Emirates Team New Zealand's win at this year's America's Cup race is the result of innovative technology, says Callaghan Innovation.

The government innovation agency has helped the team increase its research and development investment through a growth grant.

READ MORE:The Kiwi companies helping Oracle

Dunedin-based Animation Research received the project grant to develop the onboard virtual reality camera used by both Team NZ and Oracle Team USA to evaluate each other's performances.

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Callaghan Innovation chief executive Vic Crone said it was delighted by the win.

"We're incredibly proud of Team NZ and delighted to have had the privilege of working alongside it and the ARL team to help both teams realise their potential," Crone said.

"Technology powers every aspect of our lives now and, along with investment in research and development, is critical to a successful New Zealand economy."

Team New Zealand was a reminder of what is possible on the world stage, she said.

Grant Dalton, from Team New Zealand, said it was great that Callaghan Innovation had played a part in the team's triumph.

"It's fantastic that Callaghan Innovation has recognised both the importance of and the potential that Team New Zealand has in the research and development of technologies that go into creating an America's Cup-winning yacht," he said.

"What we do and what we develop has a flow-on effect to the New Zealand marine industry as well as to so many other New Zealand businesses where there is crossover in the technology we develop."

Experts in New Zealand's marine industry had been heavily involved in developing the catamarans and technology used throughout the race.

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Auckland-based Southern Spars built the hull and wing for Team New Zealand.

Further north in Warkworth, Core Builders Composites built Oracle Team USA and produced boat components for SoftBank Team Japan and Team New Zealand.

Kiwi firms C-Tech and Cookson Boats were also at the forefront of AC50 innovation.

Southern Spars, C-Tech, Core Builders, Cookson and other NZ Marine Industry Association members supplied hulls, deck, bow, pod and beam tooling.

Peter Busfield, chief executive of the NZ Marine Industry Association, said Team New Zealand's win meant economic gain and more opportunities for the country.

Technology powers every aspect of our lives now and, along with investment in research and development, is critical to a successful New Zealand economy.

He said he expected the win to inject up to $500million into the marine industry over the next few years.

"Winning the Cup in 1995 gave Auckland a new 'front door', with the building of the Viaduct Harbour. We must take this opportunity to think in an innovative way to make New Zealand an even more attractive country for our international visitors, as well as those of us who call it home," Busfield said.

Animation Research was a clear example of a business embracing innovation as the key to international success, Crone said.

"The Maori economy is a significant and important contributor to New Zealand's economy, and Callaghan Innovation is proud to have supported ARL CEO Ian Taylor for a decade as both a Maori entrepreneur and as a world leader in the field of sports graphics and animation packages.

"We need inventors and entrepreneurs like Ian to take the leap and put their ideas into an actual product or service. All that the tech sector needs to expand is more brains, more ideas and more capital to bring them to market. Every dollar invested in the tech sector creates $3 worth of growth in the NZ economy."