3rd August 2020 London: British Patient Capital announces a cornerstone commitment to UCL Technology Fund’s second fund, as it announces its first close today.
UCL Technology Fund (UCLTF) is managed by AlbionVC in collaboration with UCL Business (UCLB), the university’s commercialisation company and part of UCL Innovation & Enterprise. The new fund will continue to support UCL in achieving the full potential of innovations that have prospects for outstanding societal impact and commercial return.
The fund’s purpose is to bring UCL’s academic research in life, computer and physical sciences to commercial reality.
The first UCLTF fund made 45 investments including 27 that became spinout companies and programmes intended for licensing. These 27 organisations have gone on to raise external funding exceeding £1bn.
Catherine Lewis La Torre, CEO, British Patient Capital said: “Our cornerstone commitment to UCLTF’s second fund is a key part of our strategy to invest in best in class fund managers that can leverage the world-leading science conducted in universities across the UK. Long-term patient capital can support the commercialisation of such research, helping address some of the most pressing challenges faced by modern society, and deliver compelling returns”
Dr Celia Caulcott, Vice-Provost, UCL (Enterprise) said: “UCL’s first Technology Fund is playing a vital role in our drive to translate the breakthrough ideas developed by UCL’s talented researchers into applications and products to benefit society and the economy. It’s a great step that we can announce the first close of the second fund. We look forward to this fund investing in intellectual property arising from UCL’s world-class research, taking technologies all the way from proof of concept to commercialisation through licensing and company creation.”
Dr Andrew Elder, AlbionVC, said: “UCL is one of the finest research institutions in the world. We have been enormously impressed with the quality and variety of investment opportunities presented by its academics over the past four years and the high number of world class opportunities continues. It is exciting to invest in the ideas and teams with potential to develop new treatments for debilitating diseases or completely change the way we live and work through breakthrough innovations in computer and physical sciences.”
Dr Anne Lane, Chief Executive, UCLB, said: “We’ve had great success in commercialising groundbreaking research and finding value when combining our academic and investment expertise. The UCLTF model has helped progress work in physical and life sciences with a real and positive impact on people’s lives. We’re now looking to build on the success of the first fund and invest in the best and brightest ideas within UCL’s extensive research base and realise its innovative potential. During what is a testing time for the global economy, we must look to universities to foster new research and provide them with the right resources to succeed, from proof-of-concept to commercial application.”
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. British Patient Capital has been given new resources of £2.5bn and will deliver a programme designed to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc websiteLink opens in a new window.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The investment from British Patient Capital into UCL Technology Fund 2 LP does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank PLC, or the government of the UK.
About UCL Technology Fund and UCL Technology Fund 2
The UCL Technology Funds are dedicated to investing in intellectual property and commercialisation opportunities arising from UCL’s world-class research base, focusing in particular on the physical and life sciences. The funds support UCL academics in achieving the full potential of innovations that have prospects for outstanding societal and market impact, right through the development journey from initial proof of concept to practical commercial application.
The Funds are managed by AlbionVC, one of the largest independent venture capital investors in the UK, in collaboration with UCL Business. For further information please visit: www.ucltf.co.ukLink opens in a new window
The Albion technology team invests from seed through to Series B in high growth companies, predominantly in the UK, with a particular focus on B2B software and technology enabled services. Albion has 20+ years’ experience investing in technology, has c.£450m of venture funds, with over 40 tech investments within its portfolios. AlbionVC is the technology investment arm of Albion Capital Group LLP, which is authorised and regulated by the Financial Conduct Authority.
About UCL Business (UCLB)
UCL Business Ltd (UCLB), part of UCL Innovation & Enterprise, is the commercialisation company for UCL. Working with UCL’s globally renowned faculties and associated hospitals; University College London Hospitals, Moorfields Eye Hospital, Great Ormond Street Hospital for Children and the Royal Free London Hospital, it brings together exceptional ideas, innovations and industry to benefit society and the economy.
UCLB’s track record of success includes over £1.5 billion raised in investment for UCL spinouts, and its Portico Ventures Programme is enabling the next wave of technology-based businesses to thrive in a fast-moving ecosystem. Its fund offerings – Apollo Therapeutics (in partnership with leading UK universities and pharmaceutical companies), UCL Technology Fund, and Social Ventures fund – help to bring pioneering technologies from the laboratory to market, enabling academic entrepreneurs to tackle global challenges, from energy and engineering to healthcare and the environment.
About UCL Innovation & Enterprise
UCL is among the top three universities in the UK for translating its knowledge and know-how externally to benefit society (HEBCI 2018/19). The team of experts at UCL Innovation & Enterprise help connect our academics with businesses, Government and not-for-profits, to help solve complex challenges. This can include providing consultancy, developing partnerships and commercialising discoveries.
Find out more at http://www.ucl.ac.uk/enterpriseLink opens in a new window
About UCL – London’s Global University
UCL is a diverse community with the freedom to challenge and think differently.
Our community of more than 41,500 students from 150 countries and over 12,500 staff pursues academic excellence, breaks boundaries and makes a positive impact on real world problems.
We are consistently ranked among the top 10 universities in the world and are one of only a handful of institutions rated as having the strongest academic reputation and the broadest research impact.
We have a progressive and integrated approach to our teaching and research – championing innovation, creativity and cross-disciplinary working. We teach our students how to think, not what to think, and see them as partners, collaborators and contributors.
For almost 200 years, we are proud to have opened higher education to students from a wide range of backgrounds and to change the way we create and share knowledge.
We were the first in England to welcome women to university education and that courageous attitude and disruptive spirit is still alive today. We are UCL.
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