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Along with specialists in nanotechnology, bio sciences, electronics the ICT industry is also going to get a slice of the action with around 120 UK firms getting their hands on funds.
The ICT sector is one of five areas that will get funds as the government looks to try and breathe more life into emerging technology areas.
"Developing and adopting new technologies can be a significant driver of economic growth and create new jobs," said universities and science minister David Willetts.
"These exciting research and development projects will translate technically feasible ideas into more developed and advanced innovations that could be applied across a range of areas - such as in healthcare, transport, food, environmental sustainability and construction - stimulating growth, keeping the UK at the forefront of modern technology and providing solutions to significant technical challenges." he added.
Iain Gray, chief executive of the Technology Strategy Board, said that they were looking for "discoveries and break-throughs, including ideas that are yet to find specific applications in a recognised market or business sector".