The investment was for the inaugural Women in Innovation campaign, aiming to address the disproportionately low numbers of women entrepreneurs in the UK.
Innovate UK said the drive came about following analysis highlighting a disparity in the numbers of male and female applicants for funding. Only one in seven applications for its business funding had been from women.
Each woman will receive a £50,000 investment in their innovation or business as well as a tailored package of business support.
Dr Ruth McKernan CBE and chief executive of Innovate UK said: "It is very clear that harnessing the talent of women entrepreneurs could significantly enhance UK economic growth. I am delighted that we are taking action; supporting and funding female entrepreneurs to help them succeed and inspire other women to come forward, apply for funding and turn their ideas into successful business."
The winners included the creator of an automated robotic servicing platform and an entrepreneur behind a sustainable alternative to leather that uses pineapples.
Research from the UK Intellectual Property Office out earlier this year found that only eight per cent of inventors named on British patent applications were women, although this has doubled since the 1980s.
Chemistry, biotechnology and pharmaceuticals were the science, technology, engineering and mathematics (STEM) industries with the highest proportion of female inventors seeking GB patents according to analysis based on the World Intellectual Property Organisation's international patent classification.
Innovate UK has also separately awarded £25m to a series of projects to help businesses develop new manufacturing methods and materials, and boost UK productivity. It was made to 170 partners in 64 projects.
Natwilai Utoomprurkporn - Gettrik Ltd
Rebecca Sage - Interactive Scientific
Siobhan Gardiner - Herotech8
Anne Roques - Aurora Medical Ltd
Shakardokht Jafari - Truelnvivo Ltd
Emma L Sceats - CN Bio Innovations Ltd
Lorin Gresser - Dem Dx Ltd
Christine Boyle - Senergy Innovations
Rachel Gawley - AppAttic
Anna Hill River - Cycleway Consortium Ltd
Kym Jarvis - Viridian Consultants Ltd
Elena Dieckmann - AEROPOWDER Limited
Pauline Dawes - SOMI Trailers Ltd
Carmen Hijosa - Ananas Anam UK Limited
Fanzi Down - DPS Designs Ltd