Empirical Ventures, a Bristol-based VC firm, plans to raise €11.6 million to support seed and pre-seed funding for Deep Science startups in the UK.
Empirical Ventures, a VC firm founded by two scientists who are now entrepreneurs, will fund companies that are pushing the boundaries of what is conceivable and addressing some of the most important problems confronting humanity.
Through its Regional Angels Program, British Business Investments has already committed €5.8 million to the VC to invest alongside Empirical Ventures’ new S/EIS Fund and its angel syndicate. Other investors have contributed an additional €3.7 million as a first closure to the S/EIS fund. Empirical Ventures is a prominent investor in the United Kingdom, mostly focusing on ventures outside of London.
Being the founders of Science Angel Syndicate, which has made over 65 investments in Deep Science startups totaling over £6 million in addition to personal investments, Miles and Matlock have been heavily involved in the UK’s deep scientific ecosystem. In 2018, Miles also started Spin Up Science, an organization that has helped over 4,500 scientists become entrepreneurs and sparked the creation of over 200 DeepTech businesses in the UK.
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Dr. Johnathan Matlock, co-founder of Empirical Ventures and VC investor, said:
“We want to back the most innovative and advanced startups that address not only the necessities we’re facing for the future – climate change, dwindling resources, accessible healthcare – but also startups that create new markets and possibilities based on technology no one has seen before. We’re excited to use our networks and knowledge to help these entrepreneurs make the most positive impact possible.”
Empirical Ventures co-founder and VC Dr. Ben Miles continued, saying:
“We are looking at entirely new technologies driven by fundamental research. The UK ecosystem is being harmed by these firms, which have enormous promise but are also difficult to diligence and value in their early phases. By approving and supporting the most innovative and interesting technologies from the start and guiding the founders through their travels to help them become noteworthy and successful businesses based on our own experiences, we’re filling that gap in the market.”
In the fields of advanced materials, life sciences, robotics, and energy transition technologies, Empirical Ventures has already made investments in eighteen businesses. These include startups such as BaseImmune, Anaphite, CheMastery, Wase, Ensilicated Technologies, and QV Bioelectronics. Moreover, Dr. Keith Lipman (Ph.D., Physics) and Hon. Alexander Fink are joining the team as venture partners.
Adam Kelly, MD of British Business Investments, said:
“We are excited to back Johnathan and Ben, who are addressing a large gap of undertaking significant due diligence in early-stage Deep Science investing which in turn increases angel involvement in this vital sector. This pledge demonstrates the goals of the Regional Angels Programme, which are to build an ecosystem for early-stage funding throughout the UK Nations and Regions by bringing together capital, business expertise, and skills to promote the growth of smaller, high-growth companies.”
