The Transport Systems Catapult has announced it will help create an intelligent mobility investment fund to give Britain 10% of the global market, which is projected to reach £900Bn in 10 years.
The catapult is a technology and innovation centre established by Innovate UK to drive and promote intelligent mobility.
The aim of the fund, it said, is to pump £50M-£100M into fast growth technology small- and medium-sized enterprises (SMEs) and plug an ‘equity gap’ across Britain which is preventing fledgling companies from taking new innovations to global markets. The catapult is now looking to partner with a major fund manager to raise the necessary capital.
“We have identified ground-breaking SMEs with the potential to turn Britain into a global leader in this sector, but they are being hampered by a chronic lack of early-stage investment, said Transport Systems Catapult chief technology officer Paul Zanelli.
“We aim to create something that can attract forward-thinking technology investors to help get these world-leading transport ideas to the marketplace over the course of 10 years.”
Among the SMEs identified by the Catapult is Asset Mapping, which is trialling technology in Canary Wharf that captures live data from connected devices, potentially allowing transport operators real-time visibility over entire networks.
“We are on the cusp of a revolution in transport that will see IT innovations used to create hyper-efficient, seamless movement of goods and people based on real-time data,” said Mr Zanelli.