Nineteen New Zealand tech businesses have been awarded $59 million over three years in R&D grants, including Vend, Gameloft, MEA Mobile and Weta Digital.
R&D Growth Grants were introduced last year as an expansion of the previous Technology Development Grants, as part of changes to R&D funding designed to encourage more research and development to be undertaken by businesses in New Zealand.
“This new funding follows last month’s announcement of more than $140 million over three years for the first 31 companies under the new grants scheme. So far $200 million has been awarded to 50 high tech companies," says science and innovation minister Steven Joyce.
They provide 20 percent public co-funding for qualifying firms’ eligible R&D expenditure, with an expanded cap of $5 million per annum - up from the previous scheme’s $2.4 million. After two years of funding, businesses can be granted a further two-year extension of funding by Callaghan Innovation, Science and Innovation.
To qualify for a Growth Grant, a business needs to commit to spend at least $300,000, and at least 1.5 per cent of revenue, on R&D occurring in New Zealand. R&D Project Grants are available for smaller companies and those that are new to research and development, while incubator support programmes assist start-up businesses.
The latest companies to be awarded R&D Growth Grants are:
- Apex Valves Limited
- Barker Fruit Processors Limited
- Compac Sorting Equipment Limited (read more: Compac tops the hi-tech tables)
- Fiserv New Zealand Limited
- FlexiDrill Construction Limited
- Gameloft New Zealand Limited (read more: Gameloft Auckland celebrates three-ish years)
- Gentrack Group Limited
- Imarda NZ Limited
- International Telematics Limited
- Mea Mobile Limited (read more: MEA Mobile's rise to the top)
- Pacific Edge Limited (read more: Pacific Edge ekes out supreme award)
- Phil & Teds Most Excellent Buggy Company Limited (read more: Why the wheels fell off)
- SAP New Zealand Limited
- The Simpl Group Limited
- Temperzone Limited
- Tasman Tanning Company Limited
- TracMap NZ Limited
- Vend Limited (read more: Vend raises $8m more towards expansion)
- Weta Digital Limited (read more: All the world's a stage)