Cambridge Innovation Capital announces first three investments from £50m fund
Cambridge Cluster fund backs high-growth tech firms in first trio of deals
Regional tech investor Cambridge Innovation Capital (CIC) today announced the first three companies to receive investment from its £50m Cambridge Cluster fund.
Cambridge Imaging Systems, Origami Energy, and Jukedeck were the first three companies to be backed by the Cambridge Cluster fund, which aims to invest in high-growth tech firms based in the Cambridge area.
CIC said it drew on its “strong relationship” with the University of Cambridge and its industry links to identify the first group of investments, and said its fund would allow them to grow without the pressure to deliver the “quick flips” associated with a traditional venture capital model.
Cloud-based video archiving service Cambridge Imaging Systems received the largest investment from CIC, with £1.5m of growth funding.
The firm has been trading for more than 20 years, with clients including the BBC, the Ministry of Defence, IMG Sports and the British Library, and CIC said its backing would accelerate the market roll-out of its new “ImageCloud” technology, a service which allows content owners to securely manage access to video content for remote users.
Origami Energy received £1.25m, as part of a wider £3.5m round with participation from Octopus Investments and two angel investors.
The firm operates a software-as-a-service (SaaS) offering which allows clients in the energy industry to trade power with each other and manage energy grids on a micro level. CIC said the new investment would accelerate growth and product development for the tech firm.
Finally, the Cambridge Cluster fund also backed generative music service Jukedeck with £100,000, in addition to £400,000 in seed funding from two investment arms of the University of Cambridge.
The start-up, a spin-out of the University of Cambridge, allows users to automatically generate responsive music for videos, online games and applications, avoiding the copyright issues associated with using licensed music.
Peter Keen, CEO of CIC, said: “I am delighted to announce CIC’s first investments from our new fund. The companies provide an excellent snapshot of the breadth of activity and quality of entrepreneurs in the Cambridge Cluster.
“We look forward to working with these teams and many others as the Fund continues to invest in ambitious entrepreneurs with promising technologies in and around our cluster.”