Innovate UK Support Boosts Jobs and R&D Spend for AI sector

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The FINANCIAL — Ipsos MORI study finds Innovate UK grant support has created jobs and new opportunities in artificial intelligence (AI) across the UK, UKRI notes.

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 published today carried out by market research company Ipsos MORI on behalf of Innovate UK.

Key findings are:

According to UKRI, 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, 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.

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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.

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