Empirical Ventures, a UK-based investment group that backs entrepreneurial scientists, has secured a £10m commitment from the British Business Bank.
The investor has a stated mission of backing “Venture Scientists” in the UK, based on the idea that the businesses that will solve our greatest problems will be built by exceptional scientists that could otherwise lack the necessary funding.
Empirical Ventures will direct its funds towards deep tech and life science projects created by deep domain experts, rather than generalist entrepreneurs.
“The greatest companies of the next 30 years will be built by scientists. We call them ‘Venture Scientists’ – founders who bring rigorous scientific methodology to company building,” said Dr. Johnathan Matlock, co-founder and general partner at Empirical Ventures.
“But for too long, these founders have been underestimated or misunderstood by generalist investors.
“Whether they are in Bristol, Manchester, or Edinburgh, we are here to ensure that the founders capable of rewriting the rules of what’s possible get the resources to do so.”
The new commitment from the British Business Bank brings its total contribution to Empirical Ventures to £15m. The funding came via the bank’s Regional Angels Programme.
“We are delighted to expand our commitment to Empirical Ventures. Their team has identified a powerful untapped resource in the UK economy: the ‘Venture Scientist’,” said Mark Barry, senior investment director at British Business Bank.
“By backing technical founders who are solving hard problems, Empirical is helping to bridge the critical funding gap for science-led businesses outside of London.
“This partnership ensures that the UK’s brightest scientific minds have the support they need to turn research into category-defining global companies.”
