Tech market entry programme launched to boost global growth plans


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Tech market entry programme launched to boost global growth plans
Tech market entry programme launched to boost global growth plans

The 2024 Global Growth Programme builds on the pilot programme’s success, which supported 35 international tech companies at Bruntwood SciTech’s Innovation Birmingham campus to create over 500 new jobs. It will now offer sponsored workspaces at six Innovation Hubs across Birmingham, Wolverhampton, and Coventry.

It also includes 20 specialist support packages in Health Tech, Clean Tech, Digital Tech, and Future Mobility. The programme aims to help international businesses by providing market entry assistance, visa support, and residential accommodation.

The Breakfast Reception will feature industry experts discussing why the West Midlands is attractive to tech firms. Attendees will hear from companies like Agilyx Group, which expanded into Birmingham through the programme.

The Global Growth Programme now includes the DIATOMIC International CleanTech hub, developed with Innovate UK and Connected Places Catapult.

Neil Rami, chief executive at the West Midlands Growth Company (WMGC), said: “As one of the biggest events on the global tech calendar, London Tech Week is the perfect platform to launch our 2024 Global Growth Programme, designed to streamline the UK investment process for innovative international companies, such as Agilyx. Following on from the resounding success of our pilot programme – which has contributed to the West Midlands’ record-high FDI figures – we’re looking forward to supporting a whole new cohort of companies, as we continue to promote and strengthen the region’s world-class innovation ecosystem.”

Harpal Mattu, EMEA managing director at Agilyx Group, said: “Being part of the West Midlands Global Growth Programme has been invaluable, enabling us to make the most of Birmingham’s collaborative business ecosystem from day one. From free desk space to brilliant networking opportunities, such as an invitation to a special Trade and Investment Dinner with the British and Australian High Commissioners, the support we’ve received has enabled us to fast-track our expansion plans in the region. With a global headcount of 130, we grew our team at our Innovation Birmingham HQ substantially as a result of the Global Growth Programme with further positions being created before the end of this year.”

£3m programme launched to support business growth in the region

The two programmes named High Growth Accelerator and Supply Chain Transition Programme have been made possible through the £70m Commonwealth Games legacy money.

BGWM is delivering the programme in collaboration with C&W Business Solutions (electric light vehicles and very light rail), Midlands Aerospace Alliance (aerospace), and Warwick Manufacturing Group (WMG), a part of the University of Warwick (micromobility). The High Growth Accelerator will target 50 high-potential businesses in the region, offering them customized support to overcome barriers to sustainable growth. Birmingham-based Gateley Global will deliver this programme, providing assistance with data-driven strategy development, access to research and development facilities, guidance on issues like intellectual property, and support in areas such as governance and tax. Business Growth West Midlands is delivered by the West Midlands Combined Authority (WMCA).

Richard Parker, Mayor of the West Midlands and WMCA chair, said: “We’re setting a new course for the region’s economy – one that will ensure our region is at the front of the race to develop the jobs and industries of the future.

Nvidia’s Stock Jumps 7% Past $1,100 With A Boost From Elon Musk As AI Technology Continues To Drive Market Trends

The news positively impacted investors, pushing Nvidia’s stock up by as much as 7% during the day. xAI plans to use Nvidia’s advanced chips in its “supercomputer” designed to power Grok, its advanced chatbot, indicating strong future demand for the technology.

Nvidia’s trading day saw the stock opening over 3% higher than the previous day’s close and ending up 7%. This increase is part of a broader upward trend, with the stock climbing 32% in May alone and a year-to-date gain of 131%, indicating a potentially record-setting year.

While the market reaction post-split remains uncertain, the current interest in AI technology suggests that the lower stock price could be an attractive entry point, likely supporting Nvidia’s market position and potentially leading to further gains in a tech-driven AI market.

GrubMarket buys Butter to give its food distribution tech an AI boost

Much of how people buy food has moved online — restaurants often replace menus with QR codes that let you order with your smartphones, and grocery shopping has been revolutionized with delivery services like Instacart. But until recently, the other side of the food supply chain — how small restaurants and neighborhood groceries procured food — depended largely on physical media, pen and paper. Now, GrubMarket, which provides software and services that help link up and manage relationships between food suppliers and their customers, is hoping to make the distribution process more digital and efficient via a new acquisition.

California-based GrubMarket recently acquired Butter, a SaaS platform that aims to digitize the traditionally manual food distribution process with AI, the companies exclusively told TechCrunch. Founded in 2020, Butter’s eight-person team will join GrubMarket, and its software suite will be integrated with GrubMarket’s own slate of offerings. Mike Xu, founder and CEO of GrubMarket, declined to disclose the price of the deal, but Winston Chi, Butter’s co-founder, told TechCrunch that “most parties, including our investors and us, are making money” from the exit.

