Innovate UK support boosts jobs for AI sector

By August 24, 2021 Industry News

An Ipsos MORI study has found that Innovate UK grant support has created jobs and new opportunities in artificial intelligence (AI) across the UK.

According to a recent study from the market researcher, AI sector support from Innovate UK 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.

Key findings are:

  • ‘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
  • ‘support provided by Innovate UK made a significant contribution, increasing equity investment raised by companies by 5.3% to 16.4%
  • ‘grants matched by approximately £202 million in private funding
  • ‘jobs created totalled 1,132, of which 400 were R&D jobs.’

Read the full Ipsos MORI report here.


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