Innovative businesses and start-ups across Wales are set to benefit from a £40m UK government investment to drive forward new technological advances.

UK Business Secretary Alok Sharma said the UK Government is doubling investment in the Fast Start Competition with an additional £20m.

The competition aims to fast-track the development of innovations borne out of the coronavirus crisis while supporting the UK’s next generation of cutting-edge start-ups – helping to build the businesses of tomorrow and propel their future prosperity.

Business Secretary Alok Sharma said: “The coronavirus crisis has created challenges that impact the way we live, work and travel but has also prompted a wave of new innovations as businesses look at ways to solve some of the challenges facing our world today.

“This funding will support UK start-ups to deliver potential solutions, services and ways of working and help ensure the long term sustainability of these businesses.”

Secretary of State for Wales Simon Hart said: “Innovative Welsh businesses will play a vital role in tackling the coronavirus pandemic and in our future economy.

“This £40m UK government investment will help Welsh businesses to develop incredible solutions to the challenges that the coronavirus has created and support the sustainable growth of cutting edge start-ups.”

Instructor Guru, based in Cwmbran, is one of the businesses which will benefit from the funding.

The funding will help the business model and develop a digital application for management of orthopaedic recovery remotely, and more cost-efficiently, while improving patient care.

The Fast Start Competition was launched in April in response to the outbreak and is being managed by Innovate UK.