Liverpool’s hi-tech Sensor City has been awarded a £5m European grant.

The £15m development in the centre of Liverpool aims to create 1000 jobs and house 300 new businesses over a 10 year period.

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The “sensors” in question are the link between technology and the world around them, be that temperature, humidity or pressure. The global market is estimated at £310bn and that is growing at more than 10% annually. The UK market alone is worth more than £13bn.

Sensor City is a joint venture between the University of Liverpool and Liverpool John Moores University and will support start-ups and established firms as they develop and implement novel sensor systems, firmware and algorithms.

“This joint venture represents a real step change in the way that we are able to combine forces with our colleagues at the University of Liverpool and with partners in the city region,” explained LJMU Vice-Chancellor, Professor Nigel Weatherill.

“I am delighted that we have been able to secure the funding to progress the first stage in this significant initiative to create the physical environment for Sensor City which will be the hub for industrial research, development and commercialisation.”

The £5m from the England European Regional Development Fund follows an earlier £5m from the Department of Business Innovation and Skills in 2014.