Cambridge Future Tech (CFT), a venture builder specialising in DeepTech startups, has announced the successful closing of a $5 million funding round. This investment aims to propel the UK’s deep technology sector and bridge the gap between scientific research and commercially viable products.
The $5 million raised will fuel CFT’s activities, driving the creation of eight new DeepTech companies in 2024. They aim to co-found a total of 40 DeepTech ventures within the next five years. Partnerships with leading universities and tech transfer offices will be crucial in achieving this goal. Additionally, CFT plans to build eight new ventures annually with established corporations. Recent collaborations include industry giant AngloAmerican plc and CERN, home of the Large Hadron Collider.
Owen Thompson, CEO and co-founder of CFT, highlighted the significance of this funding. He said, “This investment underlines the growing importance of DeepTech startups for the UK’s industrial strategy. CFT is poised for continued expansion, aiming to establish a sister VC arm to further strengthen our venture-building capabilities.”
Back in March, we also reported about how OTB Ventures opened $185M fund to augment Europe’s deeptech startups.
What problem is CFT solving
CFT addresses this challenge by offering a unique “hands-on” approach. They bridge the gap from research labs to the market by co-founding ventures with technical and commercial partners. CFT leverages its expertise and network to guide these ventures from pre-incorporation to pre-seed stages, equipping them with the tools they need to succeed.
Since its launch in 2022, CFT has co-created 10 DeepTech ventures across the UK, with several more in development. These ventures have generated over 80 skilled jobs and secured over $10 million in external funding. Furthermore, they have collectively been awarded over $4.5 million in grants, supporting critical research and development efforts. CFT has also successfully guided six ventures through their pre-seed funding rounds, resulting in an aggregate pre-seed valuation exceeding $50 million.
Colin Hillier, CEO of Mission Decisions (a CFT portfolio company), commented, “The CFT team brings experience, domain knowledge, and enthusiasm to the table. Their background uniquely positions them to support startups in their growth journey.”
Likewise, Dr. Ghina M. Halabi, Programme Lead at Cambridge Judge Business School Entrepreneurship Centre, recognizes CFT’s broader impact, said, “CFT’s success is a testament to their commitment to DeepTech innovation and fostering an inclusive entrepreneurial ecosystem. They empower diverse, talented minds to address global challenges.”
Recent developments and portfolio
CFT recently expanded its board with the addition of Michael Beer and Jem Davies. Michael brings experience raising over $1 billion in startup funding, while Jem boasts an 18-year career at Arm, including founding the company’s Machine Learning division.
CFT’s portfolio includes ventures like Literal Labs (energy-efficient AI), Mission Decisions (data intelligence for defence), Autopickr (advanced agricultural robotics), and NeuroXR (extended reality solutions). These ventures demonstrate the breadth of DeepTech innovation CFT supports.
What we think about the startup
The UK boasts a strong academic foundation, ranking fourth in the Global Innovation Index for research. However, the nation falls behind in translating research into marketable products, currently ranking 24th in commercialization. This translates to a significant amount of scientific innovation remaining stagnant within research labs.
Cambridge Future Tech’s innovative approach, combined with its focus on sustainability and diversity, positions it as a leader in the DeepTech space. This recent funding round fuels CFT’s efforts to unlock the UK’s tech potential and foster DeepTech advancements that will shape industries and address global challenges.
