Plan to turn Yorkshire into 'global centre for AI innovation' revealed by rebranded investment firm
A publicly-listed technology investment company is seeking to turn Yorkshire into “a global centre for applied AI innovation” as it unveiled a new name and strategy to back regional firms specialising in artificial intelligence.
Lift Global Ventures intends to change its name to Yorkshire AI as it builds on its ongoing working relationship with Yorkshire AI Labs (YAIL), a company which invests in promising businesses in the region that have an artificial intelligence element to their work. It is seeking to create a “pipeline” of investments in this region through the partnership.
David Richards, managing partner of YAIL, has been appointed as executive chairman of Lift ahead of its planned name change, which is subject to shareholder approval.
Lift has completed a share exchange with YAIL to take over a stake in Dinnington-based IntelliAM, a company which uses AI to help major food and drink manufacturers increase their productivity levels.
It is planned that through its relationship with YAIL, Lift “will gain early and ongoing access to a pipeline of innovative AI ventures addressing opportunities in manufacturing, healthcare, finance and energy”.
A spokesperson for Lift said: “The shareholding in IntelliAM... is the first transaction in a planned pipeline of AI investments developed with YAIL.”
Mark Horrocks, non-executive director of Lift, said: "Our mission is simple: to back the pioneers of artificial intelligence who are redefining industries and creating lasting economic value. IntelliAM exemplifies that ambition as a homegrown Yorkshire company using AI to make manufacturing cleaner, smarter and more competitive.
"This marks the start of something much bigger for the company. By combining the expertise of our working relationship with Yorkshire AI Labs with the access and visibility of a public company, we are building a platform capable of turning Yorkshire into a global centre for applied AI innovation. We are backing real companies solving real problems and delivering tangible returns for our shareholders.
”I am delighted that David Richards has accepted the appointment of executive chairman in order to drive our push into AI. David's forward-thinking approach ensures that the company remains at the forefront of AI advancements, capitalising on emerging opportunities. His established connections within the industry will facilitate partnerships and investments that are crucial for growth. We are excited to leverage his expertise and vision to propel the company into a leading position in the AI investment landscape.
“The new identity aligns the company with its long-term vision to champion the growth of world-class AI companies from the North of England and beyond, connecting capital, talent and innovation."
Mr Richards co-founded YAIL after leaving Sheffield tech firm WANdisco in 2023. It followed that company, now renamed Cirata, saying “significant, sophisticated and potentially fraudulent irregularities” had been uncovered by Mr Richards and his chief financial officer in regard to purchase orders and related revenues and bookings. A subsequent investigation found problems with more than $100m of “false” sales bookings to have been caused by an unnamed single senior sales employee.
Mr Richards told The Yorkshire Post in 2024 that YAIL was seeking to “create more publicly-listed businesses in Yorkshire than anybody has ever created”.