A multi-million investment in innovative businesses has been announced by David Willetts, Universities and Science Minister, at the UKTI Innovate UK 2013 event in London.

The Governments Technology Strategy Board will offer £12m to technology businesses, with the largest sum set aside for a £6.2m competition to support companies to develop smart apps for the Internet of things. Eight business-led projects will look at areas including transport, energy and the built environment.

Other projects that will receive funding are a £3.7m competition for feasibility studies into using lasers in healthcare, a £1.25m competition looking at energy efficient computing and a £1.15m competition for 10 businesses to look at extending the life of or eliminating batteries.

The Biomedical Catalyst, which is run by the Technology Strategy Board and Medical Research Council will fund a further 51 businesses with a value of £47.2m for research and development across the biomedical industries.

David Willetts said: “Investing in new ideas for technology now means that the UK will maintain its position as a global leader for innovation. Through our life sciences strategy, innovation and research strategies we are laying the foundations for future financial benefits in these high growth areas of technology.”