Inicio AI, a FinTech startup based in the West Midlands, has been awarded £1.35 million as part of the ‘One To Win’ pitch competition at Birmingham Tech Week’s Tech Awards.
One to Win is spearheaded by TechWM, set up to promote tech in the region, with support from sponsors Rigby Group plc, SCC, Haatch and the West Midlands Co-Investment Fund – delivered through Midven, part of Future Planet Capital.
It is the largest single prize for any pitch competition in the UK.
Four months after One to Win was launched at London Tech Week, Inicio AI, which has developed Budgie AI, a virtual agent that provides consumers with financial support removing the fear, embarrassment or the wait associated with speaking to a human, has been picked as the region’s most promising start-up business amongst 140 applications.
The two other impressive West Midlands based startups shortlisted included ChangeMaker3D, a 3D concrete printing company aiming to reduce carbon emissions and material costs and Skyfarer, a startup focusing on revolutionising the use of drones, particularly for medical uses.
The three finalists pitched last week to a panel of judges including Steve Rigby, CEO of Rigby Group plc (SCC is part of Rigby Group); Yiannis Maos MBE, CEO of TechWM; Charlie Weavers-Wright, B2B SaaS investor at Haatch; Hephzi Pemberton, founder and chair of Equality Group; and Rupert Lyle, investment director at Midven and Fund Principal of West Midlands Co-Investment Fund.
For the judging panel the winning business needed to demonstrate game-changing innovation and convince them of their future growth prospects.
West Midlands Digital Consortium announced at Birmingham Tech Week
One to Win is also set to support those from the region who didn’t meet the entry criteria, with TechWM offering alternative support: including opportunities to participate in trade missions; make investor connections; access mentors and workshops; receive guidance on accelerators and incubators; and links to corporate innovation programmes.
“The One to Win competition is a testament to our ongoing efforts to nurture, support and promote the thriving tech ecosystem in the West Midlands,” said Maos. “We firmly believe that our region is a hidden gem in the global tech landscape, and we’ve been working tirelessly to showcase its immense potential.
“Innovative initiatives like One to Win provide invaluable platforms for local startups to shine. Thanks to the generous support of our stakeholders, partners, and sponsors, we’re able to offer the winner a life-changing opportunity to receive the UK’s largest pitch competition prize.
“This win is not only a significant milestone for the winner but also a testament to the region’s growing reputation as a hub for tech innovation.”
Rigby added: “Congratulations to the winner on their well-deserved success, I look forward to following their progress.
“I also wish the very best to the other finalists, who I am sure will achieve great things. One to Win has shown that the West Midlands is home to some great entrepreneurial tech talent and I hope that this fantastic competition will create some momentum to encourage other entrepreneurs and investors to find success in our region.”
