The funds will come from both public and private bodies.
The ground-breaking technology can be too risky or expensive for individual companies to develop alone, but Government funding will help business create 3D printing projects in industries such as health care and energy.
Examples of the projects, which will last between one and three years, include plans to develop facial implants for patients who have suffered head trauma, customised insoles that match patients’ feet and customised hip replacements.
Vince Cable, who announced the funding during a visit to the Manufacturing Technology Centre in Coventry said: “Investing in tomorrow’s technology will bring jobs and economic growth throughout the UK.
“That’s why last month the Government announced the biggest ever investment in the work of the Technology Strategy Board. With £440 million of funding they will support new manufacturing techniques to maintain the UK’s position as a world leader in technology and design.
“This joint investment with the Research Councils highlights the commitment from across the sector to boost manufacturing in the UK.”