PXN Ventures has announced the third cohort of its PraeSeed investor readiness programme, describing it as the most diverse yet. The programme, backed by the Northern Powerhouse Investment Fund II (NPIF II), includes 13 companies with a strong focus on technology and life sciences.
Programme Details
The PraeSeed programme is designed to support early-stage founders across the North of England who may struggle to secure funding. According to PXN, over half of this year’s cohort are led by founders from diverse backgrounds, and more than half have at least one female founder. The company highlights that life sciences and deep tech firms, which constitute the majority of the cohort, are often affected by a lack of patient capital, particularly in the North.
The programme begins this week and runs for six weeks, featuring workshops, mentoring, and finance sessions aimed at helping founders raise funding both now and in the future. In September, cohort members will pitch to angel investors and venture capital firms at an investor showcase. Up to eight companies will each receive a £200,000 equity investment from NPIF II – PXN Equity Finance, managed by PXN Ventures as part of the Northern Powerhouse Investment Fund II.
Cohort Companies
This year’s cohort includes several notable companies:
- Ardhann (Manchester): Developing graphene-based sensors to detect corrosion in pipelines and industrial infrastructure.
- CASA Space Tech (Manchester): A University of Manchester spinout creating a coating to reduce atmospheric drag on satellites.
- Antigonie Biosciences (York): Developing new treatments for blood cancers.
- Chronotaxia (Lancaster): Creating a wearable device to help GPs analyse potential skin cancers.
- Sheba (Newcastle): Developing a metabolic health platform optimising GLP-1 treatments for female hormonal cycles.
- Lutèo Medical (Manchester): Developing gut microbiome treatments for skin conditions such as eczema and psoriasis.
- RecoVolt (Newcastle): A PhD spinout building automated equipment to safely discharge used lithium-ion batteries before recycling.
- PalmPro Enzymes (Manchester): Developing technology to increase oil extraction from vegetable crops.
- TeraSort (Manchester): Using AI-powered robotics to sort dry mixed recycling at waste sites.
- Agreka Build (Cheshire): Developing ways to turn surplus wheat straw into natural insulation boards for construction.
- Convergent Labs (Durham): Developing a manufacturing process for a semiconductor material for next-generation medical scanners.
- Good Bubble (Manchester): A sustainable children's toiletries brand.
- NexCAD (Bradford): An AI engineering drawing specialist.
Quotes
Dr Elizabeth Young, PraeSeed lead and investment manager at PXN, said: “The North of England is teeming with exceptional founders creating solutions to global problems. They’ve established businesses that leverage their specialist skill and knowledge, but a lack of ‘first-cheque’ capital can stop them from realising their full potential and attracting more significant investment for scale. PraeSeed fills this gap, preparing founders to work with investors and tap into the deep pool of capital in the North and beyond. We’re proud that PraeSeed has entered its third year and we’ve backed some brilliant businesses already. None of this would be possible without the support of the British Business Bank.”
Sue Barnard, senior investment manager at British Business Bank, added: “PraeSeed continues to play a vital role in strengthening the early-stage investment pipeline across the North of England. This year’s cohort reflects the growing diversity and depth of talent in the region, and the importance of ensuring that access to finance is open to founders from all backgrounds. It’s great to see so many businesses that align with the UK’s Modern Industrial Strategy priorities, and we look forward to see how they unlock future growth and continue to drive regional economic impact.”
