The U.K. government earmarked £250M ($299.8M) to back AI, quantum technology, and biology engineering startups in the nation.
The investment is part of a larger $445M (£370M) plan launched by the U.K.'s Prime Minister Rishi Sunak and finance minister Jeremy Hunt as they set out to make the nation a "science and technology superpower" by 2030.
The plan includes £10M ($12M) earmarked for the U.K. Innovation and Science Seed fund.
- An additional £50M ($60M) is set aside for co-investment opportunities.
- The new plan attempts to offset the criticism leveled at the U.K. government for policy decisions that hampered the country's startup ecosystem.
- The plan includes measures to increase private investment in the science and tech sector, ease regulations, and attract talent.
European nations Germany and France previously announced their own €1B ($1.07B) and €500M ($533M) funds, respectively, to back deep-tech and climate-tech startups.
