What's Happening?
Empirical Ventures, a Bristol-based deeptech investment firm, has received a £10 million commitment from the British Business Bank through its Regional Angels Programme. This funding increases the Bank's total support for Empirical Ventures to £15 million.
The firm, co-founded by Dr. Ben Miles and Dr. Johnathan Matlock, focuses on backing 'Venture Scientists'—PhDs building companies in energy, materials, and life sciences. The new capital will enable Empirical Ventures to provide larger investments to early-stage science-led startups across the UK, particularly outside London. The firm targets pre-seed and seed rounds, investing in areas such as energy, advanced materials, robotics, and life sciences. Empirical Ventures aims to bridge a critical funding gap for science-led businesses outside London, supporting high-growth smaller businesses with finance, business experience, and skills.
Why It's Important?
The investment from the British Business Bank is significant as it addresses a critical funding gap for science-led startups outside of London. By supporting early-stage deeptech companies, Empirical Ventures is fostering innovation in sectors crucial for technological advancement and economic growth. This funding can help catalyze the development of groundbreaking technologies and solutions, potentially leading to job creation and increased competitiveness in the global market. The focus on 'Venture Scientists' ensures that investments are made with scientific conviction, which could lead to more successful commercialization of academic research. This approach not only benefits the startups but also strengthens the UK's position as a leader in deeptech innovation.
What's Next?
Empirical Ventures plans to use the new funding to write larger cheques to early-stage science-led founders, particularly those outside London. The firm will continue to target pre-seed and seed rounds in energy, advanced materials, robotics, and life sciences. By taking board seats in portfolio companies, Empirical Ventures aims to provide strategic guidance and support to help these startups succeed. The expanded commitment from the British Business Bank is expected to enhance the geographic reach of Empirical Ventures, ensuring that founders across the UK have access to the resources needed to bring their innovations to market.
