CIC Tackles UK's Late-Stage Funding Gap with £100m Deep Tech Fund
Funding | Feb 24, 2025 | UK Tech Funding
Cambridge Innovation Capital (CIC) has launched a £100 million opportunity fund to bolster deep tech and life science companies, with backing from Aviva and British Patient Capital. This initiative targets the funding gap faced by UK tech companies, who often rely on foreign investment for growth. The fund has already made investments in two Cambridge-derived firms: Pragmatic Semiconductor and Riverlane. This strategic move is aligned with the UK government's ambition to transform the nation into Europe's Silicon Valley, with the Oxford-Cambridge corridor as a focal point. CIC, which has a track record of successful exits, including Gyroscope Therapeutics and PetMedix, aims to support these companies through critical scaleup phases by offering up to £20 million per later-stage investment. The fund underscores Cambridge's role as a key innovation hub, with significant contributions from government-backed British Patient Capital.
Sectors
- Venture Capital
- Deep Tech
- Life Sciences
Geography
- United Kingdom – The fund is launched to support UK-based tech and life science companies and aligns with the UK government's goal to establish the region as Europe's Silicon Valley.
- Cambridge – This specific location is significant as it is the originating place of the technology firms targeted by the fund and a recognized hub for innovation and research.
Industry
- Venture Capital – The article discusses a new fund launched by Cambridge Innovation Capital, which is involved in providing venture capital to deep tech and life science companies.
- Deep Tech – The fund targets deep tech companies, highlighting its focus on advanced technology firms that require substantial funding for growth.
- Life Sciences – The fund also focuses on life sciences, aiming to support companies in this industry to achieve commercial success.
Financials
- £100 million – The size of the fund launched by Cambridge Innovation Capital.
- £20 million – The maximum amount per investment for later-stage rounds offered by the fund.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cambridge Innovation Capital | Fund Manager | Company | A venture capital firm that invests in deep tech and life science companies, with strong ties to the University of Cambridge. |
| Aviva | Investor | Company | A global insurance, savings, and investment company backing the £100m fund. |
| British Patient Capital | Investor | Company | A commercial subsidiary of the government-owned British Business Bank, committed to supporting innovative UK companies. |
| Pragmatic Semiconductor | Portfolio Company | Company | A UK-based semiconductor firm and one of the first recipients of the new fund investment. |
| Riverlane | Portfolio Company | Company | A quantum computing specialist based in Cambridge and the second company to receive investment from the fund. |
| Gyroscope Therapeutics | Portfolio Company (Past Exit) | Company | A biotechnology company that was previously part of CIC's portfolio and acquired by Novartis. |
| PetMedix | Portfolio Company (Past Exit) | Company | A biotech company focusing on animal healthcare, previously sold to Zoetis. |