Oxford Sciences Innovation has received an investment of undisclosed size from Legal & General.
Legal & General Capital, the investment arm of financial services company Legal & General, yesterday made an investment of undisclosed size in Oxford Sciences Innovation (OSI), University of Oxford’s university venture fund.
In December 2016, OSI boosted its reserves to £580m ($746m), with contributions from the institution’s endowment fund Oxford University Endowment Management, commercialisation firm IP Group, Wellcome Trust, Woodford Investment Management, Lansdowne and Invesco Asset Management.
Temasek and Oman Investment Fund, the respective government venturing arms of Singapore and Oman, as well as unnamed Asia-based technology companies and Europe-based investors also injected cash alongside private investors Charles Dunstone and Dennis Hassabis.
GV, formerly Google Ventures, the corporate venturing arm of diversified conglomerate Alphabet, provided an extension to £320m in June 2015.
Legal & General made the commitment in response to the revelation that the UK ecosystem is lacking more than £4bn in investments per year compared to the US – a figure touted in the UK government’s patient capital review consultation last month.
Paul Stanworth, chief executive of Legal & General Capital (LGC), said: “For over thirty years the UK has faced chronic underinvestment in physical and digital infrastructure. We see a huge market opportunity to plug this funding gap.
“By providing early stage capital to first class venture managers, we can drive British enterprise, create jobs and boost economic growth, at the same time as providing excellent investment returns for our shareholders and insight into cutting-edge developments that can influence our strategic direction and provide synergies for the wider group.
“Over the last 18 months, LGC has committed £80, into the sector, including backing Accelerated Digital Ventures, Cambridge Innovation Capital, Atomico, Anthemis, Kindred, and now Oxford Sciences Innovation.”