Bristol-based SCVC, an early-stage deep tech venture capital firm, announced on Thursday the first close of its second fund. The fund has a target of up to $100M (approximately €93.16M).
SCVC specialises in early-stage deep tech investments with a focus on technologies that benefit health and the environment, ranging from biotech to quantum tech.
What to expect from the new Fund?
SCVC’s new fund focuses on pre-seed and seed-stage companies, offering initial checks ranging from $500K to $3M. Additionally, the firm plans to provide follow-on funding of up to $7M for top-performing companies as they advance to the Series A stage.
SCVC’s second fund has already made its first investment in VyperCore, a RISC-V startup specialising in advanced processors for improved performance and security.
They are also planning to announce another investment in a startup that pioneers a gene therapy platform with potential treatments for severe genetic diseases.
The Bristol-based VC was co-founded by Dr Harry Destecroix and Jon Craton, both successful deeptech entrepreneurs. They met through angel investing and united to establish the region’s first deep tech VC firm, which also serves as the official VC arm of the deep tech ecosystem Science Creates.
Destecroix says, “Our goal has been to build the venture firm we wished we had as founders. We give deep tech startups access to bespoke technical and business expertise, as well as capital.”
“Our portfolio is united by category-defining innovation driven by world-class founders, and the new fund allows us to double down on our mission and enable more scientists to become founders and turn their discoveries into inventions,” adds Destecroix.
Investment by SCVC’s first fund
SCVC’s first $17M seed fund has invested in 12 companies spanning therapeutics, diagnostics, quantum sensors, and semiconductors.
Recent investments include Delta g, pioneering quantum gravity sensors, and Isomab, a pre-clinical biotech working on breakthrough treatments for Peripheral Vascular Disease.
Destecroix says, “We believe the next decade will yield the most important industrial revolution in history. The gap between hardware and biology is vanishing and unlocking an enormous untapped dataset of our own biology. Combined with AI, this gives us a once-in-a-generation investment opportunity to build high-impact technology companies.”
SCVC claims to be enhancing its team by appointing John Williams as its first Venture Partner. Williams, a Bristol-based founder with a technical background in artificial perception technologies, played a significant role in the success of Kudan, a UK-Japanese company that achieved a notable listing on the Tokyo Stock Exchange in 2018.
Destecroix adds, “We’re thrilled to have John on board. He strengthens our domain expertise in hardware and AI and fits SCVC’s thesis of welcoming exited deep tech founders turned investors. His input will be a huge asset for the firm and our portfolio companies.”
Brief about SCVC
SCVC is an early-stage investor in UK deep tech companies and is associated with Science Creates. It invests in advanced technologies ranging from biotech to quantum tech, with a mission to improve both human health and the health of the planet.
“We are the official VC arm of Science Creates. Being part of Science Creates plugs you into an ecosystem of specialist Incubators, Investment, Partners and Programmes, all designed and curated for deep tech startups,” says SCVC.
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