£3.5m in funding available for UK legaltech developers

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Innovate UK has earmarked £3.5m in a new funding competition for legaltech projects.

The Whitehall-backed innovation body has launched an “Innovation Lab,” which is taking in applications until 4 September, 2019. The lab is a precursor to a contest called “Enabling data access in accountancy, insurance and legal services,” which has up to £1.15m in funding available up for grabs is for winning projects.

The goal of the competition is to help develop responsible data access or sharing methods with the use of AI and data technologies in the aforementioned sectors. The three-day residential lab is open to UK-based businesses, regulatory bodies, academic organisations, research and technology organisations, or charities. They should also carry out their project work in the UK and intend to exploit the results from the UK.

The Innovation Lab will run from 14 to 16 October. Participants will work together to develop collaborative proposals for research and innovation projects. The groups formed at the lab will submit their project proposals for assessment through a later competition on the Innovation Funding Service.

“We are looking for a broad range of disciplines and backgrounds, bringing together people who would not normally work collectively. This will ensure equality, diversity and the inclusion of participants. We reserve the right to select participants in order to have a balanced representation at the event,” Innovate UK said.

Participants of the lab will have their residential and subsistence costs, excluding alcohol, paid by Innovate UK. The agency will also pay for travel costs to and from the event