Cambridge Future Tech, an organisation that supports the commercialisation of university research, has raised $5 million (£3.94 million).
Founded in 2022, Cambridge Future Tech works with universities and technology transfer offices to set up new spin-out companies.
The group will act as operational co-founders and aim to find the best path to commercialization for each venture.
Cambridge Future Tech focuses on deep tech innovations that often struggle to commercialise due to high costs and the difficulty of securing external investment.
The group says its portfolio companies have raised more than $10 million in investments and $5 million in grants to date.
Companies that have emerged from Cambridge Future Tech include Literal Labs, an AI spinout from Newcastle University, and Cambridge-based robotic farming start-up AutoPickr.
The company said the new funding will enable it to co-found eight new companies in 2024, part of a broader goal of co-founding a further 40 startups within five years.
“This investment demonstrates the huge and growing importance of deep tech start-ups to the National Industrial Strategy and supports the UK's ambitions as a science and technology powerhouse to close the crucial gap between scientific discovery and market-ready innovation,” said co-founder and CEO Owen Thompson.
“Cambridge Future Tech will continue to expand with corporate and academic partners, providing the long-term stability needed to establish a sister venture capital division and further strengthening our venture incubator capabilities.”
Read more: Cambridge accounts for almost a fifth of the value of the UK tech sector, study finds
