How are some UK companies helping lead the way in wearable technology?

19-01-18
Can I claim tax credits for my R & D in wearable technology Does wearable technology qualify for R & D Tax credits UK companies help lead the way in wearable technology wearable technology UK companies making wearable technology WavOptics Shot Scope Snap40 Augmented Reality research and development investment UK Companies making wearable technology mass adoption of truly scalable and immersive Augmented Reality Lead the way in wearable technology Emerging & Enabling grant with Innovate UK Grant with Scottish EDGE waveguides technology female founders in UK tech startup and scaleup

UK companies making wearable technology have been in the news over the past couple of months as they help lead the way in wearable technology. It’s interesting to take a look at what they are doing and how they supported their need for research and development investment.

Read other articles in Funding News – Jan/Feb 2018
Research and Development funding in pole position in new Industrial Strategy


WavOptics 

Oxford based WavOptics is the longest establish of my three examples. They started their journey in 2010 and just seven years on are “the leading designer and manufacturer of diffractive waveguides, the key component enabling the mass adoption of truly scalable and immersive Augmented Reality (AR)” (source: WavOptics).

“Up to now they have targeted their technology at original equipment manufacturers (OEMs) and original design manufacturers (ODMs), but they also have their sights set on bringing end-user products onto the market. WaveOptics announced ahead of the 2018 Consumer Electronics Show that it’s launching its AR Module Program, giving third-party developers access to its augmented reality waveguides technology” (source: venturebeat).

WaveOptics raised £380k at seed stage and in early 2015 were awarded a £5k Emerging & Enabling grant with Innovate UK (IUK). Since then they have been through several fundraising rounds, the most recent in 2017 was for £12m (source: uktech.news).

Shot Scope

“Shot Scope is an Edinburgh-based company which has developed the first fully automated performance tracking system for golf. The product is designed, manufactured and engineered in Scotland and brings wearable technology to the golf industry” (source: Shot Scope).

The company was registered at the end of 2014 and in 2015 received a Grant with Scottish EDGE and was accelerated by Entrepreneurial Spark.

The technology helps golfers improve their game by providing and analysing swing and shot data.

“Shot Scope has recently raised £1.6m, from high-net-worth individuals, Scottish Investment Bank, Equity Gap and Old College Capital – the investment fund of University of Edinburgh” (source uktech.news) bringing its total raised to date to £4.5m.

Snap40

Automated Patient Health Surveillance Provider Snap40 was also registered in 2014 and is Edinburgh based.

“Snap40 catch deteriorating health sooner, by automatically identifying the warning signs from data collected via our precision wearable, providing targeted early warning alerts to allow physicians to intervene earlier” (source: Snap40).

Snap40 have their sights set on really making a difference “with offices expanding into the United States. They are ambitious about building a global company, meeting the needs of patients around the world” (source: prweb).

“Lead Liaison, a provider in cloud-based sales and marketing solutions, announced this week that UK-based health surveillance provider snap40 selected Lead Liaison’s platform to power their marketing automation” (source: prweb).

“Snap40 received funding and a great deal of support from The Small Business Research Initiative (SBRI) over the last year, allowing them to expand their staff locally and internationally” (source prweb).

Snap40 received £100k Research & Development grant with SMART Scotland: Research and Development Projects, £15k grant with Scottish EDGE and was accelerated by ELITE. They have raise venture capital in two funding rounds, raising somewhere between £4 and £5 million in total.

All three companies will have also successfully claimed thousands in Government Research and Development funding to support their innovative product development activities.

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About the author

Linda Eziquiel

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Hi, I'm an R&D tax credit claims specialist, helping companies save thousands of pounds by reducing their corporation tax payments, or if they are loss making helping them get tax credit cash payments.

I'm proud to have:

  • Personally helped over 100 companies make successful R&D tax credit and relief claims.
  • With RandDTax (our company) - gained in excess of £75m for more than 920 companies since 2012.
  • Published an online course for accountants on Claiming R&D Tax Credits (see my publications).
  • Run dozens of CPD workshops for accountancy firms on Claiming R&D Tax Credits.
  • A 100% success rate across all my clients' R&D claims - covering a very wide range of industries.

  Find me at: http://www.cobizfunding.co.uk


Comments

Linda Eziquiel
Hi Phil - thanks for your comment.
Phil Blackett
Interesting article
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