IP Group plc – Launches £12m Investment Partnership in Quantum Technologies with InnovateUK
QuantIC is delighted to announce that IP Group plc – the developer of intellectual property-based businesses, have launched a £12m Investment Partnership in Quantum Technologies having been exclusively selected for funding by UK Research and Innovation.
The up to £6m of grant funding provided through the accelerator will de-risk and therefore enable matched equity investment into differentiated Quantum technology businesses with huge growth potential.
Applications are invited via email at email@example.com from existing businesses but also from interested academics/entrepreneurs who are yet to create a company.
The accelerator is funded through UKRI’s Commercialising Quantum Technologies Challenge – part of the Industrial Strategy Challenge Fund.
To meet the scheme criteria, a project must exploit second generation quantum techniques or direct supporting technologies. These are defined as the generation or clear control and manipulation of quantum states, resulting in superposition and entanglement (including single photon generation or detection, quantum computing hardware and software based opportunities are all considered in scope) or those technologies which are critical to enable these techniques to become commercially viable and are on the direct critical path of second generation quantum product/service development.
The accelerator will run for a period of four years during which projects can seek grant funding up of £1m from the partnership. This will be matched by equity funding at an amount at least equal to the value of the grant, and all projects must be completed within a maximum of two years from the start date of the award. Dr. Manjari Chandran-Ramesh and Dr. Lee Thornton at IP Group will oversee the management of the scheme including the sourcing and evaluation of opportunities with input from UK Research and Innovation.
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