The UK government has launched a £10 million ($13m) fund to boost semiconductor innovation across the country.

Announced by Technology Minister Kanishka Narayan last week, the investment fund is expected to support up to 40 businesses in accelerating chip development.

According to UK government data, the British semiconductor industry is on track to grow by 75 percent by 2030, with the Department for Science, Innovation, and Technology (DSIT) saying it will therefore be targeting the funding at areas where the UK is strongest and help attract investment from around the world – “building the domestic semiconductor expertise essential for economic growth.”

Eligible companies will also be provided with access to “specialist, ultra-clean semiconductor manufacturing facilities, technical expertise, and business mentoring,” DSIT said, adding that the announcement “reinforces the UK’s commitment to building sovereign capabilities in semiconductors, reducing vulnerability to supply chain disruptions whilst creating high-skilled jobs and export opportunities.”

The fund was launched just over a month after the Council for Science and Technology (CST) published a report outlining the importance of the UK establishing a sovereign AI chip design industry, providing six recommendations for how this could be achieved.

The six recommendations detailed by the council fell into three categories: skills, finance and investment, and infrastructure. These included calling on DSIT and the Ministry of Defence to set “clear strategic objectives on semiconductors to send a strong signal to the UK semiconductor industry on where activity is most useful,” and getting the government to focus on coordinating investment “through the entire innovation pipeline,” to support growth in the UK AI chip sector.

“There is immense potential in the UK semiconductor sector. By investing in its growth, we will build on our country’s strengths, setting ourselves apart in a highly competitive market to unlock new skilled jobs at home and boost our economy,” said Narayan. “We’re backing Britain’s businesses with the support they need to thrive.”

The funding will be delivered by Innovate UK through the Technology Missions Fund and DSIT.