UK-based Formula One team Williams Grand Prix Engineering has formed a strategic investment fund with investment manager Foresight Group that is targeting £20m ($25m) in capital.
Foresight Williams Technology EIS Fund intends to invest between £250,000 and £2m each in at least 10 UK-based small and medium-sized engineering technology developers.
Williams Advanced Engineering, the engineering services and technology division of Williams, will also lend its technical, engineering and commercial experience in order to help them commercialise their products.
The fund will look to back companies that will qualify for the UK Government’s Enterprise Investment Scheme, which gives tax relief to investors.
Craig Wilson, managing director of Williams Advanced Engineering, said: “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.”
– Photo courtesy of Williams Grand Prix Engineering