Bristol's Empirical Ventures looking to invest in UK's most innovative deeptech start-ups
Bristol-based Empirical Ventures is aiming to build a £10 million fund to invest in UK early-stage deep science start-ups.
The company was founded by scientists turned entrepreneurs Dr Benjamin Miles and Dr Johnathan Matlock and fills a key gap in the country's deeptech landscape by leading due diligence, helping to de-risk these early stage investments.
READ MORE: Bristol venture capitalists close $100 million deep tech fund
It has already received £5 million from British Business Investments' regional angels programme, to invest alongside Empirical's new S/EIS Fund and its angel syndicate, while another £3.25 million has been committed as a first close into the S/EIS fund by other investors.
"We want to back the most innovative and advanced startups that address not only the necessities we’re facing for the future - climate change, dwindling resources, accessible healthcare - but also startups that create new markets and possibilities based on technology no one has seen before," said Dr Matlock, venture capital investor and co-founder of Empirical Ventures
"We’re looking forward to bringing our experience and contacts together to support these startups to achieve their maximum positive impact."
Dr Miles added: "These startups have incredible potential, but are also very hard to diligence and value at the early stages, and that is hurting the ecosystem as a whole in the UK.
"We’re addressing that gap in the market by validating and funding the most exciting and novel technologies from the beginning, and helping the founders through their journeys based on our own experiences to make them into successful and significant companies."
Empirical Ventures has already invested in 18 companies across advanced materials, life sciences, robotics, and energy transition technologies, including startups like BaseImmune, Anaphite, CheMastery, Wase, Ensilicated Technologies, and QV Bioelectronics.
The two entrepreneurs met in 2016 at University of Bristol spinout Ziylo Ltd, which was later acquired by Novo Nordisk in a deal potentially worth over US$800 million. They founded Science Angel Syndicate, which, along with personal investments, has made over 65 investments worth more than £6 million in deep science companies.
They also sit on the board of eight companies, which have collectively raised over £20 million.
Adam Kelly, managing director at British Business Investments, said: "We are excited to back Johnathan and Ben, who are addressing a large gap of undertaking significant due diligence in early-stage deep science investing which in turn increases angel involvement into this vital sector.
"This commitment highlights the Regional Angels Programme’s objectives of developing the early-stage funding ecosystem across the UK Nations and Regions, bringing together finance, business experience and skills to support the development of high-growth smaller businesses.”
British Business Investments is a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank.
