In 2016, Dr. Johnathan Matlock and Dr. Ben Miles met at the University of Bristol spinout Ziylo, where they were part of the core scientific team. Their shared passion for deep science led them to co-found Empirical Ventures in 2017, with a mission to support early-stage deep science startups in the UK. The firm has now secured £8.25m in funding from its S/EIS fund, with the ultimate goal of reaching £10M to provide more support to innovative startups that address future challenges such as climate change and healthcare accessibility.
Empirical Ventures aims to elevate the UK’s deeptech landscape by leading due diligence on potential investments in deep science. By reducing risk for their investors and co-investors, they hope to encourage more investment in this exciting field.
The firm’s deep science criteria cover various fields such as life sciences, advanced materials, photonics and quantum hardware, robotics and automation, agchem/tech, and deeptech. They have a history of scaling and investing in deep science in the UK, with co-founders Dr. Matlock and Dr. Miles having previously worked at Ziylo before its acquisition by Novo Nordisk.
Ziylo was acquired for over $800 million in 2016, marking one of the largest acquisitions of a UK spinout company. Dr. Matlock expressed his excitement about the raise, emphasizing the importance of supporting innovative startups that address future challenges such as climate change and healthcare accessibility.
Dr. Miles highlighted the focus on new technologies driven by fundamental research and the role of Empirical Ventures in validating and funding novel technologies from the early stages to help founders navigate their journeys towards success.
The British Business Investments Regional Angels Programme awarded £5M to the fund, with the remaining £3.25M coming from other investors.
In conclusion, Empirical Ventures is dedicated to supporting early-stage deep science startups in the UK by providing funding and leading due diligence on potential investments in this exciting field. With their experience in scaling and investing in deep science, they are well positioned to help founders navigate their journeys towards success while also reducing risk for investors and co-investors alike.
