The Technology Strategy Board (TSB) is holding a government-backed workshop on Wednesday where 39 start-ups will get the chance to pitch for funding from venture capitalists and angel investors.
The majority of the start-ups come from East London's Tech City area, and the workshop is part of the TSB's Tech City Launchpad competition, which aims to stimulate the digital and creative industries by enabling them to go further towards commercial success.
"We want them to go beyond their comfort zone. This is why they need public investment," said David Bott, TSB director of innovation programmes.
Bott told V3 that 125 investors will attend the event, and that "potentially £4m or more of funding could be secured today".
Bott discussed a number of the start-ups that he had found most impressive, including Lambde Limited, which is showcasing a new digital musical instrument called the Seaboard that "re-imagines" the piano keyboard.
"One of the other start-ups has come up with a new way for SMEs to get financed, while another is using computer dating technology to help people find jobs," he added.
Bott also mentioned Makieworld, which has integrated the real and virtual worlds in a computer game that allows avatars to tweet.
The start-ups in today's pitching phase have already been through a competitive process, according to Bott.
"In May we had 220 applications from start-ups in the form of two-minute videos. We realised there were so many good ideas that we took 41 companies through to the second phase," he said.
Eighteen of these companies were "unquestionably good" and have been given £100,000 from the TSB as part of the TechCity LaunchPad initiative conditional on them attracting matching funding from angels, venture capitalists or banks.
Another 21 companies were also considered good enough to meet private investors, even though they had not secured funding from the TSB.
"We will run the Launchpad process in other geographies in the future. It's the first time we have run it, and it has shown itself to be a successful experiment," said Bott.
Allen died from complications of non-Hodgkin's lymphoma
Stanford researchers made the discovery via data from Greenland
Created via a thin, flexible, and transparent hierarchical nanocomposite film
Rolls Royce will use AI powered by Intel's Xeon Gold processors and SSDs for memory