The government is set to plough a share of £200m from the UK Innovation Investment Fund (UKIIF) into technology manufacturing businesses to stimulate economic growth and create new jobs.
This follows on from an announcement last month that £125m from the UKIIF will be invested in low-carbon and clean tech sectors.
The latest announcement will see the latest £200m shared between companies in the life sciences, digital and advanced manufacturing businesses.
Prime minister Gordon Brown said at the Global Investment Conference today: “Our new £325m IIF – launched as part of Building Britain’s Future – shows our commitment to the industries and the technologies that will create the skilled jobs of the future.
“This fund, seeded by government, is bringing private venture capital to growing enterprises. It is already providing £125m of funding to high-tech, low-carbon businesses. From today, a further £200m will be available for life sciences, digital and advanced manufacturing.”
Lord Drayson, science and innovation minister, said: “Despite a tough market, the UK Innovation Investment Fund goes from strength to strength. Private funds have matched the government's investment and money can now flow into promising technology companies. This is just the boost these companies need as the economy returns to growth."
UKIIF’s remit is to target small growing businesses, startups and spin outs for investment, including those in pre-profit and pre-revenue stages of development.
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