The government is set to invest 30 million in tech companies looking to boost their business.
The money features as part of the Enterprise Capital Funds (ECFs) project, which is managed by TTP Ventures. The fund will help small and medium IT, electronics and instrumentation businesses to secure financing of up to 2 million.
Business Secretary Peter Mandelson said: "It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need.
"Enterprise Capital Funds provide an important source of capital for SMEs looking for equity investment, and this latest fund further demonstrates Government's commitment to support business through these difficult economic conditions."
The funds are part of 60 million in investment the government has committed through ECFs.
-
Should AI PCs be part of your next hardware refresh?AI PCs are fast becoming a business staple and a surefire way to future-proof your business
-
Westcon-Comstor and Vectra AI launch brace of new channel initiativesNews Westcon-Comstor and Vectra AI have announced the launch of two new channel growth initiatives focused on the managed security service provider (MSSP) space and AWS Marketplace.
-
Starmer bets big on AI to unlock public sector savingsNews AI adoption could be a major boon for the UK and save taxpayers billions, according to prime minister Keir Starmer.
-
'Digital hide-and-seek': Workers are wasting hundreds of hours a year sourcing the information they need to carry out their roleNews Knowledge workers globally are wasting a quarter of their working week tracking down information, new research from Atlassian has revealed.
-
UK government targets ‘startup’ mindset in AI funding overhaulNews Public sector AI funding will be overhauled in the UK in a bid to simplify processes and push more projects into development.
-
UK government signs up Anthropic to improve public servicesNews The UK government has signed a memorandum of understanding with Anthropic to explore how the company's Claude AI assistant could be used to improve access to public services.
-
The UK’s AI ambitions face one major hurdle – finding enough home-grown talentNews Research shows UK enterprises are struggling to fill AI roles, raising concerns over the country's ability to meet expectations in the global AI race.
-
US government urged to overhaul outdated technologyNews A review from the US Government Accountability Office (GAO) has found legacy technology and outdated IT systems are negatively impacting efficiency.
-
Government urged to improve tech procurement practicesNews The National Audit Office highlighted wasted money and a lack of progress on major digital transformation programmes
-
Government says new data bill will free up millions of hours of public sector timeNews The UK government is proposing new data laws it says could free up millions of hours of police and NHS time every year and boost the UK economy by £10 billion.
