UK ‘invention agency’ grants £50m of public money to US tech and venture capital firms
Summary
The UK’s Advanced Research and Invention Agency (Aria) has used £50 million of public funds to support US technology companies and venture capital groups. While Aria says most funding goes to UK projects and aims to benefit the UK, some contracts have gone to US firms recently registered in the UK, raising questions about the returns for the UK.Key Facts
- Aria is a British government agency created to fund high-risk, innovative science projects.
- It has a £400 million budget for research and development over two years.
- More than £50 million (over an eighth) has been given to 14 US tech companies and venture capital firms.
- Some US firms received UK funding shortly after registering a UK presence.
- Examples include Rain Neuromorphics (backed by OpenAI’s CEO) and venture capital groups like Pillar VC.
- Critics question how funding US companies fits Aria’s goal to support UK economic growth and innovation.
- Aria states over 80% of its funding goes to UK-based teams and that foreign funding transfers scientific benefits to the UK.
- Some US groups run UK-focused programs like courses and events to support science startups.
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