Winning projects would also have access to innovation and research centre ORE Catapult, which would offer help with engineering and testing, as well as making technology available to new markets.
Submissions should be "emerging and enabling technologies, designed to help UK businesses broaden their innovation activities, disrupt existing markets and find new revenue sources", ORE Catapult stated.
Andrew Macdonald, senior innovation manager for ORE Catapult, said: "There is a rapidly growing demand for innovation in sensors, robotics, satellite applications and data analytics in the sector to help reduce the cost of energy.
"Having a clear target for technology development will enable UK companies to take an early lead in the global renewables revolution, stealing a march on their competitors.
"Successful responses to these challenges will improve the installation, operation and maintenance of offshore renewable technology, driving down the overall cost at the same time as driving growth for UK companies."
He added: "Innovation is key to the UK government’s Industrial and Clean Growth Strategies, and will be an important tenet of the offshore wind sector deal currently being developed by industry and government."
The UK government’s Business, Energy and Industrial Strategy department (BEIS) has proposed reaching a bespoke arrangement with the offshore wind industry as a proposed solution to the absence of new low-carbon electric levies until 2025.