Atom banks on North East start-ups with incubator launch
Not content with its own rise to success, online bank Atom is now stepping up to help others with theirs.
Speaking at the Great Exhibition of the North’s business summit Atom chairman Bridget Rosewell said the bank, which is built exclusively for mobile or tablet, is creating the Atom Incubator.
Based in the bank’s HQ in Durham, the Atom Incubator offers North East businesses professional advice, fully serviced space and access to a community of entrepreneurs and technologists.
“Atom started in a single room in the Rivergreen Centre just over four years ago,” said Atom’s chief innovation officer Edward Twiddy.
“Now we’re creating a great offer for new technology start-ups to join us and the other small businesses at Rivergreen.
“With the support of our landlords the Adderstone Group, and a legal support package from our friends at Newtons Solicitors, our incubator aims to supplement the existing offers in the North East and foster more exciting start-ups and spin-outs in the city and across the region.”
The first business to be welcomed to the Atom Incubator will be Intogral Limited, a spin-out from Durham University, which is developing image analysis software using AI and deep learning.
Atom is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
Founded in 2014 and based in the City of Durham, Atom has a growing team of over 310 people drawn from across the country, working with partners to bring pioneering technology to Europe for the first time.
Atom is building the UK’s first bank designed specifically for digital, offering easy and convenient banking, along with unique and engaging ways to manage money.
Bill Shepherd, CEO of Intogral, said: “Intogral is a really exciting new spin-out business from Durham University’s computer science department with the potential to grow rapidly.
“Having recently received funding from Northstar Ventures and Innovate UK we are absolutely delighted to be moving in to the Rivergreen Centre and have the chance to become part of the Atom Incubator.
“We know that Atom has ambitious plans to increase prospects in the region and we look forward to playing our part to help deliver this ambition.”
From next year the Atom Incubator will link with the recently announced Durham City Incubator accelerator programme involving Durham University, New College Durham and the County Council.