Cambridge Innovation Capital (CIC), the VC firm investing in British high-potential DeepTech and life sciences companies, announced they are committing at least €115 million to invest in spinouts from the University of Cambridge.
This investment forms part of the launch of Fund III, its latest €288 million early-stage venture fund focused on the Cambridge ecosystem, to invest in University of Cambridge spinouts.
Andrew Williamson, Managing Partner, CIC, said: “Cambridge is at the forefront of innovation in deep tech and life sciences. Our new EIR programme will provide academics and researchers with access to the £100m we are committing to University of Cambridge spinouts as they continue to develop breakthrough technologies. This expansion of CIC’s long-standing partnership with the University of Cambridge, which provides unique access to the university’s academics and research, will help support the UK’s economic growth by developing the next generation of world-class companies.”
Founded in 2013, CIC is an established VC firm in what it calls “one of the world’s most impactful science and technology ecosystems“, with a twelve-year track record of identifying, supporting and exiting science-driven companies. Embedded in the UK innovation ecosystem and with access to the University of Cambridge, CIC works closely with its investors, including major pension funds and family offices.
CIC manages over €693 million of capital and invests across DeepTech and life sciences, from cancer therapies, genomic diagnostics and surgical robotics, to AI, semiconductors and quantum computing. Notable portfolio companies include CMR Surgical, Pragmatic and Riverlane.
Cambridge spinouts contribute more than €26 billion to the UK economy annually. The university has also produced the highest number of unicorn companies of any European ecosystem. Notable successes include world-leading technology firms such as Darktrace, ARM and Abcam.
Dr Diarmuid O’Brien, Pro-Vice-Chancellor for Innovation at the University of Cambridge, said: “In 2024, the University of Cambridge created more spinout companies than any other university. It has also produced the most unicorns of any European ecosystem and generates £23 billion in economic interest linked to research and commercialisation each year. We are determined to do even more, and faster, through initiatives such as the new EIR programme and by attracting investment into our spinout companies working with partners like Cambridge Innovation Capital.”
To coincide with the funding commitment, CIC is launching a new Entrepreneur in Residence (EIR) programme, in partnership with the university, to identify IP with the potential for commercialisation and to support academic Founders as they begin to build a company. By matching experienced DeepTech and life sciences executives, many of whom have achieved significant exits with their previous businesses, with academics and high-potential IP, the EIR programme will aim to increase the number of quality spinouts and accelerate the path towards viable commercialisation of the technology.
The EIR programme, which will maintain a rolling cohort of up to six EIRs, is the latest project to support spinouts from the university. The University of Cambridge has also launched the Founders programme to support new company creation; the Technology Investment Fund (TIF), a new proof of concept fund to de-risk world class research and enable faster commercialisation; and an additional €34 million capital to the €115 million AUM Cambridge Enterprise Ventures (CEV) fund to support increasing university investment in spinouts.
Companies created within the EIR programme can access the new funding to support development from inception through proof-of-concept to early-stage growth.
Recent examples of University success stories which this EIR programme will build upon include:
- Riverlane – A quantum computing company founded by former DAMTP academic, Dr Steve Brierley, with support from CIC and CEV. It has raised over €105 million to establish a leading position in the field of quantum error correction.
- T-Therapeutics – A therapeutics company, founded by Prof. Allan Bradley, with a TCR discovery engine that can unlock the power of T cells to treat cancer and autoimmune diseases. Based on University IP, the company has raised funding from CEV, CIC and institutional investors.
- Cambridge GaN Devices (CGD) – after winning the 2017 postdoc business plan competition Dr Giorgio Longobardo and Prof. Florin Udrea founded CGD. The company designs GaN power electronics devices for energy efficient power conversion and has raised over €43 million from CEV, CIC and a range of institutional investors.
The funding will seek to take advantage of the commercial potential in science and technology innovation developed by Cambridge researchers and follows a series of recent initiatives from the university designed to support entrepreneurial academics. These include plans for four million sq. ft of high-tech development at Cambridge West and a new Innovation Hub in central Cambridge to host spinouts, startups, and entrepreneurs.
