Mercia EIS Funds

Kaido secures £50,000 funding from SME Innovation Fund

Innovation Birmingham Campus-based digital health business Kaido has secured a £50,000 investment from the SME Innovation Fund to market test, refine and deliver its connected health platform.

Kaido helps people to get more from their health applications, wearable devices and smartphones by using smart technology alongside access to world-leading expertise. It is one of 24 start-ups currently on Innovation Birmingham's Serendip Smart City Incubator, and won the funding after a competitive application and interview process.

The SME Innovation Fund is a joint initiative set up by Mercia Fund Management 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 and expertise from across the health science community. In collaborating with Mercia, it provides repayable grants of up to £50,000 for ten new innovations each year. These innovations must have the potential to: deliver a high impact for society; grow the reputation of healthcare delivery within the West Midlands, both in the UK and abroad; and support the spread and adoption of patient-focused innovation across the region.

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, as well as his team, demonstrates this commitment. I am looking forward to learning from the teams at Mercia and WMAHSN over the coming months and I am excited by the potential opportunities this unique collaboration may bring in the future."

Peter Dines, Head of Life Sciences & Bio-Sciences at Mercia, said:

"The WMAHSN SME Innovation Fund is designed to support early stage innovative companies based in the West Midlands. We are impressed by the Kaido team led by Richard Westman and their collective vision to exploit what is a very interesting innovation in a fast moving sector that is continuing to grow."

Dr Christopher Parker CBE, Managing Director at WMAHSN, said:

"We are delighted that Kaido has been successful in securing investment from the SME Innovation Fund. We are already supporting Kaido with their presence in the Digital Health Quarter of the Serendip Smart City Incubator, with which we are a major partner. The fund is a further sign of our commitment to SMEs in the West Midlands's life sciences sector, helping to create wealth in the local economy through industry collaboration and attracting inward investment, as well as delivering improvements in healthcare by aiding the spread of innovative diagnostics, devices and services at scale and pace."

For additional information on Kaido, visit www.kaidogroup.com.