Innovate UK launches £100m AI fund

Innovate UK AI fund Image credit: Shutterstock

Innovate UK has made £100m in funding available for companies working on AI and machine learning projects.

A competition from the UK’s national innovation agency will deploy as much as £5m for AI innovation projects lasting four to six months. Individual grant applicants will receive up to £50,000.

“We aim to unlock the untapped potential of AI and drive greater productivity and efficiency across key sectors,” said Will Drury, executive director of digital and technology at Innovate UK.

Focus areas for the Innovate UK AI fund include agriculture, construction, transportation and creative industries. These areas have been highlighted as having large potential but currently have low AI adoption.

The new BridgeAI programme will partly draw on funding from Innovate UK and the Technologies Mission Fund.

Dury added: “By nurturing AI innovation at the grassroots level, we’re confident that this programme will enable thousands of businesses to add even greater value to the UK economy and compete more effectively on the global stage.”

On Monday at an event attended by UKTN, the prime minister and tech secretary unveiled a new £100m taskforce to increase efforts into generative AI.

The UK data watchdog ICO earlier this month issued a warning regarding generative AI in the wake of Italy’s banning of the technology.