Following HSBC UK’s purchase of Silicon Valley Bank UK (SVB UK) the leadership team at Aparito are pleased to see decisive action taken following a petition by UK startup leaders to the UK chancellor.
Dr Elin Haf Davies was amongst 334 CEOs and Founders representing £5.4B of investment and more than 16,000 employees in the UK who signed a letter to escalate the fallout of SVB UK to the highest echelons of government, and with good reason: nearly half of U.S. venture-backed technology and life science companies bank with SVB.
According to the Bank of England, SVB UK had a total balance sheet size of around 8.8 billion GBP, with a deposit base of around 6.7 billion GBP and approximately 3,300 UK clients from startups to venture-backed growth companies in the tech and life sciences sectors.
Despite Aparito having limited liabilities with the bank, we are relieved that HSBC stepped in to save SVB UK to ensure access to working capital for founders. SVB UK remains important to high-growth companies like ours and we are pleased that collective action led to a swift resolution without resorting to a taxpayer bailout.
“It has been an extremely stressful weekend for everyone involved in the life science and tech sectors,” said Aparito CEO, Dr Elin Haf Davies. “We are relieved and eager to make Aparito a success whatever the economy throws at us. Our resilience to headwinds such as this is a testament to our diverse portfolio of global pharma and biotech customers who share our aim of digitising clinical trials for patients all over the world.”
Aparito digitises clinical trials for rare disease studies and unlocks real-world data through mobile apps, video assessments & wearable devices via Atom5™, our iOS & Android-compatible web and mobile app platform.
The Atom5™ platform integrates clinical & regulatory expertise to capture patient data and develop digital endpoints to streamline the drug development process.