First innovation loans offered to businesses improving smart cities and transport
Innovate UK has offered £8 million to 13 businesses developing innovative solutions for the UK’s urban infrastructure, energy and transport challenges. The 13 businesses compete in a new global smart infrastructure market, estimated to be worth £1.2 trillion per year by 2025.
The companies applied into a competition which looked for innovative businesses who could use the loan to scale up and commercialise new technologies. This is part of Innovate UK’s 2-year pilot loans programme, through which a total of £50 million is available.
First successful companies
The first successful companies include:
- CitiLogik: analysing how people move to identify and analyse demand activity
- G-Volution: dual-fuel engines that are cheaper, cleaner and greener
- Alert Technology: the world’s first portable asbestos detectors
- Alcove: assistive Internet of Things-based technology for older adults
- Catagen: catalyst emissions testing and simulation
- Utonomy: pressure management to reduce gas leakage by up to 25%
- 3-Sci: moisture monitoring system for corrosion under insulation
- Lightfoot: connected car technology