The Royal Society announces two further investments in two UK spin-outs from its Enterprise Fund.
The Royal Society, the oldest scientific fellowship society in existence, has made two investments in UK spin-outs through the Royal Society Enterprise Fund.
The first investment was for an undisclosed amount in Cambridge-based University of Warwick life sciences spin-out Base 4 Innovation, and was made alongside Oxford Technology Enterprise Capital Fund and Oxford Instruments founder Sir Martin Wood.
Sir Martin said: “Entrepreneurs creating and growing new companies desperately need access to reasonably-priced risk capital and consistent long-term support from investors. The Enterprise Fund is a powerful and visionary initiative to address the current lack of such support and we are delighted to be co-investing with the Fund, as well as supporting the Fund financially and in other ways.”
The second was for Nano-Porous Solutions, which is commercialising hollow fibre technology developed at the University of Bath. Formed in 2006 and funded in part by a Royal Society £250k ($374k) award, the Gateshead-based spin-out received £750k from the Royal Society with participation from local business angels.
Colin Billiet, chief executive of Nano-Porous Solutions said: “This investment will enable Nano-Porous Solutions to progress to the next stage of commercial development. New products are to be introduced to the market using the novel adsorbent hollow fibre technology. Research has been expanded to ensure the technology lead is extended, supporting commercial developments. The new investors provide a strategic fit and will strengthen the Board of Directors, supporting ambitious plans for future growth.”
The Royal Society Enterprise Fund is philanthropically backed, and aims to raise £20m in total to support UK spin-outs. It made an investment in University of Cambridge’s spin-out Sphere Fluidics earlier in the year in a round where the life sciences firm raised $2.6m.
