Empirical Ventures Secures £8.25M for Deep Science Initiatives

Empirical Ventures, established by alumni of Bristol spinout Ziylo, has successfully raised £8.25 million for its deep science fund, S/EIS. The firm aims to raise a total of £10 million to offer increased support to early-stage deep science startups.The portfolio of Empirical Ventures encompasses a diverse range of products, including brain implants, robotic crop harvesters, and vaccine temperature management solutions.

Their investment criteria for deep science ventures cover various sectors, including life sciences, advanced materials, photonics, quantum hardware, robotics and automation, agrochemicals/technology, and deeptech.By securing funding for its S/EIS fund, Empirical Ventures is well-positioned to continue its mission of supporting and nurturing innovative deep science startups. With a focus on advancing groundbreaking technologies across multiple domains, the firm plays a crucial role in driving forward scientific innovation and technological progress.

Empirical Ventures is dedicated to elevating the UK's deeptech landscape by taking a leading role in conducting thorough due diligence on potential investments in deep science. By rigorously evaluating prospective opportunities, the firm aims to mitigate risks associated with early-stage investments, thereby providing greater confidence and reassurance to their investors and co-investors.

A significant boost to Empirical Ventures' S/EIS fund came from the British Business Investments Regional Angels Programme, which awarded £5 million to support the fund's initiatives. Additionally, other investors contributed £3.25 million, demonstrating strong support and confidence in Empirical Ventures' vision and strategy.With this combined funding, Empirical Ventures is well-equipped to drive forward its mission of supporting and fostering innovation in the deeptech sector. By leveraging its expertise in due diligence and investment management, the firm aims to catalyze the growth and success of early-stage deep science startups, ultimately contributing to the advancement of technology and science in the UK and beyond.

Empirical Ventures is spearheaded by co-founders and emerging investors Dr. Jonathan Matlock, who holds a PhD in Chemistry, and Dr. Ben Miles, with a PhD in Physics. Both individuals boast impressive track records in scaling and investing in deep science ventures within the UK.Their journey began at the University of Bristol spinout Ziylo in 2016, where they played pivotal roles as part of the core scientific team. Ziylo's groundbreaking work eventually caught the attention of pharmaceutical giant Novo Nordisk, leading to its acquisition in a landmark deal valued at over $800 million. This acquisition marked one of the largest in the history of UK spinout companies, underscoring the significance and potential of the innovations developed at Ziylo.

Drawing from their invaluable experiences at Ziylo and their deep expertise in scientific research and investment, Dr. Matlock and Dr. Miles are now leading Empirical Ventures in its mission to support and nurture early-stage deep science startups. Their proven track record and firsthand knowledge of scaling deep science ventures uniquely position them to drive innovation and create value within the UK's deeptech ecosystem.

Dr. Jonathan Matlock, in response to the successful raise, expressed the firm's commitment to supporting the most innovative and advanced startups tackling pressing global challenges. He emphasized the importance of addressing urgent issues such as climate change, resource scarcity, and accessible healthcare, while also recognizing the potential for startups to create entirely new markets and opportunities through groundbreaking technology.

Matlock highlighted Empirical Ventures' goal of leveraging their collective experience and network to empower startups in maximizing their positive impact. By providing strategic support and guidance, the firm aims to help these startups realize their full potential and drive meaningful change in their respective industries.This statement underscores Empirical Ventures' mission to not only identify promising deep science ventures but also to actively contribute to their growth and success. Through their dedication to supporting startups with transformative potential, Matlock and his team are poised to make a significant impact on the future of innovation and technology.

Dr. Ben Miles emphasized the firm's focus on groundbreaking technologies arising from fundamental research. He highlighted the immense potential of startups rooted in pioneering scientific discoveries, while also acknowledging the inherent challenges in evaluating and valuing such ventures at their early stages. This difficulty in due diligence and valuation poses a barrier to the growth of the UK's deeptech ecosystem.

Empirical Ventures aims to bridge this gap by actively validating and funding the most promising and novel technologies from their inception. By providing early-stage support and guidance, the firm seeks to assist founders in navigating the complexities of building successful companies based on groundbreaking innovations.Miles' statement underscores Empirical Ventures' commitment to nurturing deep science startups through their journeys, drawing upon the team's own experiences and expertise to help these ventures achieve success and significance. By addressing the challenges inherent in early-stage deeptech investments, the firm aims to foster a thriving ecosystem of innovative and impactful companies in the UK.