A £50,000 fund directed at solving some of London’s biggest problems has been allocated to SMEs working on Internet of Things innovations.

Businesses have until early 2017 to stake their claim for up to £10,000 from the Things Connected Open Call, and develop their product using the Things Connected Low Power Long Range Wide Area Network (LoRaWAN).

Other cities will soon benefit from similar funds, which are collaborations between Imperial College London, University College London, BT and others.

Following the announcement of the new funding, Future Cities Catapult chief executive officer, Peter Madden, said: “We’re very excited to be launching the Things Connected Open Call to support UK SMEs and start-ups, and further position the UK as a world leader in connectivity.

"Here at Future Cities Catapult we actively engage high-growth businesses to drive innovation for urban development.

“If you think you can use the Internet of Things to solve the challenges that cities face, such as air quality or road safety, then I encourage you to take part in our Open Call."

By 2018, the UK’s Internet of Things industry is expected to be worth £20bn.

The first London-wide network was unveiled by Future Cities Catapult in September of this year. It consists of 50 hubs SMEs to trial technologies for free.

Businesses and entrepreneurs have until 12pm on January 12, 2017 to apply for a share of the £50,000 fund.