Biggest Innovate UK Funding Grants of 2022
The 2022 Biggest UK Innovate Grants
At Innovationly, we want to become a source of premium knowledge and information related to marketing and funding rounds! We’ve profiled the top Innovation UK grants for 2022 to help discover the next generation of the startup ecosystem.
Certain UK companies that receive large UK innovation funding grants are considered high growth. UK Innovation grants, a core component of the UK’s growth startup ecosystem, are a reliable future success indicator. With a proven track record of supporting a few of the UK’s most successful early-stage companies, such as Oxford Nanopore Technologies, unicorn businesses Arrival, Improbable AND new Challenger Bank, Monzo!
Before we head into the top 10 innovation UK grants for 2022, we’ve fleshed out a list of what is the funding, why is there funding and the current market funding trends available!
What is UK Innovation funding exactly?
Innovation Funding Grants, part of the (UKRI) UK Research and Innovation, is the UK’s forefront government innovation agent. It was established in 2007 as a fast track funding service for innovation.
This is used to support business growth by supporting the development of new services, products and processes. The UKRI was established in 2018, to assist Innovation UK programmes and support new innovative companies that focus on research.
Innovate UK offers several sector-based funding competitions. The grant application process is often very competitive. Innovate UK grants funding to eligible companies that have innovative ideas and can prove their eligibility. It supports new ventures, research collaborations, and also backs one of the most prestigious accelerators in the UK.
Why do Innovate UK provide these funding grants?
There is great potential for the UK to grow quickly through business innovation funding. Grantees of Innovate UK typically have very specific and ambitious R & D projects. Innovate UK funding eligibility may indicate that a company has ambitious growth plans.
Other types of grant funding can also be tracked via the Beauhurst platform, including grants from: Scottish Enterprise, Development Bank of Wales, Invest North Ireland, Horizon 2020/FP7, Department for Business, Energy and Industrial Strategy, and UK Space Agency.
Trends in funding trends for Innovate UK
Since 2011, nearly 7k private UK companies have been funded through Innovate UK’s innovative projects.
These companies are ambitious and have received 16,886 Innovate UK grants.
Artemis Technology, Belfast, received the largest grant of any company: a £27.1m grant.
Innovate UK granted this grant to the green maritime engineering firm in September 2020 in order to support decarbonisation.
Most Innovate UK grantees are located in the country’s south, such as London (1,636) or South East (1,003). But, only 237 Innovate UK grantees reside in Wales. The North East and Northern Ireland have the smallest number (184, 171, respectively).
The majority (65%) of Innovate UK grant recipients have been tech companies (4,310), in particular software-as-a-service (SaaS) startups (762).
2,408 grantees are from the industrials sector, while 2,677 are from the professional and business sectors.
Market trends are an influencer for Innovate UK grantees. Innovate UK grantees are 80% male-led.
Innovate UK’s biggest grants for 2022
Beauhurst currently tracks 12% of UK high-growth companies and has awarded Innovate UK funding to them.
Here is a list listing the top 10 most ambitious UK companies to have received Innovate UK grants for 2022.
Quantum technologies are receiving more attention. Two of the top three Innovate UK grants this year went to companies in this industry. In 2022, many large grants were also given to the cleantech and biotech industries.
NUMBER ONE – CLEANTECH ELECTRIC POWERTRAIN
OX Delivers
Specialism: CLEANTECH
Headquarters: Cheltenham
Amount: $33.91m
OX Delivers manufactures electric trucks and provides them as a pay–as-you-go service to local businesses. It was established in Cheltenham in 2013. Six large innovation grants totalling £13.2m have been awarded to the company.
The October 2020 Innovate UK grant of £84.6k was used to fund the feasibility study for an electric powertrain that would power the OX utility trucks. An additional £8.50m grant was also given by the Advanced Propulsion Centre (APC).
OX Delivers, which received £3.91m grant funding for June, was the top-ranked Innovate UK grant recipient for 2022. OX Delivers led Innovate UK’s CLEAN Project for Emerging African Nation was launched. The £8.56m program also included Potenza Technology and Dana UK Axle. Penso Consultancy Flags Software, Coventry University were also part of the program. This project aims to accelerate the development of technology for an affordable, flat-packed and low-cost electric off road vehicle.
NUMBER TWO – QUANTUM COMPUTING
Universal Quantum
Specialism: Quantum
Headquarters: Brighton
Amount: $22.64m
Universal Quantum is a Brighton-based company which develops quantum computing technology. Universal Quantum was founded by the University of Sussex in 2018. Universal Quantum received two Innovate UK grants totalling £3.39m, and two equity funding rounds totalling £4.05m.
Innovate UK has awarded Universal Quantum £2.64m to assist in the development of an error-corrected solution for commercial quantum computing. This will be done in February 2022. Edwards, Sia Partners UK. Qureca, Diamond Microwave and Rolls-Royce are all available.
NUMBER THREE – QUANTUM CIRCUITS
Quantum Motion Technologies
Specialism: Quantum
Headquarters: Harrogate
Amount: $2.03m
Quantum Motion Technologies is the second-ranked quantum company according to Innovate UK’s grant rankings. It has raised £9.75m equity funding across two rounds and £3.67m in large innovation grants.
