Cambridge Innovation Capital raises £150m to back brilliant tech firms
An investment fund which backs technology and life companies from the Cambridge ecosystem has raised an additional £150m.
Cambridge Innovation Capital will use the funds to support its portfolio of 25 companies and enable investment in new opportunities arising from Cambridge University and the region’s technology and science clusters.
The financing was supported by a geographically diverse range of new institutional and strategic investors, with Cambridge University and the University Endowment Fund contributing the cornerstone investment. The financing is one of the largest private financing rounds in Europe this year and more than doubles the financial resources available to CIC. Over £275m has now been invested in the fund.
"Our relationship with the University of Cambridge, including our privileged position as a preferred investor for the University, goes from strength to strength." - Victor Christou, Cambridge Innovation Capital
Victor Christou, CEO of CIC, said: “The Cambridge ecosystem holds one of the richest seams of scientific knowledge and technological innovation in the world. Since our inception in 2013, CIC has invested over £125 million in IP-rich technology and life science companies among which are leaders in fields as diverse as surgical robotics, flexible electronics, microbiome science, genomic diagnosis and edge intelligence and AI decision making software.
“We are delighted by the support CIC has received from our existing shareholders and new investors in this financing round. The additional capital will enable us to fund our existing portfolio companies and invest in promising new companies in the Cambridge ecosystem. Our relationship with the University of Cambridge, including our privileged position as a preferred investor for the University, goes from strength to strength. We look forward to continuing to work with both the University and our wider network in the Cambridge area.”
Companies in the CIC portfolio include surgical robotics pioneer CMR Surgical, GeoSpock, which deals with extreme scale geospatial big data, and PragmatIC, which is developing novel flexible printed circuits.
Professor Stephen Toope, vice chancellor of Cambridge University, added: “CIC has grown since its launch to become a key part of the Cambridge ecosystem. It has provided support and investment to a portfolio of leading-edge businesses, each of which has the potential to substantially improve people’s lives. The university is delighted with what CIC has achieved to date and so has decided to participate in this funding round. We look forward to continuing our close relationship with the CIC team.”