The SME Innovation Fund is a joint initiative set up by Mercia Fund Management, leading investment business in UK innovation and a wholly-owned subsidiary of Mercia Technologies PLC and the West Midlands Academic Health Science Network (WMAHSN), to help build and support healthcare start-ups across the West Midlands.
The WMAHSN brings together investment, energy and expertise from across the health science community. In collaborating with Mercia, it provides repayable grants of up to £50,000 for up to ten new innovations each year to support innovations that have the potential to deliver a high impact.
Kaido uses smart technology to help individuals get more from their health applications, wearable devices and smartphones in line with their health goals and are one of 24 start-ups currently on Innovation Birmingham’s Serendip Smart City Incubator. They were awarded the funding following a competitive application and interview process.
Richard Westman, founder of Kaido, said: "The SME Innovation Fund has come at a really important time for Kaido as we look to grow the team and accelerate development. It was critical that our world-leading sports science expertise was matched by the same level of technology infrastructure to deliver on our vision. Working alongside renowned artificial intelligence developer, Jeremy Walker, and his team, demonstrates this commitment. I am looking forward to learning from the teams at Mercia and WMAHSN over coming months and excited by the potential opportunities this unique collaboration may bring in the future."
Serendip co-locates promising start-up businesses with large commercial partners. Based on the first floor of the Campus’ 42,149 sq ft iCentrum building, the commercial partners help to mentor qualifying early stage tech companies and may, in turn, become customers or distribution channels for the start-ups.