Xero scores $4m from govt R & D grant

The second round of the government's four-year science and technology research funding incentive programme has seen online accounting vendor Xero awarded a $4 million grant.

In all, 19 companies shared the $50 million budget boost, part of the government's $321 million research & development initiative.

The funding is for medium to enterprise companies in the technology sector which are able demonstrate how their activities result in wider benefit to New Zealand. Each company has to match the funding with their own R & D spending.

Other successful applicants included Auckland's Mako Networks, receiving $4.3 million, and optical touch-screen developer NextWindow - now Canadian-owned - which received $5.9 million.