Organised by the East of England Development Agency (EEDA), Running the Gauntlet is an investment competition and education programme for entrepreneurs and SMEs. Since its inception in 2005, Running the Gauntlet has assisted more than 1,000 companies in the region, many in the technology sector. Over 300 companies entered the 2007 competition with 50 being short-listed and ten going through to the final.
As one of the ten finalists, which were announced by Stephen Timms MP, Minister of State for Competitiveness, UltraSoC Technologies Ltd will now be subjected to further scrutiny by Running the Gauntlet investors, with a potential £2 million investment available.
Dr Gary Robinson, Technology Transfer Manager at the University of Kent said: ‘We are very pleased that one of our early spin-out companies has made such progress in this highly competitive investment programme and as a stakeholder the University looks forward to supporting the company’s progress.’
Dr Karl Heeks, Chief Executive Officer of UltraSoC Technologies Ltd added: ‘We are delighted to reach the final of Running the Gauntlet 2007. We are also gratified that our technology, business plan and recent progress have attracted the attention and interest of such serious investors.’
Doug Richards, Chairman of the Running the Gauntlet investor panel said: ‘Our ten finalists have shown that by grasping the opportunities offered by this programme they have been able to develop in a way that attracts investors’ attention. However they need to show a continued hunger for success if they are to secure the funding on offer.’
UltraSoC Technologies Ltd, described by Stephen Timms as having the ‘vision and determination to succeed’, is an international technology and consultancy services provider specialising in the development of cutting edge technology for system verification and ‘de-bugging’ of next-generation embedded and computer systems. Founded as a spin-out company from Kent’s Department of Electronics in 2005, it is currently seeking investment for the next stage of its programme.
The outcome of Running the Gauntlet 2007 will be announced at Destination Growth, EEDA’s flagship business event, on 6 November.
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