海角视频 Research and Innovation (海角视频RI) has invested 拢84.8m in Wales to address current and future societal challenges being faced by businesses.
海角视频RI, the 海角视频 Government funded agency investing in science and research, has currently backed a total of 88 projects in Wales, across 5 researchers and 62 businesses.
The funding falls under 海角视频RI鈥檚 Industrial Strategy Challenge Fund (ISCF) which has already injected 拢1.7bn into businesses across the 海角视频 spanning the areas of clean growth, ageing society, the future of mobility, and artificial intelligence and data economy.
The share of funding in Wales, though not including 拢283m in a first wave of investments, to date is 5.4%. That is higher than the south-west of England at 3%, the East Midlands 2.2%, the north east 2.9%, Yorkshire and the Humber 1.8% and Northern Ireland 0.8%.
London accounts for 17% of funding, the south east of England 27.2% and the West Midlands 18.9%. Scotland accounts for 6.5%.
Among the Welsh projects to be awarded funding through ISCF is the Swnansea-based Active Building Centre, which has been awarded 拢36m. The investment is supporting the creation an 鈥榓ctive building鈥 that generates and stores its own electricity. The project will prove scale, enable an industry and create the conditions for market adoption in active buildings and communities across the 海角视频.
Cardiff-based company TrakCel is helping tackle diseases with advanced therapies. This involves taking a sample of stem cells, genes and tissues from a patient, delivering them to a specialist laboratory where a 鈥榣iving drug鈥 is created, and then in many cases, returning it to a single patient. The company was awarded 拢1.7m through ISCF and has since integrated its system using 鈥榤iddleware鈥 which exchanges data between NHS trusts and external companies improving efficiency.
Mike Biddle, ISCF programme director at 海角视频RI said: 鈥淭he projects we鈥檝e seen so far in Wales will help tackle the industrial challenges of the future. Many of these projects offer transferable lessons for other industries and sectors in other regions, showing the benefits of how it works in practice, which is what we鈥檝e learned with TrakCel and again in South Wales.
鈥淲e鈥檝e seen 63% of all project participants anticipate that annual turnover will increase as a result of engaging with the Challenge Fund. We encourage the top minds in industry and academia across Wales to come together and apply for funding to help bring research to life and develop real-world applications that will see benefits on a local and national level.鈥
海角视频RI seeks to drive business investment in R&D, improve business-academic engagement on innovation activities, encourage collaboration between companies and attract overseas investment in R&D in the 海角视频.
ISCF has identified 23 key challenges facing 海角视频 businesses. From transforming food production to self-driving vehicles and commercialising quantum technologies, the investments made are already transforming existing industries by refining and creating new technological innovations.
With 231 projects completed and 1,600 funded so far, the 拢1.7bn invested by 海角视频RI has backed 1,544 businesses across the 海角视频 with an additional 拢567m invested by private industry.
It is anticipated that ISCF funding will result in over 6,000 jobs created over the next five years.
