden rise in expenditure. However, the coronavirus pandemic has had – and is continuing to have – a damaging effect on the UK’s private sector, with businesses of all sizes and sectors facing significant challenges. And cashflow issues have been chief among these. From market uncertainty and stockpiling supplies to supply chain disruption and operational upheaval, COVID-19 has triggered numerous problems for business leaders needing to keep a firm grasp on their cashflow. So, looking to the UK tech sector, how have early stage businesses fared during this difficult period? And, more importantly, what can these companies do if they are facing cashflow issues?
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