IoT and energy startups get £50m of government innovation funding

Innovate UK has awarded 13 businesses £8 million in the first stage of its pilot funding programme


Innovate UK has started doling out money to UK Internet of Things (IoT) and energy startups to help foster innovation in the UK tech sector.

The government's innovation agency has so far given out 8 million of the 50 million earmarked over two years as part of its funding for innovation. Loans have been issued to 13 businesses including CitiLogik, G-Volution, Alert Technology, Alcove, Catagen, Utonomy, 3-Sci and Lightfoot.

The companies cover a range of different industries, from health and safety (Alert Technology), to alternative fuels (G-Volution), assistive IoT technology for older adults (Alcove) and connected car tech (Lightfoot). Although they're dealing with very different markets, each business is attempting to find solutions to everyday challenges posed to both consumers and businesses, helping to make the world a better place, while also boosting the UK's tech economy.

"Innovative businesses require innovative finance, so we're excited about the opportunities innovation loans are now unlocking for UK businesses to lead the revolution in infrastructure, urban living, energy and connected transport," Innovate UK's executive chair Dr Ian Campbell said.

"We've seen high levels of demand for this new, affordable, flexible and low interest finance option for innovation and we're confident it will help potential UK businesses to scale up, create high-value jobs and ultimately accelerate economic growth and improve the quality of life across all regions."

The UK's Innovate UK pilot programme of loans was introduced at the beginning of the year, when it was revealed the government would contribute 19 million to the project. Businesses can apply for loans between 100,000 and 1 million to further their business.

Featured Resources

The complete guide to changing your phone system provider

Optimise your phone system for better business results

Download now

Simplify cluster security at scale

Centralised secrets management across hybrid, multi-cloud environments

Download now

The endpoint as a key element of your security infrastructure

Threats to endpoints in a world of remote working

Download now

2021 state of IT asset management report

The role of IT asset management for maximising technology investments

Download now

Most Popular

Best MDM solutions 2020
mobile device management (MDM)

Best MDM solutions 2020

21 Oct 2020
What is Neuralink?

What is Neuralink?

24 Oct 2020
Hackers demand ransom from therapy patients after clinic data breach

Hackers demand ransom from therapy patients after clinic data breach

27 Oct 2020