University of Cambridge portfolio firms raise more than £30m in 10 months
Cambridge Enterprise Ltd said it has seen more than £30m invested in 13 of its portfolio companies since September last year.
In May £5.1m was invested into Metalysis Ltd to further develop its environmentally friendly way to produce tantalum and titanium alloys. The company employs over 40 people and the new funds will mainly be used to support the scale-up of a novel semi-continuous pilot plant.
Cambridge Enterprise CEO Teri Willey said: "Funders are still supporting good innovation with the potential for a return on their investment as well as the development of a sustainable company employing highly qualified staff.
"Our newly launched Discovery Fund is established to keep this funding momentum for the earliest pre seed investment to support the next generation of companies emerging out of the University".
The University of Cambridge bio tech companies are continuing to attract funding from venture capitalists, business angels, and leading research and charitable foundations, in addition to accessing significant funding through partnering deals with major pharmaceutical companies, Cambridge Enterprise, the University's commercialisation arm, said.
As well as receiving upfront funding of $37m as part of its most recent partnering deal with Janssen Pharmaceutical, earlier this year, Astex Therapeutics received an award of up to £2m from the Wellcome Trust.
