Cambridge Future Tech, a group supporting the commercialisation of university research, has raised $5m (£3.94m).
Launched in 2022, Cambridge Future Tech works with universities and tech transfer offices to form new spinout companies.
The group acts as an operational co-founder, aiming to find the best route to commercialisation for each venture.
Cambridge Future Tech focuses on deep tech innovations, which often struggle to commercialise due to high costs and difficulty securing external investment.
According to the group, its portfolio companies have raised over $10m in investments and $5m in grants to date.
Companies formed from Cambridge Future Tech include University of Newcastle AI spinout Literal Labs and Cambridge-based robotic agriculture startup AutoPickr.
The company said the new funding will allow it to co-found eight new companies in 2024, part of a wider target to co-found a further 40 startups within five years.
“This investment is testament to the huge and growing significance of deep tech startups for the national industrial strategy, supporting the UK’s ambition to bridge the critical gap between scientific discovery and market-ready innovation as a science and technology superpower,” said co-founder and CEO Owen Thompson.
“Cambridge Future Tech is poised to continue expansion with our corporate and academic partners, with the long-term stability needed to begin the creation of a sister VC arm, further strengthening our venture-building capabilities.”
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