Empirical Ventures, based in Bristol, is aiming for a £10 million fund to lead pre-seed and seed investments for deep science startups in the UK. British Business Investments, through its Regional Angels Programme, has committed £5 million to invest alongside Empirical Ventures’ new S/EIS Fund and its angel syndicate.
Other investors have committed £3.25 million as a first close into Empirical Ventures’ S/EIS fund. Empirical Ventures focuses on early-stage science-led startups that are solving pressing challenges facing humanity.
The founders of Empirical Ventures, Dr. Ben Miles and Dr. Johnathan Matlock, previously met at the University of Bristol spinout company, Ziylo Ltd., which was later acquired by Novo Nordisk.
Dr. Ben Miles also founded Spin Up Science in 2018, supporting over 4,500 scientists in entrepreneurship and catalyzing over 200 deeptech companies across the UK.
Empirical Ventures has invested in 18 companies across various sectors including advanced materials, life sciences, robotics, and energy transition technologies.
What they have said?
Dr. Johnathan Matlock, VC investor and cofounder at Empirical Ventures
Dr. Johnathan Matlock emphasizes the importance of backing innovative startups that address future necessities such as climate change, dwindling resources, and accessible healthcare.
“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 looking forward to bringing our experience and contacts together to support these startups to achieve their maximum positive impact.”
Dr. Ben Miles, VC investor and co-founder at Empirical Ventures
Dr. Ben Miles highlights the challenge of valuing and diligencing startups driven by fundamental research, and how Empirical Ventures aims to address this gap in the UK ecosystem.
“We are looking at entirely new technologies driven by fundamental research. These startups have incredible potential but are also very hard to diligence and value at the early stages, and that is hurting the ecosystem as a whole in the UK.
We’re addressing that gap in the market by validating and funding the most exciting and novel technologies from the beginning and helping the founders through their journeys based on our own experiences to make them into successful and significant companies.”
Adam Kelly, Managing Director, British Business Investments:
Adam Kelly, Managing Director of British Business Investments, expresses excitement about backing Empirical Ventures and addressing the gap in early-stage deep science investing, which in turn increases angel involvement in the sector.
“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 into this vital sector.
This commitment highlights the Regional Angels Programme’s objectives of developing the early-stage funding ecosystem across the UK Nations and Regions, bringing together finance, business experience and skills to support the development of high-growth smaller businesses.”
Empirical Ventures’ ambitious £10 million fund signifies a pivotal step towards addressing the critical gap in early-stage funding for deep science startups in the UK.
This initiative not only benefits entrepreneurs and startups striving to make a profound impact but also resonates with investors seeking to support transformative technologies with the potential for significant societal and economic benefits.
Empirical Ventures’ proactive approach, combined with its founders’ expertise and vision, positions it as a catalyst for driving positive change and innovation in the UK’s deep science ecosystem.