West Midlands Health Tech Innovation Accelerator (WMHTIA) exceeds Innovation Accelerator programme targets as private co-investment triples initial investment
News highlights:
- WMHTIA has realised nearly £50m in private co-investment in two years following initial £14.5m grant from the Innovation Accelerator (IA) programme
- Private investors have provided £36m direct investment into WMHTIA-supported enterprises
- WMHTIA is proving to be a successful model for supporting regional strategic ambitions around innovation and economic growth
The West Midlands Health Tech Innovation Accelerator (WMHTIA) has realised nearly £50m in private co-investment fundraising over the first two years of delivery.
The private co-investment figure triples the initial £14.5m fund the WMHTIA received from the Innovation Accelerator programme, which is led by Innovate UK on behalf of UK Research and Innovation and the Department for Science, Innovation and Technology.
Private co-investment
A total of £49.4m co-investment realised by the WMHTIA has been generated from private sources. These include matched contributions, but the majority comes from £36.3m leveraged directly from investors committing funds into enterprises supported by the WMHTIA.
The WMHTIA has therefore already realised £3.40 private co-investment for every £1 of funding from Innovate UK, exceeding the 2:1 lifetime target for the Innovation Accelerator programme.
This level of investment has allowed numerous WMHTIA-supported companies to push their innovations closer towards market readiness – helping groundbreaking technologies reach patients sooner.
A selection of leading innovators showcased their technologies to Richard Parker, Mayor of West Midlands, and Preet Gill, MP for Edgbaston, during a recent ministerial visit.
Additional funds raised through the WMHTIA
The WMHTIA has united 21 partners across academia, industry, and NHS, to provide innovators with support they need in developing and commercialising their technologies.
Notably, the programme has shown to effectively strengthen the regional Health Tech sector’s ability to secure funding, particularly through targeted bid writing support. As a result, enterprises supported by the WMHTIA successfully secured an additional £10m in national grants from organisations such as NIHR, Eureka, and Innovate UK.
Combining the total private and public sources of funding, the WMHTIA has realised £67.3m following its initial £14.5m investment from the IA programme.
The scale of this initial co-investment demonstrates the potential for this sector to continue to grow – supporting the West Midlands’ ambitions around economic growth.
In March 2025, the IA programme was boosted by a further £30m. This included an additional £4m for the WMHTIA to continue its support with Health Tech innovators in 2025/26 – which will lead to further co-investment achievements into the future.
Adam Tickell, Vice-Chancellor at the University of Birmingham, said: “The University of Birmingham is proud to be trailblazing work with local companies to commercialise medical research breakthroughs. We are supporting Health Tech startups through the highest risk stages of the innovation process so more technologies can reach deployment and improve health outcomes for patients. The private sector has invested over £49m in R&D activity through the WMHTIA, an incredible demonstration of how partnerships between academia, industry, and the NHS can contribute to the region’s economic growth. We look forward to building on this success with the new Local Innovation Partnership Fund.”
Richard Parker, Mayor of West Midlands, said: “The West Midlands is at the forefront of research and developments in medical technology. These real-world solutions will help people get a faster diagnosis, reduce waiting times and shorten hospital stays – improving health and saving lives. The medical technology sector also provides well-paid, secure jobs for thousands of people. That’s why I’m backing health tech and industries of the future with funding, which in turn is attracting private sector investment. By backing top talent and cutting-edge research we will improve lives and build the strong economy we need to deliver growth for everyone.”
Dean Cook, Executive Director of Place and Global at Innovate UK, said: “Innovate UK are funding the Innovation Accelerator programme to empower locally driven innovation that is connecting local strengths and driving greater levels of business investment in R&D. This project brings together key partners from business, academia and the NHS to catalyse the development and adoption of new health technologies, creating high value jobs and supporting local economic growth. This initiative is improving conditions in the West Midlands for innovators and investors alike and building capability of national and global standing.”
The WMHTIA was funded through the Innovation Accelerator programme, which focuses on locally-led innovation to drive economic growth and technological advancement by supporting regional innovative businesses, researchers and entrepreneurs.
In the West Midlands, local leadership was driven by the West Midlands Combined Authority.
WMHTIA achievements at year two include:
- 114 health tech enterprises provided with intensive bespoke development support
- £2.48m awarded by the WMHTIA in secondary grant funding to support health tech development
- 269 health tech enterprises engaged in WMHTIA’s support network
- Development of strategic partnerships between the region’s academic partners University of Birmingham, NHS trusts, and private industry
Medilink Midlands is a WMHTIA delivery partner. The WMHTIA is part of the Innovation Accelerator programme, which is led by Innovate UK on behalf of UK Research and Innovation and the Department for Science, Innovation and Technology. In the West Midlands, local leadership has been driven by the West Midlands Combined Authority.
About the West Midlands Health Tech Innovation Accelerator (WMHTIA)
The WMHTIA is focused on helping companies drive their innovations towards market success.
Uniting 21 partners across academia, industry and NHS under one cohesive programme – the WMHTIA provides specialist support in developing tomorrow’s ground-breaking Health Tech solutions.
If you are not a WMHTIA registered company, you can sign up to the WMHTIA Community and be amongst the first to hear about exclusive workshops, events, and future support opportunities within the WMHTIA.
For more information, visit www.wmhtia.com or read the Innovate UK WMHTIA case study
About the Innovation Accelerator
Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerator programme invested £100m in 26 transformative R&D projects between 2022-25 to accelerate the growth of three high-potential innovation ecosystems – Glasgow City Region, Greater Manchester and West Midlands.
The programme was boosted by an additional £30m of public funding for 2025/26 spread equally across the regions. Innovation Accelerators is piloting a new model of R&D decision making that empowers local partnerships to harness innovation to drive regional economic growth, attract private investment, and develop future technologies.
Article provided by University of Birmingham. Contact: [email protected]
