The first 27 projects to receive money from the Government's Disruptive Technologies Innovation Fund have been announced. 

The fund, set up as part of the Project Ireland 2040 capital investment plan, aims to provide finance to projects that tackle national and global challenges in a way that will create and secure jobs into the future. 

The investment must be used to develop and roll-out innovative technologies that have potential to disrupt a sector on a commercial basis.

In total, €500m will be on offer from the fund over the next ten years. The Government says the fund is a key element of its "Future Jobs" initiative. 

Among the recipients of the first tranche worth a total of €75m between now and 2021 are projects in life sciences, medical devices, ICT, manufacturing, food, agriculture, energy sustainability and the creative industries. 

They include one that plans to produce therapeutic enzymes for use in the treatment of sepsis and other immune disorder diseases.

Researchers in the Royal College of Surgeons have also won funding to lead the development of a new system for colorectal cancer diagnosis and treatment, using special probes, artificial intelligence and machine learning alongside other partners.

A Cooperative Energy Trading System, which was also successful with its application, will develop a technology platform where consumers and communities will be given the ability to generate their own electricity.

The more than 300 applicants seeking money from the fund during the first round had to go through a two-stage application process, which also involved a review by international experts during both stages.

The projects include collaborations between start-ups, SMEs, multinationals and academic institutions, with at least one small business involved in each.

Minister for Business, Enterprise and Innovation Heather Humphreys has described the funding as "very exciting".

Ms Humphreys said the funding will benefit the life sciences, health and agri sectors, including projects focused on new technology for delivering household electricity, as well as research on coastal flooding and 3D printing.

Additional reporting: Laura Hogan