KPMG has named Oxford-based FIDO Tech KPMG Private Enterprise Tech Innovator in the UK. CEO Victoria Edwards delivered a winning pitch to a panel of UK tech industry experts, beating 13 other fast-growth companies from across the UK.
FIDO Tech, which uses AI to detect water leaks and leak size in real-time from any audio or vibration file, with more than 92 per cent accuracy, has gone from strength to strength after emerging from United Utilities’ successful Innovation Lab in 2019. Water companies in the UK, Europe, Canada, Australia, Africa, South Africa, and the US are now using the technology to find leaks. They were crowned UK winner having competed against some of the most innovative tech entrepreneurs across the country and now join the impressive list of winners who have gone on to do great things, including companies such as Echo Health and What3Words.
FIDO Tech will now progress to the global stage of the competition at in November, to compete with tech innovators from 17 other countries. The winner of that stage of the competition will be crowned the Global Tech Innovator.
Bina Mehta, Chair, KPMG UK and Head of the UK Emerging Giants Centre of Excellence said: “The power of our technology sector to deliver impact on a global scale is more important than it’s ever been, and our UK innovators are a real success story. The UK is ranked in the top five in KPMG’s Global Innovation Hub Index and sits at the forefront of global tech innovation. Data from our upcoming Venture Pulse survey signals another record quarter for VC investment into our fast growth and early-stage businesses, pointing to our ability to create, attract and nurture entrepreneurs, disruptors, and scaleups across the UK.
“FIDO Tech is a fantastic example of the growing number of innovative UK businesses who are proving that there is much opportunity for growth if businesses are prepared to think differently or come at the problem from a new angle. I wish them the best of luck as they move on to represent the UK at the global competition at Web Summit.”
Kevin Smith, Partner and Chair for the firm’s global Emerging Giants practice, added: “FIDO Tech now has the opportunity to tell their story on a global stage in front of investors, experts, and global corporates, as part of the KPMG Private Enterprise Global Tech Innovator competition at Web Summit later this year. Access to global networks and markets is a key driver of growth for scaleup businesses and previous UK winners have gone on to have huge success and global reach. We are looking forward to continuing to support our finalists with their journey as they work towards becoming the tech titans of tomorrow.”
Victoria Edwards, CEO and Co-founder of FIDO Tech said:“We are very excited to have won the Tech Innovator in the UK competition, against some very talented and remarkable competition and would like to thank KPMG and the wider tech ecosystem for the support that we have received throughout this process.
“Our experience throughout the competition has proven our ‘FIDO Faith’ – in that we will always do what we say we will do. To have taken part in the competition alongside such amazing tech businesses inspires us to seize on the challenge that lies ahead. Winning this competition will enable us to talk to a wider audience and gives us a real opportunity to reach out to the water industry globally. FIDO AI with its sensor agnostic approach changes the leakage landscape. We cannot wait to get to Web Summit to talk to a global audience as we know this is an issue that is being felt across the world.”
The 14 other finalists included Bristol-based Huboo Technologies, one of the UK’s leading fulfilment providers for eCommerce retailers. Huboo’s success has hinged upon its clever use of technology within a sector that has historically been slow to innovate.
The first KPMG Private Enterprise Global Tech Innovator will be crowned at Web Summit 2021, Lisbon, Portugal between 1 and 4 November 2021. The KPMG Private Enterprise Tech Innovator competition is being hosted in the following 17 countries and territories (RC): Africa, Bahrain, Brazil, Canada, Germany, India, Ireland, Israel, Kingdom of Saudi Arabia, Mexico, Peru, Portugal, Spain, Taiwan (Jurisdiction), UK, United Arab Emirates, and USA.