The university has received more than 45 million pounds from the UK Government and philanthropic donors towards the campaign.
Researchers are confident that the first human tests with new technology could transform vaccine development.
The tests are designed to combat diseases such as COVID-19 by providing rapid system responses.
Robin Shattock, a professor at Imperial’s department of infectious disease who is carrying out the work, revealed the makeup of the vaccine offers a different approach.
Instead of using part of the virus, the professor’s team apply synthetic strands of the virus’ genetic material – RNA – which are housed inside small fat droplets.
Mr Shattock suggested if a vaccine was to be found, people could quickly resume normality.
Mr Shattock said: “The COVID-19 pandemic has claimed thousands of lives and had a huge impact on daily life.
“In the long-term, a viable vaccine could be vital for protecting the most vulnerable, enabling restrictions to be eased and helping people to get back to normal life.
Participants will receive two doses of the vaccine, one dose at two visits.
It is believed that if the vaccine has shown signs of promise, Phase III of the vaccine will be launched later this year.
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“We are fully backing its research with over £40 million government funding, as part of our wider vaccines development programme.
“The fast progress of Imperial’s vaccine is testament to the ingenuity and tenacity of Britain’s researchers.
“If these trials are successful a vaccine will not only help us tackle coronavirus but also emerging diseases now and into the future.
Kate Bingham, Vaccine Taskforce chair believes the technology could be the perfect tonic to a difficult situation presented by the virus.
Miss Bingham said: “I am delighted that Imperial College has so quickly advanced to the clinical trial stage.
“Their self-amplifying technology has the potential to be a real game-changer, not only for a COVID 19 vaccine but for the development of future vaccines.
“It’s a great example of the world-leading life sciences sector in this country.
“By backing Imperial College London and their alternative vaccine platform, we have enhanced the UK’s vaccine portfolio, increasing our chances of identifying a successful vaccine.”