Product-led AI businesses have dominated the 2024 Greater Manchester Tech Climbers list for the first time, making up 77% of all entries, and they are hungry for growth, with three quarters of AI firms in the region on the hunt for funding.
The data from Tech Climbers also demonstrated how investors are going all in on Manchester, with over two thirds (69%) of the region’s AI firms already in receipt of funding. For the 75% looking for further growth capital, four in five (81%) were confident they’d be able to get the finance they needed to scale.
Greater Manchester’s AI ecosystem will also contribute 70% of the 200 projected tech jobs in the year to come, with 100% of entrants planning to recruit.
The findings come just a few months after Manchester came first in the SAS AI Cities Index, followed by Salford in third place, and the city continues to put itself on the map through initiatives like the Turing Innovation Catalyst and the launch of Sister, Manchester’s new innovation district, an investment zone predicted to generate over 10,000 jobs and contribute £1.5bn to the economy every year*.
According to Tech UK’s Local Digital Index 2024, over 850 businesses received InnovateUK funding in 2023-2024, showcasing Government commitment to investing in the region.
The region was also in the spotlight as an area of investment earlier this year, with the news that Kao Data was to construct a £350 million data centre in the heart of Stockport.
17 businesses in total made the 2024 Greater Manchester Tech Climbers list, with eight featuring on the Ones to Watch List. The winners were announced to a standing-room-only crowd of tech founders, investors and supporters at The Alan Hotel in Manchester City Centre on the 4th of December.
The list is judged by the project partners and selected experts, and reviews investment, impact, and innovation performance to date. Entrants submit a snapshot of their data which is also used to chart growth and insight into the businesses and their challenges.
Some of this year’s winners include AI education assistant, TeachMateAI, Vulse, the AI-powered content creation tool and digital healthcare specialists, Decently, who recently closed their pre-seed investment round.
Anna Heyes, Founder of Tech Climbers and CEO at Active Profile commented:
“It’s our second year in Manchester with Tech Climbers, and you can feel how the ecosystem is evolving both through the entries we’ve received, as well as the conversations on our panels during our events.
“As is the case globally, but interesting to see in the Greater Manchester ecosystem, AI is dominating our list, contributing greatly to the region’s investment landscape. AI is driving local talent into the area through job creation and in so many cases shown through our entries, helping to solve social and environmental challenges as a force for good.”
“Our data found that 100% of entrants believed that Manchester was a good place to create and grow a business, and this is reflected in the story we have seen here this year. I look forward to seeing where we go in 2025!”
