Bristol, England is set to become a hub for deep-tech startups with the launch of SCVC, a new $100 million venture capital fund. Led by co-founder Harry Destecroix, who previously co-founded biotech startup Ziylo, SCVC aims to invest in science-based startups in the fields of health and climate.
Key Takeaway
SCVC, a new
00 million venture capital fund based in Bristol, is set to support deep-tech startups in the fields of health and climate. Led by founder Harry Destecroix, the fund aims to be founder-led and will focus on pre-seed and seed stage investments. The launch of SCVC is expected to strengthen Bristol’s burgeoning tech scene, positioning it as a hub for science-based startups in the UK.
A Founder-Led Venture Fund
With the goal of encouraging more founders to enter the venture capital space, SCVC strives to be a founder-led fund. Destecroix, who successfully exited Ziylo in a deal worth over $800 million, is keen to support deep-tech startups and believes there is a lack of founder-led venture funds in the UK.
The initial Seed fund of $17 million saw investments in 12 companies, including therapeutics, diagnostics, quantum sensors, and semiconductors. Notable investments include Delta g, a quantum gravity sensor company, Isomab, a biotech firm, and Scarlet Therapeutics, specializing in red blood cell-based therapeutics.
Pre-Seed and Seed Stage Investments
SCVC’s new fund will focus on pre-seed and seed stage investments, providing initial cheques ranging from $500,000 to $3 million. In addition, the fund intends to provide follow-on funding of up to $7 million for Series A rounds.
VyperCore, a RISC-V start-up developing modified processors, has become the fund’s first investment. Destecroix is joined by co-founder Jon Craton, an Angle investor and former co-founder of Zynstra, and John Williams, co-founder of Kudan, as the firm’s first Venture Partner.
Supporting Science-Based Startups
Destecroix emphasizes the importance of supporting science-based startups, those that may seem unconventional or crazy to the outside world. SCVC aims to provide a unique set of skill sets for these startups, as they often require funding for research and development without a clear product in sight.
The Impact of Brexit and UK’s AI Approach
Prior to the UK’s decision to re-join the EU’s Horizon science funding programme, Destecroix expressed concerns about the impact of Brexit on funding from European investors. However, he praised the UK’s nimble approach to AI regulation and highlighted its attractiveness to startups, including those from France considering a move.
Bristol’s Booming Tech Scene
The launch of SCVC is a boost for Bristol’s thriving tech scene, which already boasts successful companies like Ultrahaptics, Open Bionics, Graphcore, and Immersive Labs. With the new fund, Bristol is poised to become a leading destination for deep-tech startups in the UK.
