Innovate UK invests £13 million in Transformative Tech

• 270 UK-based small companies awarded funding
• Firms will deliver affordable, adoptable and investable innovations
• Aim is to transform our economy, society and environment for the better

Cutting edge projects in areas including semiconductors, AI, quantum, and engineering biology have received up to £50,000 each from Innovate UK.

Each company has never previously received funding support from Innovate UK.

Among the 270 winners are:

•  CSBR Ltd: a start-up from the University of St Andrews, Scotland, which plans to replace fossil-fuel based chemical goods, such as fragrances, adhesives and fire-resistant coatings, using oil made from 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.
• Ramanomics Ltd: an Oxford University spinout developing novel technology that can determine the cause of pneumonia in patients, i.e., whether it is viral, bacterial, or fungal, in under 30 mins, reducing diagnostic waiting times by nearly two full days.
• Entoplast: a Hertfordshire based start-up creating an environmentally friendly plastic-like material, known as bioplastic, made from insects found in organic waste.

Lisa Hazelden, Chief Product Officer at Innovate UK, says: “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.”

All projects will be completed over the next six months.

This builds on Innovate UK’s Fast Start Programme. Since 2020, Innovate UK has supported close to 2000 UK companies in this way. Innovate UK monitors the grants closely both in terms of commercialising the innovation, but also the impact the funding has on the business itself. As a result of these grants many of the businesses have gone on to create new revenue streams, hire new employees and secure further investment.

To apply for funding and support from Innovate UK, visit https://www.ukri.org/councils/innovate-uk/