Inicio AI, a FinTech startup based in the West Midlands has been awarded £1.35 million as part of the groundbreaking 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. Backed by leading investors, stakeholders, and key tech players, the pitch competition shows a belief in the region’s potential to become a national and even a global tech superpower and a desire to shine a light on the region’s vibrant and thriving tech sector.
After deliberations, the judges were so impressed with Inicio.AI’s proposition that they increased the prize fund to £1.35M – having welcomed judges Yiannis Maos MBE and Hephzi Pemberton as angel investors too.
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 on Wednesday 23 October 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.
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.
Celebrating the business’ achievement, CEO and Co-founder of Inicio AI, Rachel Curtis, expressed what this meant for the start-up, sharing:
“I am completely overwhelmed and blown away for Inicio.AI to be named the recipient of the One To Win prize. The £1.35M will truly change the game for us as a business – in fact, it’s officially closed our funding round; something that I feel excited, relieved, and so grateful to announce.
This funding will allow us to accelerate our growth plans and bring our solution to so many people who need it that much more quickly. To receive this backing after the hard graft of the last three years, makes me feel immensely proud, and I can’t thank the judges enough for believing in us.”
Yiannis Maos MBE, CEO of TechWM said:
“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. 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.”
Steve Rigby, Co-CEO of Rigby Group and on the Board of SCC, said:
“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. Rigby Group, and our IT services business SCC, are very proud of our West Midlands roots and we are delighted to have supported One to Win. Our family business – which turns 50 next year – is a great example of what can be achieved when you combine a great idea with vision, a lot of hard work, and perhaps a little bit of luck too.”
Rupert Lyle, Fund Principal at Midven adds:
“The West Midlands Co-Investment Fund was designed to fuel innovation and growth within our vibrant tech startup ecosystem. This opportunity exemplifies Midven’s commitment to supporting businesses like the winning company.
“By working alongside other investors, we can provide Inicio AI with the resources and support they need to scale new heights and solidify the Midlands’ position as a hub for tech excellence. This collaborative approach is key to fostering a thriving tech sector in the region.”