London-based VC backing up to 15 hardware engineering start-ups with £500,000 to £3m investments
The London-based VC firm invests between £500,000 and £3m at seed to Series A stage, with the sweet spot being £1m to £2m. It can also co-invest with its other, later stage funds.
The fresh capital will be injected into new investments and existing portfolio companies.
“We’re backing primarily UK science and advanced engineering companies and that often means hardware technology and industrial software,” director Andy Bloxam tells Growth Business. “There are very few UK and international investors that will invest at an early stage into hardware technology companies – most will invest primarily into software.
“Deep tech often is about making things smaller, faster, cheaper. We’re looking for things that will be 10-times smaller, faster and cheaper,” he explains. “We’ve seen investments in semi-conductor based technologies where historically sensor technologies have been the size of a table and only had military applications and now they’ve been shrunk to the size of a semi-conductor chip.
“Things like flow sensors, which had industrial applications in heating ventilation but shrunk down to the size of a semi-conductor which could be put into hair dryers, vacuum cleaners or car ventilation systems.”
The VC often looks for companies that offer technologies that could apply in both consumer and industrial settings. One company in their portfolio, Audioscenic, makes speakers that detect where your ears are, pumping out 3D sound with headphone quality. It could have an application in cars whereby music is played to the passenger and sat nav to the driver. “We backed it because it has a lot of applications – Metaverse but also real world,” Bloxam enthused.
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