Quantum Motion Technologies received £2.03m grant funding as a lead participant in Innovate UK’s Altnaharra: Cryoelectronics For Quantum Circuits. This collaboration is with Oxford Ionics, the National Physical Laboratory and other organizations. This project will create a cryogenic chips that can be used to develop quantum technology.
NUMBER FOUR – PHARMACEUTICAL FUNDING
NRG Therapeutics
Specialism: Pharmaceuticals
Headquarters: Stevenage
Amount: £1.88m
Stevenage is home to NRG Therapeutics, which is a Stevenage-based pharmaceutical company that develops treatments for neurodegenerative diseases like Parkinson’s and Alzheimer’s. In 2018, the startup was founded and has raised £2.49m equity in three rounds of funding from the Parkinson’s Virtual Biotech Fund. At least £2.24m has been granted to the startup in innovation grants. This includes two large grants. NRG Therapeutics was awarded a £1.88m Innovate UK grant for May 2022.
NRG Therapeutics was the only participant in Innovate UK’s “Development of Mitochondrial Permeability Transparency pore Inhibitors for Neurodegenerative Diseases” project. The company will use this funding to develop treatments for mitochondrial dysfunction in the brain.
NUMBER FIVE – CLEANTECH BATTERY PACKS
Mobile Power
Specialism: Cleantech
Headquarters: Sheffield
Amount: $1.77m
Mobile Power, a Sheffield company, has developed battery packs that are renewable energy. These battery packs can also be rented in emerging markets for charging mobile phones. In five rounds, the company raised £5.08m equity. The company also received nine large innovation grants that provided additional grant funding totaling £3.72m.
Mobile Power was awarded a £1.77m Clean Growth and Infrastructure grant by Innovate UK in September 2022. It was the lead participant on the £2.52m project to pilot a combined ‘battery-as-a-service’ and ‘vehicle-as-a-service’ business model in rural Nigeria, in partnership with Tearfund and Pyrogenesys. Its goal is to improve Nigeria’s power distribution by using its abundant renewable energy resources to provide off-grid electricity to 75 villages.
NUMBER SIX – AGRITECH SENSORS
Biotangents
Specialism: Agritech
Headquarters : Midlothian
Amount: £1.60m
Biotangents is a Midlothian-based business that develops diagnostic sensors for farm animals to detect diseases. The company was also part of the Bio-start accelerator program in 2017.
Biotangents was awarded a £1.60m Innovate UK grant in May 2022 to accelerate the development of its AmpliSpec(tm) and VET Mastitis devices.
On-farm testing of Mastitis in Cows can be done by measuring inflammation in the cow’s udders. Biotangents was the only participant in this project.
NUMBER SEVEN – INNOVATION UK FUNDING FOR CLEAN VEHICLES
HiSpeed
Specialism: Automotive sector
Headquarters: Cherwell
Amount: $1.58m
HiSpeed, an Oxfordshire startup in automotive and cleantech, was established in May 2021. In January, it was awarded a £1.58m InnovateUK grant.
HiSpeed was awarded this grant funding through Project ZEN (Zero Emission Norton). Norton Motorcycles leads the larger £8.53m Innovate UK Program, which aims at creating electric motorbikes throughout Britain.
One of the other partners is University of Warwick. HiSpeed is involved in the design and manufacture of motors and inverters.
NUMBER EIGHT – PHARMACEUTICAL CATARACT LENSES
VisusNano
Specialism: Medical devices
Headquarters: Dover
Amount: £1.40m
VisusNano is a sandwich-based business that has developed a new lens to aid in cataract surgery. VisusNano, a sandwich-based company, is developing a new lens for cataract surgery.
VisusNano was awarded £1.40m under Innovate UK’s Ageing Society Health & Nutrition Grant Program. This award was given in April 2022. VisusNano was not a participant in this grant. It was used to accelerate the development of its cataract surgery lens Medilends. This funding will be used to test the safety and efficacy of the company’s new technology with humans, in order for it to become commercially viable within 18 month.
NUMBER NINE – ANTIBODY THAT KILLS CANCEROUS CELLS
Antikor
Specialism: Pharmaceuticals
Headquarters: Stevenage
Amount: $1.24m
Antikor’s target therapy uses antibody-drug combinations, or ADCs (antibodies to drugs), which kill cancer cells and cause minimal tissue damage. It currently has its headquarters in Stevenage, Hertfordshire.
Antikor was established in 2001. The grant includes the £1.24m Innovate UK grant in April 2022. This grant was used to advance preclinical research and test a solid, tailored gastric cancer treatment.
NUMBER TEN – CLEANTECH PLATFORM FOR ENVIRONMENTAL IMPACT
Mondra
Specialim: Cleantech
Headquarters: London
Amount: £1.23m
Mondra, a platform for food producers, allows them to track and reduce their environmental impacts, as well as communicate how they are doing. It received equity funding of £387k and an innovation grant in excess of £1.23m.
Mondra was awarded the £1.23m grant funding by Innovate UK in February 2022. This project is called “Hyper-modelled Scope 3 Carbon Accounting across Food Supply Chains”. The goal of the project is to develop innovative solutions to reduce carbon emissions in global supply chains.
CONCLUDING THE BIGGEST UK INNOVATION GRANTS FOR 2022.
Now that you have seen some of the biggest uk innovation grants for 202….
jane@innovationly.co.uk dan@innovationly.co.uk can you come up with a conclusion please
