CIC more than doubles investment in Cambridge innovators
Cambridge Innovation Capital packed on the power with a huge swell of investments in the year to March 31, more than doubling its financial input in science & technology companies in the UK and Europe’s top cluster.
CIC, which backs technology and healthcare business ventures, committed £40 million to seven new and nine existing portfolio companies in the year – up from £19m the previous year.
That brought the total invested or committed to £63.7m in 19 companies at the end of March – substantially ahead of the £26m to 12 companies in 2016. Following an investment into Bicycle Therapeutics in June, CIC has now committed £72m to 20 portfolio companies.
It added financial muscle during the year by raising an extra £75m from new and existing investors to increase funds for investment; that brought the total raised by CIC to date to £125m.
CEO Victor Christou said: “We are committed to building leading businesses from brilliant technologies emanating from the University of Cambridge and the wider Cambridge community and we continue to believe in the fundamentals of our business model to achieve this ambition.
“Each year we see a healthy flow of potential new investment opportunities, from which we have established a diverse portfolio of technology and healthcare businesses that are making good progress – but there is more to do.
“We will continue to enjoy our pivotal position in Cambridge, working alongside appropriate and trusted co-investors, to provide patient capital to category leaders in rapidly growing technology and healthcare sectors. We remain confident that CIC is well-placed to thrive and build substantial value for shareholders.”
Investment highlights in the year included:
PragmatIC – Having first invested in 2014, CIC provided further funds for PragmatIC, a world leader in flexible electronics, as part of an £18m round to support the development and commercialisation of its FlexLogIC fab-in-a-box equipment.
Congenica – In February 2017, CIC led an £8m funding round in Congenica, a leading provider of clinical genome analysis technology, to sustain the commercial roll out of its Sapientia™ clinical genome analysis platform, by accelerating international growth and expanding customer support.
Inivata – CIC invested a further £2.7m of the Series A commitment made last year, the company having launched its US clinical validation study in non-small cell lung cancer.
Imagen – CIC invested £2.5m to develop and expand Imagen’s customer base for its sector-leading media asset management system. Imagen’s sophisticated SaaS media archival and monetisation platform, ImagenEVP, is used by world-leading sports federations, including the Premier League, ATP World Tour, Ryder Cup and IMG Media, to handle and distribute valuable content and images to global broadcast partners such as NBC, ESPN and Sky.
Cambridge Medical Robotics (CMR) – CIC contributed to a $20.3m Series A funding round for CMR which is developing a next-generation robotic system for universal minimal access surgery. CMR’s goal is to increase the volume and range of surgical procedures performed robotically and to deliver an affordable solution for healthcare providers.
Microbiotica – CIC co-led the initial £8m round of funding to establish this spin out from the Wellcome Trust Sanger Institute to develop and commercialise new defined bacteriotherapies based on the human gut microbiome.
Carrick Therapeutics – CIC was part of the syndicate which committed $95m to establish Carrick Therapeutics, a European oncology company. Some of Carrick’s founding intellectual property is derived from work undertaken at the Gurdon Institute in Cambridge.