▼ Summary
– Empirical Ventures, a Bristol-based deeptech fund, has secured a new £10M commitment from the British Business Bank, bringing the Bank’s total support to £15M.
– The fund, co-founded by scientists Ben Miles and Jonathan Matlock, specifically backs “venture scientists”—PhDs building companies in fields like energy and life sciences.
– Its investment thesis is that generalist investors lack the domain expertise to properly evaluate early-stage deep science startups.
– The capital will be used to write larger cheques for science-led founders across the UK, with a focus on regions outside London.
– The founders previously worked at Ziylo, a university spinout acquired by Novo Nordisk, before building careers in deep science investing.
A significant new investment is strengthening support for the UK’s most technically ambitious startups. The British Business Bank has committed an additional £10 million to Empirical Ventures, a Bristol-based deeptech investor, through its Regional Angels Programme. This brings the Bank’s total backing for the firm to £15 million, following an initial £5 million investment in April 2024. The fresh capital will enable Empirical to provide larger investments to early-stage, science-led founders across the country, with a particular focus on regions outside London.
Empirical Ventures was co-founded by Dr. Ben Miles and Dr. Johnathan Matlock, both scientists who transitioned into investing. Their partnership began at Ziylo Ltd, a University of Bristol spinout focused on glucose-sensing molecules for diabetes treatment. Novo Nordisk acquired Ziylo in 2018 in a deal potentially exceeding $800 million, a landmark transaction for a UK spinout at the time. Following the exit, both founders dedicated themselves to funding deep science ventures. Miles also established Spin Up Science, an entrepreneurship program that has supported over 4,500 scientists and helped launch more than 200 deeptech companies.
The firm operates on a clear investment thesis. It argues that generalist investors often struggle to properly evaluate early-stage deep science startups due to a lack of specialized domain knowledge. This can make it difficult to assess true technical novelty, realistic development timelines, and how much risk has been mitigated. In response, Empirical invests based on scientific conviction rather than relying solely on pattern-matching founder backgrounds. The fund specifically backs what it terms “Venture Scientists”, founders with profound technical expertise who are moving from academic research into building commercial enterprises.
Empirical targets pre-seed and seed rounds in sectors like energy, advanced materials, robotics, and life sciences. It takes a high-conviction approach, writing substantial checks and often taking board seats. Its portfolio includes companies such as Quantum Dice, Wave Photonics, Senisca, and Intrinsic Semiconductor Technologies. The expanded funding from the British Business Bank will amplify this strategy.
Mark Barry, Senior Investment Director at the British Business Bank, stated the Regional Angels Programme aims to combine finance, experience, and skills to foster high-growth smaller businesses. He noted Empirical’s work helps address a critical funding gap for science-led businesses operating outside the capital. Co-founder Johnathan Matlock emphasized the geographic imperative, saying, “Whether they are in Bristol, Manchester, or Edinburgh, we are here to ensure that the founders capable of rewriting the rules of what’s possible get the resources to do so.”
(Source: The Next Web)