THE UK's technology ecosystem has surpassed $1 trillion in valuation, only the third in the world to ever reach this landmark - and Northern Ireland's tech sector has been integral to that growth.
New data by Dealroom, analysed for the UK’s Digital Economy Council, shows that last year, technology companies in Northern Ireland raised a record £37 million, which up from £21.5m the year before.
And optimism in the sector has continued into this year, with £10m already raised, and companies including streetwear trading platform Responsible and virtual healthcare training platform MedAll completing seed rounds.
Research by DCMS last year found that Northern Ireland’s digital sector has the potential to grow by at least £800 million in annual GVA by 2025, a 53 per cent increase in 2019’s value, and created an additional 13,300 jobs.
Digital minister Chris Philp said: “The UK tech industry has gone from strength to strength in the past few years, and all this hard work and dedication is paying off now that it's become the third ecosystem in the world to reach $1 trillion in value.
“It’s brilliant to see how every tech company in the UK, from early-stage startups in Northern Ireland to global leading decacorns (companies worth over $10 billion) in London has a part to play in lifting up the ecosystem and making it thrive.”
Belfast start-up MedAll, whose platform enables medical professionals to store certificates and collect teaching, patient and multi-source feedback in a single location, raised $3.4m in seed funding recently to develop its training platform for healthcare workers and expand its global reach.
The funding round was led by Connect Ventures and included existing investors Seedcamp, Ascension, Techstart and Nextdoor chief executive Sarah Friar, who is originally from Northern Ireland, along with specialist health-tech fund Nina Capital.
MedAll's chief executive Dr Phil McElnay said: “The world needs to train 18 million more healthcare professionals by 2030, which is what motivated me to launch MedAll in Belfast.
“In just one year, over 1000 healthcare organisations from more than 20 countries have used it to deliver thousands of training courses.
“We’re a clear example that you can build a globally impactful business from the UK and we’re excited to scale up the world’s healthcare training capacity alongside the amazing healthcare community and our passionate investors.”
Yoram Wijngaarde, founder and chief executive at Dealroom, said: “The UK is only the third country in the world to reach this $1 trillion valuation milestone.
“The explosion in VC investment started by the pandemic amid the overwhelming demand for digital services for healthcare, education and food delivery has helped spur on this growth but the foundations were laid long before 2020.
“As companies and investors grapple with the global challenges of 2022 from the Russian Ukraine war to the ongoing supply chain crisis and the cost of living rises, it’ll be interesting to see how tech ecosystems like the UK’s adapt and adjust.”
