Innovate UK has invested £13 million in transformative technologies. Cutting-edge projects in areas including semiconductors, artificial intelligence, quantum, and engineering biology have received up to £50,000 each from Innovate UK.
270 UK-based small companies have been awarded funding, with an aim to transform our economy, society and environment for the better. Each company awarded funding have never previously received funding support from Innovate UK.
This builds on nnovate UK’s fast start programme and all projects will be completed over the next six months. Innovate UK will monitor the grants closely both in terms of commercialising the innovation, but also the impact the funding has on the business itself.
Some of the companies awarded the funding include:
- CSBR Ltd: a St Andrews-based start-up looking to switch out fossil derived aromatics and olefins with oil made out of waste cashew shells
- NovNat Tech: a University of Birmingham start-up developing a novel material able to extract water from the air in any environment around the world, no matter how dry
- Corryn Biotechnologies: a spinout from Swansea University creating a type of bandage made from nanofibres that can keep wounds clean without touching them, and is also cheap and quick to apply.
Lisa Hazelden, Chief Product Officer at Innovate UK, said:
Congratulations to each of these 270 pioneering small businesses receiving their first Innovate UK grant.
These awards will provide crucial cash flow to help accelerate the innovation that will drive our future economy and society.
We wish them every success and look forward to collaborating with them as they grow and scale.