The UK’s Cambridge Innovation Capital (CIC), a venture capital firm focused on the Cambridge ecosystem, has established a new £100 million ($126 million) “Opportunity Fund” to support growth-stage deep tech and life sciences startups.
This fund aims to address the funding gap in the UK for later-stage startups, a challenge that has often led to companies relocating to countries with more robust funding options. CIC has historically invested in early-stage companies, but this new fund will enable them to continue supporting their maturing portfolio.
The Opportunity Fund, anchored by Aviva Investors and British Patient Capital, has already made two investments: Pragmatic Semiconductor, a chip designer and manufacturer, and Riverlane, a quantum computing error correction company. Investments of up to £20 million ($25.2 million) will be made per round.
The UK government’s “AI Action Plan” and investment in the “Golden Triangle” of London, Oxford, and Cambridge recognizes the need to foster a supportive ecosystem for technology startups. CIC’s new fund aligns with these initiatives, aiming to retain and grow innovative companies in the UK.
CIC’s portfolio boasts successful exits, including the sale of gene therapy company Gyroscope Therapeutics and pet treatment developer PetMedix for significant sums. Notable Cambridge-based companies include ARM Holdings, Abcam, Darktrace, and Bicycle Therapeutics.
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