A digital innovation company based in Newport has set a target of delivering £20m to the economy before 2030 by helping young tech companies exploit the growing market potential for artificial intelligence.

Innovation Point, which is based at Devon Place in Newport city centre, works to connect private, academic and public sector partners in order to help tech sector SMEs secure the investment they need to grow.

The company recently marked two years of supporting the development of young companies in the tech sector, and has delivered nearly £3m of new investment into the economy since its inception.

David Warrender, CEO of Innovation Point, said: “Artificial intelligence is everywhere and with it has come immense economic potential.

"Advancements in robotics, language recognition software and automated data analysis tools are just a few examples of how AI is enabling companies to make their processes more efficient and exploit new markets.

"Much of the innovation behind those advancements is coming from young companies in Wales.

“We are here to help those companies capitalise on this growing market potential, whether that be securing investment for growth, accessing new markets or augmenting their brand awareness on a global scale.

"Innovation Point offers the expertise and support that can help turn their tech talent into business success.”

Innovation Point will also be working with universities in South Wales to triple the number of cyber and software graduates entering the sector over the next 10 years.

Representatives from Welsh Government, universities in South Wales, and SMEs to benefit from Innovation Point’s support recently joined the company on a boat trip to Flat Holm Island to celebrate two years of success for the company. The event coincided with the 121st anniversary of the first ever wireless radio transmission made across water by Guglielmo Marconi in 1897, between Flat Holm Island and Lavernock Point on the South Wales coast.

Innovation Point is now looking ahead to Digital Festival at Wales Millennium Centre in Cardiff Bay on May 21 and 22, which it organises in partnership with Welsh Government.

For more information on Innovation Point and its work visit: www.innovationpoint.uk.