A fund backed by Williams Grand Prix Engineering and designed to help nurture and grow early-stage technology companies has been launched.

Private equity investment manager Foresight Group is behind the Foresight Williams Technology EIS Fund, which is being undertaken in partnership with Williams' advanced engineering arm.

The scheme will offer investors the opportunity to back a portfolio of companies developing transformational technologies where Williams' technical, engineering and commercial expertise could be used accelerate their products commercialisation.

It will also enable investors to qualify for relief under the UK government's Enterprise Investment Scheme.

The fund has a target fundraise of £20m and investments will be made into no fewer than ten qualifying UK SMEs.

Bernard Fairman, chairman of Foresight, said the initiative has been launched following 18 months of "in depth discussions and planning".

Craig Wilson, managing director of Williams Advanced Engineering, added: "We are very excited to be collaborating with Foresight to support exciting technology innovations across a spectrum of engineering challenges.

"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."

Williams has a track record of incubating innovative technologies, having sold its Williams Hybrid Power to GKN in March 2014.

Foresight has more than 30 years of experience fundraising and investing in UK SMEs, managing more than £550m for more than 15,000 shareholders in its family of Venture Capital Trusts and Enterprise Investment Schemes.

Read more at insidermedia.com 

See the fund website at foresightwilliams.co.uk