The government tech (govtech) venture fund Public has announced the next round of companies joining its new accelerator programme.
A new round of 11 tech companies will join its GovStart accelerator programme, with the aim of transforming public services, focusing on areas such as health, social care, smart cities and artificial intelligence (AI).
Announcing the new companies at a meeting at 10 Downing Street this week, Public’s CEO Daniel Korski, said he was delighted to welcome the new companies.
“This year we received over 300 applications in an incredibly competitive field, and the companies selected will benefit from the most intensive, high quality and successful growth programme for tech companies looking to scale in the public sector,” he said.
After holding its first programme last year, Public has cemented its status as the world’s leading govtech accelerator. Of the companies that joined in 2017, they have raised a combined £31 million in funding, as well as signing contracts worth £8.1m in total and agreed seven public sector pilots.
Following the success UK companies have had in growing tech areas such as fintech, govtech is the next tech sector to watch. Public predicts that the UK’s govtech market will be worth £20 billion by 2025, which is why it is implementing its accelerator programme to find the companies that will be at the forefront of this growth.
The success of Public’s programme is down to the fact it works closely with policymakers and investors. The UK government, in particular, are backing this growth in govtech, and launched its own £20 million GovTech fund in November last year.
Chancellor the Exchequer Phillip Hammond and Secretary of State for Digital, Culture, Media and Sport (DCMS) Matt Hancock, and the Secretary of State for Business, Energy, and Industrial Strategy, Greg Clark, have all backed Public’s new programme.
Hammond said: “New technologies can help out public services to innovate effectively, and support the staff working in these areas – by improving communication in hospitals, creating smarter roads, better healthcare, and finding new ways to connect isolated elderly people.”
“It’s great to see the GovStart programme become one of the world’s leading accelerators, helping to position the UK as the global hub of the govtech industry,” added Clark.