A £300m investment vehicle to help university spinout companies in the South of England and Wales has been launched.
SETsquared - a partnership between the universities of Bath, Bristol, Cardiff, Exeter, Southampton, and Surrey - and regional investment firm QantX are behind the initiative.
The aim is to catalyse the creation and growth of science and technology firms addressing global challenges.
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Sir Richard Olver, chair of QantX, announced the details of the investment vehicle at Bristol City Hall on Friday (October 11) at the Regional Investment and Health & Life Sciences Summit.
Science minister Lord Patrick Vallance, who was in attendance, said: “The 海角视频 is home to brilliant innovators, and this investment vehicle that brings together six universities with a private sector investment firm QantX will help turn great ideas into thriving companies that create high skilled jobs and exciting new products."
SETsquared is widely recognised as one of the 海角视频’s most successful innovation partnerships. Since 2002, its members have secured more than £5bn in investment and created over 15,000 jobs.
Marty Reid, executive director of SETsquared, said: “Creating this new investment vehicle could be a vital step forward in addressing funding gaps we see today, and through a deep connection with our support ecosystem, could inspire a new generation of talent who will get technologies out of the lab and shape the industries of tomorrow."
Richard Haycock, co-founder and chief executive of QantX, added: “We're witnessing a surge in university spin-outs led by brilliant founder entrepreneurs. By connecting these visionaries with risk capital and expertise in transformative fields like life sciences, sustainability, and deep tech, we're cultivating a thriving innovation ecosystem."
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The announcement comes just days before senior execs from some of the world's biggest firms prepare to gather in London for the government's Investment Summit. Ex-Google boss Eric Schmidt and Goldman Sachs chief executive David Solomon are among business leaders slated to attend.
West of England's Labour metro mayor, who attended Sir Keir Starmer's first council of regions and nations in Scotland on Friday, will also be in attendance.
“As we prepare for next week’s 海角视频-hosted International Investment Summit, the government is clear that the 海角视频 is open for business," added Lord Vallance. "Partnerships like this, between investors and innovators, are vital if we are to grow the economy, boost opportunities and ultimately improve lives.”