Birmingham-based UK Fund for Innovation and Science (UKI2S) has added a further £37m to its Patient Capital Fund to invest in start-ups working in areas such as synthetic biology, fusion energy and defence.

The fund will make investments in both private sector companies and technologies developed in public sector laboratories and partner research and innovation campuses.

Its purpose is to “deliver economic benefit” from UK government-funded research.

“The expansion of the fund will help drive innovation with our partners on research campuses and in the synthetic biology industry, in addition to accelerating the development of high-growth businesses in defense and security, fusion technology and UK know-how,” said Andrew Muir, chief investment officer. , Future Planet Capital Group and UKI2S fund manager.

UKI2S is an early stage investment fund supported by organizations such as UK Research and Innovation (UKRI), Defense Science and Technology Laboratory (Dstl), Department for Business, Energy and Industrial Strategy (BEIS), UK Atomic Energy Authority (UKAEA ) among others.

The early stage investment fund is managed by Midven Ltd, a division of Future Planet Capital Group.

Dr Liz Kirby, Director of Innovation at the Science and Technology Council, said: “I am delighted to announce the expansion of UKI2S as we increase our investment in the UK’s most disruptive early-stage companies that are leading the way in finding solutions to the challenges we face with the whole society.”

The fund can invest up to £1.5m in a start-up, but its average stake is £300,000.

Prior investment include Oxford Helix Geospace Seed funding of £3 million last December, Coventry biotech NanoSyrinx – £6m seed round and Welsh platform for antibody discovery Anti verse.

London-headquartered Future Planet Capital manages $400m (£332m) and has a portfolio of more than 180 companies.

Venture capital fund Systemiq Capital earlier this month closed £59m invest in early-stage climate technology startups.

UKI2S gets £37m boost to back British seed-stage startups

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