Empirical Ventures obtains £10 million from the British Business Bank.

      Empirical Ventures, which supports what it refers to as “venture scientists”—PhDs who are establishing deeptech companies in the fields of energy, materials, and life sciences—has secured an additional £10 million commitment through the British Business Bank's Regional Angels Programme, raising the total support to £15 million.

      The Bristol-based deeptech fund, co-founded by two scientists turned investors, has obtained this £10 million backing from the British Business Bank's Regional Angels Programme, increasing the Bank's total investment in the firm to £15 million. The first £5 million was provided in April 2024. This new funding will enable Empirical to issue larger investments to early-stage science-focused founders throughout the UK, particularly outside of London, utilizing its SEIS and EIS fund along with an angel syndicate.

      Dr. Ben Miles (PhD, Physics) and Dr. Johnathan Matlock (PhD, Chemistry), who collaborated at Ziylo Ltd—a University of Bristol spinout creating glucose-sensing molecules for diabetes treatment—founded the firm. In 2018, Novo Nordisk purchased Ziylo in a deal that could exceed $800 million, marking one of the largest acquisitions of a UK spinout at that time. Following the acquisition, both transitioned into careers in deep science investing.

      Miles also established Spin Up Science in 2018, an entrepreneurship initiative that has assisted over 4,500 scientists and facilitated the creation of more than 200 deeptech companies across the UK. Empirical's thesis contends that generalist investors struggle with evaluating early-stage deep science startups due to a lack of specific knowledge needed to assess novelties, technical de-risking, and realistic timelines.

      In response, the firm invests with scientific conviction instead of relying solely on founder reputation. It supports what it describes as “Venture Scientists”—founders with substantial technical expertise transitioning from academic research to commercial endeavors. The fund focuses on pre-seed and seed rounds in areas such as energy, advanced materials, robotics, and life sciences, making significant investments and taking board roles. Its portfolio comprises companies like Quantum Dice, Wave Photonics, Senisca, Forefront RF, Zero Point Motion, Scarlet Therapeutics, Lumi Industries, and Intrinsic Semiconductor Technologies.

      Mark Barry, Senior Investment Director at the British Business Bank, noted that the programme aims to "combine finance, business experience, and skills to bolster the growth of smaller, high-potential enterprises," emphasizing that Empirical's efforts address a “critical funding gap for science-led businesses outside London.” Matlock highlighted the expanded commitment in terms of geographical ambition, stating, “Whether in Bristol, Manchester, or Edinburgh, we are dedicated to ensuring that founders capable of transforming possibilities have the resources they need.”