The business behind Formula One team Williams Martini Racing is collaborating on a new EIS fund launch for tech SMEs around the UK.
The Foresight Williams Technology EIS fund is seeking to raise £20m and will invest up £2m in upwards of 10 businesses.
Launching later this month, it will focus on businesses with strong intellectual property in specialist fields.
The fund represents a collaboration between Williams, which will provide technical and commercial support for the SMEs, and Foresight Group, which has £550m assets under management in its EIS and VCT funds.
Williams has a track record of incubating technology businesses, including flywheel energy storage system Williams Hybrid Power, which was sold to GKN in early 2014.
Managing director of Williams Advanced Engineering Craig Wilson says: “At Williams we have been at the forefront of technological innovations for 40 years, and with Williams Advanced Engineering we are now commercialising what we have learnt across a growing range of sectors.
“We will be using our Formula One platform and technical expertise to assist those portfolio companies with disruptive technologies selected by Foresight, to help them transform their industries.”