Support by Innovate UK for the burgeoning AI sector has boosted the number of jobs by over 1,100 and has seen grant funding of £323 million matched by £202 million of private investment.
The findings are revealed in a new study carried out by market research company Ipsos MORI on behalf of Innovate UK.
Key findings are:
Innovate UK had increased the research and development (R&D) spending of recipient firms by £313 million to £666 million by the end of 2019
around 70% of firms awarded funding secured follow-on funding for subsequent development
around 20% of lead applicants secured follow-on equity investment, collectively raising over £750 million after being awarded funding from Innovate UK
notable deals included funding rounds of over £40 million by Healthy.io, Rigetti, SoftIron, Tessian, and Yoyo
support provided by Innovate UK made a significant contribution, increasing equity investment raised by companies by 5.3% to 16.4%
Innovate UK committed £323 million in grant funding for the 757 projects within the scope of this evaluation
grants matched by approximately £202 million in private funding
jobs created totalled 1,132, of which 400 were R&D jobs.
Sara El-Hanfy, Innovation Lead, Machine Learning and Data of Innovate UK, said: "We are supporting some of the brightest prospects in British business to develop and deploy AI technologies. These technologies are already on the way to revolutionise the economy and society.
"It is vital that the UK maintains its position in this global sector and it is clear from the findings in this study that Innovate UK’s support is making a real difference."
Download the interim report (PDF, 1MB).
Image by Gerd Altmann from Pixabay