UCL bags £50m for new business technology fund
Backing from Imperial Innovations Group and European Investment Fund will see UCL invest in the creation of new spin-out companies...
University College London (UCL) has secured £50m for its newly launched technology fund with backing from the Imperial Innovations Group and the European Investment Fund.
The tech fund, which intends to support the creation of new spin-out companies, will see UCL invest in new ideas from academics working in the life sciences and physical sciences fields over the next five years.
The fund will be managed in partnership by UK venture capital investor Albion Ventures LLP and UCL’s technology transfer company UCL Business.
The new investment has been said to indicate a “step-change” in Imperial Innovations’ attempts to commercialise research output from the UK’s leading universities.
Imperial Innovations CEO, Russ Cummings, commented: “Innovations’ participation in the fund is expected to significantly increase the group’s access to deal-flow from one of the world’s leading universities and providing new opportunities to apply our skills and investment capital.
“The quality of research at UCL means that there is already a wealth of opportunities to be exploited and the UCL Technology Fund will provide even greater level of resources to UCL Business to increase throughput.”