The Startsups 100 Index says that “the North is the new engine of innovation”
North East firm XR Therapeutics has support adapted its technology to support offenders.(Image: XR Therapeutics)
Two North East companies have been included on a list of the UK’s most promising startups.
Gateshead firm XR Therapeutics and Newcastle-based Literal Labs have both been included in the Startups 100 Index, which aims to showcases the new businesses in the UK showing “technological innovation, impressive financials, market disruption, and a strong customer base or following”.
The index has been running for the 18 years, previously predicting greatness for companies such as Monzo, Deliveroo and Revolut. It spans all industries, with this year’s list said to have a strong showing from companies in the North.
XR Therapeutics was launched after founders Morag Maskey and Jeremy Parr discovered that pairing cognitive behavioural therapy (CBT) with specific technologies could significantly improve success rates for anxiety disorders. The company provides immersive, virtual therapy sessions using virtual reality and extended reality technology, combining exposure techniques with CBT to treat anxiety and phobias.
CEO Billy Webber said: “For us, being included in the UK’s top startups list is a statement that the future of mental health care will be shaped by evidence based, accessible innovation. It strengthens our ambition to make XR Therapy available to everyone who needs it across multiple services. We are honoured to be featured in the top 100.”
Literal Labs was founded by Newcastle University professors Alex Yakovlev and Rishad Shafik to solve problems around the sustainability and transparency of AI by developing logic-based models that are faster, more energy-efficient, and explainable. The company secured £4.6m in pre-seed funding last year, with backing from Northern Gritstone, a fund that has concentrated on university-linked businesses in the North West and Yorkshire.
CEO Noel Hurley said: “We continue to make incredible progress at Literal Labs, and it’s great to be included as recognition of what the team has achieved thus far. We are on a mission to create fast, efficient and explainable AI models that tread lightly on the environment, and we’re excited for even bigger things in the years to come.”
Editor of Startups.co.uk, Zohra Huda, said: “Once again, the Startups 100 Index is proof that the UK’s entrepreneurial heartbeat isn’t confined to the capital – it’s booming across the regions. From the Shetlands to Southampton, Ballymena to Bangor, UK founders are showing immense ingenuity, proving that brilliant ideas and business success depend on spirit and strategy, not just your postcode. Our Index is a wake-up call that the North is the new engine of innovation.”
The index is sponsored by Newcastle technology giant Sage.
