Innovate UK has invested up to £50,000 in cutting-edge transformative technology projects across the UK.
The transformative technology projects that have received funding are in areas such as semiconductors, Artificial Intelligence, quantum, and engineering biology.
270 UK-based small companies have been awarded funding.
Through investment, Innovate UK aims to transform our society, environment, and economy for the better.
Which projects have received funding?
Among the 270 winners are:
- Entoplast: A start-up based in Hertfordshire that creates an environmentally friendly plastic-like material made from insects found in organic waste.
- Corryn Biotechnologies: A spinout from Swansea University which is creating a type of bandage made from nanofibers. The bandage is cheap and quick to apply, and can keep wounds clean without touching them.
- NovNat Tech: A start-up from the University of Birmingham which is developing a new material able to extract water from the air in any environment.
- Ramanomics Ltd: A University of Oxford spinout developing new technology that can determine the cause of pneumonia in patients. Diagnostic waiting times will be reduced by nearly two full days.
- CSBR Ltd: A start-up from the University of St Andrews that plans to replace fossil fuel based chemical goods, such as fire-resistant coatings and fragrances, using waste cashew shells.
A much-needed cash flow to accelerate the transformative technology sector
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.”
The investment will build on Innovate UK’s fast start programme
The transformative technology projects are set to be completed over the next six months.
This builds on Innovate UK’s fast start programme.
Innovate UK has supported close to 2,000 UK companies in this way since 2020.
The organisation monitors the grants closely both in terms of commercialising the innovation and the impact the funding will have on the business.
As a result of the grants, many businesses have gone on to:
- Secure further investment;
- Hire new employees; and
- Create new revenue streams.
