The Advanced Research and Invention Agency Act 2022 created the legislative framework for the agency and it was formally established as an independent research body in January 2023. With a similar remit to that of its US equivalent, DARPA, the agency will fund "high-risk, high-reward" research. Organisationally, it will be small, independent of UKRI (the main UK government funding body), with autonomy to operate at speed innovative funding, (for instance with X-Prize type inducements around research goals), rapid "seed" funding, with successful seeds entering a much smaller tier of large-grants, and bonuses for accomplishing research goals.