UKI2S Fund Achieves £100m with Key Backing from UKRI and MoD

A significant milestone has been reached by a government-backed early-stage innovation investment fund as it secures additional support from UK Research and Innovation (UKRI) and the Ministry of Defence (MoD).

The UK Innovation & Science Seed Fund (UKI2S), which nurtures emerging businesses focused on groundbreaking technologies, has now reached a remarkable total of £102 million.

This achievement is the result of a substantial cash injection of £37 million into the fund in July of the previous year.

The UKI2S is managed by Future Planet Capital, an impact-driven venture capital firm, and since its inception in 2002, it has channeled £30 million into over 90 companies. UKRI has reported that these investments have yielded a return exceeding an impressive £700 million.

Beyond the financial gains, companies nurtured by the fund have also had a tangible impact on the employment landscape. Over 1,100 new jobs have been created, with average salaries surpassing £50,000.

The fund has endorsed a variety of pioneering ventures, including Tokamak Energy, a fusion power development company, Solasta Bio, a spinout from the University of Glasgow working on cleaner pesticides, and iFast Diagnostics, which has pioneered a rapid antibiotic resistance detection system.

Embracing the government’s commitment to the “levelling up” agenda, the fund’s investments have extended beyond London and the South East.

Minister of State for Science, Research, and Innovation, George Freeman, emphasized the importance of public investment in nurturing scientific discoveries, stating, “Innovation is about the seed of an idea being brought to life.”

Indro Mukerjee, UKRI’s commercialisation lead and Innovate UK CEO, echoed this sentiment, emphasizing the vital role that UKI2S plays in facilitating sustainable growth through early and patient investment in technology.

As the UKI2S innovation fund continues to exceed financial milestones and catalyze groundbreaking technologies, it underscores the government’s unwavering commitment to fostering innovation, propelling economic growth, and creating a brighter future for the nation.