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UKI2S innovation fund surpasses £100m with new backing

Innovation fund
Image credit: Gorodenkoff / Shutterstock

A government-supported early-stage innovation investment fund has surpassed £100m following additional support from UK Research and Innovation (UKRI) and the Ministry of Defence (MoD).

The UK Innovation & Science Seed Fund (UKI2S), which supports new businesses developing new technologies, now totals £102m.

The boost follows a £37m cash injection into the fund in July last year.

Managed by the impact-led VC firm Future Planet Capital, UKI2S has invested £30m in more than 90 companies since its inception in 2002. UKRI reports that the funds investments have attracted a return of over £700m.

UKRI also said that companies supported by the fund have created over 1,100 new jobs with average salaries exceeding £50,000.

The fund has previously backed firms such as Tokamak Energy, a company developing fusion power, Solasta Bio, a University of Glasgow spinout creating cleaner pestitcides, and iFast Diagnostics, which has created a system to detect antibiotic resistance rapidly.

In support of the levelling up agenda, half of the investments made from the fund have been outside of London and the South East.

“Innovation is about the seed of an idea being brought to life and I am proud that public investment is continuing to kickstart vital scientific discoveries,” said Minister of State for Science, Research and Innovation George Freeman.

UKRI commercialisation lead and Innovate UK CEO Indro Mukerjee added: “UKI2S demonstrates the value of early, patient investment in technology that is driving sustainable growth.