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25 April, 2022 - 09:01 By Tony Quested

CIC has $642m to back DeepTech and life science after $300m raise

Cambridge Innovation Capital has a war chest of more than $642 million to invest in DeepTech and life science companies after raising a $300m Fund II in an oversubscribed round. It has already made investments from the new round.

A preferred investor for the University of Cambridge – Europe’s top source of founders for venture-backed startups – CIC currently manages in excess of £0.65 billion and has invested in around 40 companies. 

Its financial clout gives CIC the scale to support its portfolio companies throughout their life cycle, providing investment capital as well as strategic and operational support.

Participants in Fund II embrace a geographically diverse group of some 50 institutional and strategic backers with almost half the money raised coming from UK-based investors.

CIC has invested in c. 40 DeepTech and life sciences companies to date, with Fund II already having made six investments. These include Riverlane, a quantum computing software provider; Pretzel Therapeutics, a leading developer of mitochondrial therapeutics; and Epitopea, a cancer immunotherapeutics company.

CIC’s first fund portfolio companies include CMR Surgical, which closed the largest medtech private financing round in the world in 2021 (£425m), valuing the company at more than £2 billion; and PragmatIC Semiconductor, which recently raised $80 million to build its second manufacturing facility in the North of England.

In addition to its portfolio companies, CIC has co-founded two Cambridge-based business accelerators – DeepTech Labs and Start Codon. The goal here is to help DeepTech and life science entrepreneurs develop their commercialisation and technology strategies – bridging the gap between translational research and Series A-ready businesses.

CIC managing partner Andrew Williamson said: “Cambridge UK is one of the fastest-growing science and technology innovation ecosystems in the world. Since our inception, CIC and our co-investors have invested more than £2 billion ($2.57bn) in sectors as diverse as robotics, semiconductors, genomics, gene therapy, therapeutics, liquid biopsy, artificial intelligence, and edge computing. 

“We are delighted to launch our new fund and to work with a dynamic group of entrepreneurs and investors to capture the full potential within the thriving Cambridge ecosystem.”

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