Essex businesses win funding to develop innovative products

Two innovative companies, who have developed new products using artificial intelligence, are the latest to win funding for their business through a pitching event organised by the University of Essex.

Both LimboTech and Upside Money received coaching and support through the University’s Space to Grow programme before successfully pitching their new business ideas to a panel of judges.

LimboTech specialise in using digital technology to make video games, films and theatrical performances more immersive and interactive. They won £45,000 to develop a new film-making technique which blends the real and virtual worlds through a motion capture system which means a performer’s body movements can be replicated onto a small screen in real-time. 

While Upside Money won £10,000 for their free app which automatically gives customers cashback when they shop online or in-store.

The companies join Bidnstay, WYSPR, Conigital and Citispotter as early recipients of funding through the pitching events. 

The next event, which is supported by Barclays Eagle Labs, takes place online on Tuesday 25 May. There will be at least £160,000 available to those who can persuade the judges their idea is worth investing in.

To take part businesses must be based in Essex and must be registered with the Angels@Essex platform – which matches potential investors with businesses looking for funding – by Tuesday 11 May. 

Dave Norton, who studied community theatre at Essex’s East 15 Acting School before  leaving in 2011 to set up LimboTech said “The big thing about the Angels@Essex support is, it’s bespoke to you. It’s not just general information they’ve copied off Google. They’re experts with so much experience and so much knowledge.” 

Essex has been designated a University Enterprise Zone (UEZ) and receives Government funding to support innovative businesses. The focus is to increase business success and job creation by providing budding entrepreneurs with advice and practical support through webinars and one-to-one support from the UEZ team. The current series of webinars, on topics including intellectual property and tax matters, runs throughout May and June.  

This is paired with access to funding through the Angels@Essex platform