23.02.10
UK invests £200m in high-tech industry
The UK has launched a £200 million (EUR227.5m) technology fund of venture capital funds to boost the country‘s life sciences, IT and advanced manufacturing sectors. The UK Innovation Investment Fund will be managed by the The European Investment Fund (UKIF), which raised £100m (EUR113.8m) to match the government’s contribution and will be used to finance young and growing businesses across the country, including those in pre-profit and pre-revenue stages of development. The BioIndustry Association (BIA) welcomed the announcement of Prime Minister Gordon Brown. Clive Dix, BIA Chairman, said: “The closing of the fund is a significant step towards delivering much needed funding to life sciences companies in the UK. We now hope that a significant proportion of the fund will be used to help make the UK’s life sciences companies the most successful in the world.” The UKIF last month announced the first closing of its Environmental Innovation Fund, managed by Hermes, of £125m.