Cambridge Innovation Capital (CIC), a leading UK venture firm focused on the Cambridge tech ecosystem, has launched a £100 million ($126M) Opportunity Fund to support later-stage deep tech and life sciences startups.
The fund is backed by Aviva Investors and British Patient Capital and aims to address the UK’s funding gap for scale-ups, which often look abroad—particularly to the U.S.—for growth capital.
Closing the Later-Stage Funding Gap
The UK and Europe lag behind the U.S. in large-scale venture funding, with seven times fewer late-stage VC funds than the U.S., according to the European Investment Fund. CIC’s new fund aims to bridge this gap, investing up to £20 million ($25.2M) per company in Series C and later rounds.
Andrew Williamson, Managing Partner at Cambridge Innovation Capital, stated:
“We’ve traditionally focused on early-stage companies, but many of them are now reaching maturity. This fund ensures they can scale without leaving the UK.”
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First Investments: Semiconductor and Quantum Computing
The Opportunity Fund has already backed two UK-based deep tech firms:
- Pragmatic Semiconductor – A flexible chip manufacturer that has raised $389.3M.
- Riverlane – A quantum computing company specializing in error correction, with $120.7M raised.
UK Government’s Push for Tech Leadership
This fund launch aligns with the UK government’s “AI Action Plan”, a strategy to create Europe’s “Silicon Valley” by strengthening Cambridge, Oxford, and London’s tech and research ecosystem. The plan includes £14 billion in funding and infrastructure improvements.
Exits & Track Record
Cambridge innovation Capital has a history of backing high-growth UK startups, with notable exits including:
- Gyroscope Therapeutics, sold to Novartis for $1.5 billion.
- PetMedix, acquired for $285 million by Zoetis.
- Inivata, sold to NeoGenomics for $390 million.
With $757 million invested in 40+ companies, Cambridge Innovation Capital is positioning itself as a key player in scaling UK innovation. Its new $126M Opportunity Fund aims to keep high-potential deep tech and life sciences firms rooted in the UK, driving long-term growth in the region.
