£7 million fund announced for SME AI projects

UK SMEs in high-growth industries that are looking to adopt AI solutions could receive £7 million, following the launch of two new competitions.

The high-growth industries in question include:

Agri-food

Construction

Transport and logistics

Creative industries

The funding will come from the UK Research and Innovation (UKRI) Technology Missions Fund and will be delivered by Innovate UK’s BridgeAI programme. Ahead of the competition, the UKRI engaged with potential applicants, which included hosting an in-person workshop event and an online briefing session last month.

The first competition is supported by £5 million in funding and will support a second round of feasibility studies. The second competition will allow existing round one projects working in areas such as fashion and farming to apply for a share of £2 million.

Applicants are encouraged to submit a range of responsible and trustworthy AI solutions. The deadline for both competitions is 08 May 2024.

As a trade body representing over 1000 SME members, techUK welcomes this announcement, which will support SMEs to grow and innovate.