The government has given out nearly £60m in funding for UK start-ups in the areas of biotech, energy efficiency, health and the ‘internet of things'.
The majority of the funding - £47.2m - is to go to the biotech industry to fund e-health businesses or those creating new types of medical devices.
Meanwhile £6.2m is to go to eight companies spearheading ‘internet of things' projects. Such projects aim to connect machines capable of communicating without human involvement.
The eight companies won the funding through a competition led by the Technology Strategy Board and are working in areas across industries including transport, energy and the built environment.
The funding amount has grown significantly from the £4m that was originally announced when the competition first opened on 15 October.
Another £1.25m will be given to nine businesses to develop projects in the area of energy efficient computing and an additional £1.15m will be given to 10 businesses to develop feasibility studies for energy harvesting.
Energy harvesting explores the ways in which the life of batteries can be extended or the need for batteries removed altogether.
Also announced was the launch of a £3.7m fund for feasibility studies in so-called photonics for health.
The competition will provide awards of around £100,000 to businesses looking to exploit this area of technology that includes the use of lasers and LEDs for eye surgery and cancer diagnosis.
The Technology Strategy Board was not available to discuss the businesses that have won the competitions, or the processes by which start-ups entered and were judged.
"Investing in new ideas for technology now means that the UK will maintain its position as a global leader for innovation," said universities and science minister David Willets.
"Through our life sciences strategy and Innovation and Research Strategy we are laying the foundations for future financial benefits in these high growth areas of technology."
The Technology Strategy Board and the UK Trade and Investment have also today announced the date of their joint venture networking event, Innovate UK, which aims to showcase new technology developments.
Innovate will take place between the 11-13 March and will help technology companies identify new investment, international trade, innovation and collaboration opportunities through networking.
In October last year the Technology Strategy Board announced £7m in the research and development of 3D printing technologies.
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