£7 million fund announced for SME AI projects

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

It was announced last week that 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 600 SME members, techUK welcomes this announcement, which will support SMEs to grow and innovate. You can read more about the announcement here.

techUK - Putting AI into Action

techUK’s Putting AI into Action campaign serves as a one stop shop for showcasing the opportunities and benefits of AI adoption across sectors and markets.

During this campaign, techUK will run a regular drumbeat of activity, including events, reports, and insights, to demonstrate some of the most significant opportunities for AI adoption in 2024, as well as working with key stakeholders to identify and address current barriers to adoption.

Visit our AI Adoption Hub to learn more, or find our latest activity below.