Newcastle based investment firm Northstar Ventures has been chosen to be a partner for a new investment accelerator looking to fund cutting edge technology, run by Innovate UK.
As one of the leading early stage investors, Northstar has been supporting businesses in the North East since 2004, and is one of just nine investment partners across the country given the opportunity to take part.
The Immersive Technology Investment Accelerator is a new competition open to small and medium sized businesses working with the latest immersive technology.
The competition is to fund R&D projects focused on enabling immersive content to be created faster, more efficiently or in new ways. Project costs must be between £150,000 and £300,000 and Innovate UK will provide up to 70% of costs in grant funding, with the remaining funds potentially being provided by one of the investor partners.
Stephen Price, Investment Director at Northstar Ventures said, “We’re delighted to have been chosen as a partner in this new investment accelerator. Here in the North East we have great examples of businesses using the latest immersive technologies and are fortunate to have state of the art facilities available at PROTO in Gateshead.
“This is an exciting opportunity for North East businesses who want to get ahead in the immersive technology field to have support to undertake truly innovative projects. I’d encourage any entrepreneur with ambitions to take a look and consider applying to this new accelerator.”
Alex Cook, Innovation Manager at PROTO, owned and managed by Gateshead Council, said: “With over 2,000 sqft of creative space, PROTO houses a 12 camera optitrack system for motion capture, a capture stage for 3D scanning with 121 cameras and a full sound recording studio, as well as AI driven facial recognition software, a selection of 360 degree cameras and more. Whatever content you’re creating, we can help.”