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3 December, 2017 - 22:55 By Tony Quested

Cambridge Innovation Capital takes investment total to £72.3m

Another dynamic six months of investment in local technology and life sciences business means that Cambridge Innovation Capital has now injected £72.3 million into 21 companies in the world-leading cluster.

Announcing CIC’s half-year results to September 30, CEO Victor Christou (pictured above) said: “This has been another period of significant growth. We have continued to enhance our presence in the Cambridge Cluster and taken steps to increase our operational activities to develop both the cluster and our rapidly growing portfolio. We look forward to continuing this success into 2018.

“The breadth of world-leading science & technology being developed into exciting businesses around Cambridge continues at an increasing rate and we believe that CIC is better placed than ever to identify and support these businesses as they grow.”

Christou also welcomed recent government announcements affecting the sector. He said: “Since the period end, we’ve seen further support from the UK Government through the Patient Capital Review, enabling greater scale-up capital for the businesses that the Cambridge area produces so well.”
 
Among the investment highlights was that in Bicycle Therapeutics: CIC was a key participant in Bicycle Therapeutics’ £40m Series B funding round. The company – founded by Sir Greg Winter, a member of CIC’s advisory panel and a founder of Cambridge Antibody Technology -  is pioneering first-in class therapeutics to treat cancer and other debilitating diseases based on its proprietary bicyclic peptides (Bicycles®) platform. 

Also significant was a raise for Cambridge Medical Robotics: CIC increased its equity stake in CMR in a $26m extension to the Series A funding round; the company is developing Versius®, a universal robotic system for minimal access surgery.

PROWLER.io was another success story. CIC  led a £10 million Series A round in the startup, which is developing a novel decision-making platform that combines for the first time three different strands of artificial intelligence. The investment will allow PROWLER.io to enhance its research capability and accelerate its technology into the market. 

• CIC has now invested  £72.3m in 21 companies (31 March 2017: £49.7 million, 19 companies) and strengthened the board with the appointment of Humphrey Battcock and, following the period end, Dr Dipti Amin, as independent non-executive directors.

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