The funding will be awarded to businesses via competitions in a range of areas, with applications opening in the coming months.

Businesses will also be able to apply into an open funding competition with ideas for any game-changing or disruptive innovations.

Up to £19m of finance will be invested to support productivity and cutting-edge innovation across emerging and enabling technologies as well as health and life sciences.

Innovate UK will look for projects in the health and life sciences space that display significant innovation.

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These will be in one of the following areas:

• increasing agricultural productivity
• improving food quality and sustainability
• advanced therapies, such as cell and gene therapies
• precision medicine
• medicines discovery
• advanced biosciences

Emerging and enabling technology projects should focus on an Innovate UK priority area.

These include:

• emerging technologies
• digital
• enabling capabilities
• space applications

A share of the funding will also be made available for game-changing or disruptive innovations that can potentially impact the UK economy.

The finance is available to projects within an Innovate UK industry sector and those outside of it.

Innovate UK is also staging a biomedical catalyst competition, which will offer funding of up to £12m to SMEs which are working on projects to solve healthcare challenges.

Up to £10m of funding is available under the digital health technology catalyst, £20m is up for grabs as part of the Industrial Strategy Challenge Fund for robotics and artificial intelligence in extreme environments.

Meanwhile, £10m is on offer for innovation projects in the medicine manufacturing sector.