Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

UK Government pledge £780 million to support tech and innovation

The UK Government has pledged £780 million to support innovation and new technologies on Friday.

The funding will be distributed across eight Catapult centres around the country, focusing on various technologies, including a hybrid manufacturing process that combines 3D printing and computer controlled machining, clean tech and the development of gene therapy techniques to cure common causes of blindness.

“In their first five years, the catapults have supported around 3,000 small businesses to develop and exploit new technologies,” said Dr Ian Campbell, Interim Executive Chair of Innovate UK.

“They operate more than £850m world-class facilities and are also training hundreds of apprenticeships and doctoral students, such as at the High Value Manufacturing Catapult where in the last year 900 apprentices have gained invaluable practical experience with cutting-edge technologies used in modern manufacturing.”

According to the government, the investment will help foster innovation and grow new industries. “It is by backing innovative British companies to grow and create jobs that we will continue this progress and build an economy fit for the future”, said Chancellor of the Exchequer, Philip Hammond.

“[Friday’s] £780 million investment will support innovators across the country to create the technologies of the future, and the better, highly-paid jobs we urgently need.”

Out of the overall sum, the West Midlands gained the largest share at £270.9 million for its Manufacturing Technology Centre (Coventry & Warwickshire), Manufacturing Group and the Energy Systems Catapult (Birmingham). The whole of Scotland gained £96 million, followed by £70.6 million for London alone.

“[Friday’s] significant announcement means our world-class network of catapults can build on their success and continue helping thousands of businesses across the UK to undertake innovative R&D”, added Campbell.

“This long-term investment will mean the catapults can help deliver the Grand Challenges of the Industrial Strategy in their sectors and help the UK achieve its ambition to raise investment in R&D to 2.4% of GDP by 2027.”

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BY SHACK15

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