On one hand, GrubMarket directly sources produce and ingredients from growers and supplies to buyers like supermarkets. On the other, it sells distributors the software needed to run their businesses. It’s not unlike Amazon’s positioning as both a marketplace and SaaS provider. Butter, alongside Farmigo and IOT Pay, remains one of the few venture-backed startups in GrubMarket’s portfolio that are aimed at bolstering its tech stack. It’s unclear whether GrubMarket used capital from its balance sheet for the acquisition. Given its profitability and funding history, it wouldn’t be surprising if the money came out of its pocket — Xu told TechCrunch the company has been profitable on an EBITDA-basis for three consecutive years, and its annual revenue run rate is on track to surpass $2 billion in 2024.

Scooping up Butter

GrubMarket is effectively buying out a smaller competitor. At the height of the coronavirus pandemic in 2020, Chi and his co-founder, Shangyan Li, launched Butter as an end-to-end vertical SaaS solution to help small and medium-sized food wholesalers manage everything from inventory and customer relationships to ordering.

These aren’t necessarily unique features — GrubMarket itself provides many of them — but like many SaaS startups, Butter quickly jumped on the generative AI bandwagon, developing tools to improve its users’ workflow. Butter’s voice-to-text feature automatically turns customer voicemails into orders. Image Credits: Butter The ordering process in the wholesale food industry was particularly ripe for a change. Food suppliers would often scribble orders down as they listened to voicemails from their customers — like a chef calling from a restaurant at the end of the day after counting inventory — or scroll through text messages of orders. This haphazard process often led to wrong orders or missing items.

Analyzing sales and performance remained a dream. Using AI, Butter built features to help distributors turn that type of unstructured data into information that can be viewed, tracked and analyzed easily. It uses a mix of third-party AI models and its proprietary AI to convert voice notes into lists of items that restaurants and supermarkets order. Before the AI-generated information goes into Butter’s system, users get a chance to review it for accuracy.

And because the information is now digital, distributors can analyze sales and optimize their inventory and pricing. “Every sales rep on the distributor side literally spends five hours a day transcribing text messages and voicemail orders, so it’s a huge amount of productivity boost and manual process cut-down,” Li said.

More importantly, Butter doesn’t ask its customers to learn a completely new workflow. “Neither distributors nor restaurants want to change how they communicate. We aren’t changing their workflow, but we are helping them centralize sales knowledge,” said Chi. “Every single step [of food distribution] can be boosted by AI. Even if we aren’t replacing humans, AI can easily help 10x sales. We start with ordering because this is clearly the biggest pain point,” added Chi.

As it turned out, Butter’s AI capability was the impetus GrubMarket needed to buy and merge with its young rival. Fast dealmaking is the order of the day Four years into building Butter, Chi and Li had a sticky product, but they found themselves struggling to scale their customer base without a strong distribution channel. Looking across the industry, they realized their most formidable competitor, GrubMarket, had the customer reach they needed. They also recognized that Butter could play a complementary role to GrubMarket. Chi and Li decided to propose a merger to Xu.

Butter’s AI assistant helps generate new orders based on text messages. Image Credits: Butter “The moat is not the tech but the data, and we thought, ‘Wow, GrubMarket has all the data,’” Chi reflected on his decision to sell the company. Xu had already heard of Butter at the time because the startup had won over a customer from GrubMarket. “[Butter] works harder with the customer … [T]hey even had a team sleeping in the customer’s warehouse to get the job done,” said Xu. “But we all know building an ERP system needs a lot of investment. Winston’s team only raised about $12 million, so it was hard to continue to build a sophisticated ERP system.” GrubMarket had plans to automate order management, but its development resources were “fully loaded” and focused on other features, like using AI to derive customer intelligence from raw data, according to Xu.

So when Butter proposed the deal, the technological synergies were immediately obvious. Furthermore, the startup had a stronghold in a segment that GrubMarket had coveted — seafood distributors. Butter reached out in March, and by the end of April, GrubMarket had already completed the deal to acquire it. Once the companies have been integrated, GrubMarket will leverage Butter’s products, which include AI-augmented chat commerce, to strengthen GrubAssist, its enterprise AI assistant. GrubMarket is also slated to add an AI-enabled prospecting and digital ordering module to its ERP system, which will let food wholesalers automatically generate digital sales orders regardless of the original medium the orders were taken on — be it text, paper, voicemails, or emails.


So friends, In my post I have given information about £3m programme launched to support business growth in the region,GrubMarket buys Butter to give its food distribution tech an AI boost and Nvidia’s Stock Jumps 7% Past $1,100 With A Boost From Elon Musk As AI Technology Continues To Drive Market Trends etc.

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