Bristol-based VC Empirical Ventures is targeting a €11.6 million fund to lead pre-seed and seed investments for deep science startups in the UK. Founded by two scientists turned entrepreneurs, Empirical Ventures will invest in startups that are redefining what is possible and solving some of the most pressing challenges facing humanity.
The VC has already received a €5.8 million commitment from British Business Investments, through its Regional Angels Programme, to invest alongside Empirical Ventures’ new S/EIS Fund and its angel syndicate. Another €3.7 million has been committed as a first close into the S/EIS fund by other investors. Empirical Ventures are active investors across the UK, with most of its investments taking place outside of London.
Dr. Benjamin Miles (PhD, Physics) and Dr. Johnathan Matlock (PhD, Chemistry), met at the University of Bristol spinout company, Ziylo Ltd, in 2016 where they were part of the core scientific team. Ziylo was later acquired by Novo Nordisk in a deal potentially worth over $800 million – one of the largest acquisitions of a UK spinout company.
Miles and Matlock have been very active in the UK’s deep science ecosystem, founding Science Angel Syndicate, which along with personal investments, has made over 65 investments totalling over £6 million in deep science companies. Miles also founded Spin Up Science in 2018, which has supported over 4,500 scientists in entrepreneurship and catalysed over 200 deeptech companies across the UK.
Dr. Johnathan Matlock, VC investor and cofounder at Empirical Ventures, said: “We want to back the most innovative and advanced startups that address not only the necessities we’re facing for the future – climate change, dwindling resources, accessible healthcare – but also startups that create new markets and possibilities based on technology no one has seen before. We’re looking forward to bringing our experience and contacts together to support these startups to achieve their maximum positive impact.”
Dr. Ben Miles, VC investor and co-founder at Empirical Ventures, added: “We are looking at entirely new technologies driven by fundamental research. These startups have incredible potential but are also very hard to diligence and value at the early stages, and that is hurting the ecosystem as a whole in the UK. We’re addressing that gap in the market by validating and funding the most exciting and novel technologies from the beginning and helping the founders through their journeys based on our own experiences to make them into successful and significant companies.”
Empirical Ventures has already invested in 18 companies across advanced materials, life sciences, robotics, and energy transition technologies, including startups like BaseImmune, Anaphite, CheMastery, Wase, Ensilicated Technologies, and QV Bioelectronics. Augmenting the team as venture partners are Hon. Alexander Fink and Dr Keith Lipman (PhD, Physics).
Adam Kelly, Managing Director, British Business Investments, added: “We are excited to back Johnathan and Ben, who are addressing a large gap of undertaking significant due diligence in early-stage deep science investing which in turn increases angel involvement into this vital sector. This commitment highlights the Regional Angels Programme’s objectives of developing the early-stage funding ecosystem across the UK Nations and Regions, bringing together finance, business experience and skills to support the development of high-growth smaller businesses.”