Cambridge Innovation Capital

What Cambridge Innovation Capital does

Cambridge Innovation Capital (CIC) is a Cambridge, UK-based venture capital firm founded in 2013 that invests in knowledge-intensive businesses — primarily life sciences and deep technology companies — originating from the University of Cambridge ecosystem. CIC operates under a proprietary agreement with the University of Cambridge that provides privileged access to research IP, spinouts, founders and talent, and it manages £0.6bn of assets under management across more than 45 portfolio companies, having invested £0.35bn directly and mobilised more than £3.2bn in co-investment capital alongside.

CIC's core offering is Series A and growth equity investment services for Cambridge-originated deep tech and life sciences businesses, delivered through its regulated fund management subsidiary (Cambridge Innovation Capital Manager Limited, FCA FRN: 918898). Its flagship product is the £100m Opportunity Fund launched in February 2025, with British Patient Capital and Aviva Investors as cornerstone limited partners. CIC also operates co-founded accelerators — notably Start Codon (a biotech accelerator absorbed into CIC in 2025 after raising over £50m) — and co-founded the Innovate Cambridge ecosystem initiative with Cambridge Enterprise and the University of Cambridge.

The firm's business model follows standard venture capital economics: management fees on committed and invested capital, plus carried interest on exits. CIC earns revenue from its £0.6bn AUM and from a syndicated portfolio spanning semiconductors (Cambridge GaN Devices, Pragmatic Semiconductor), quantum (Riverlane), photonic computing (Salience Labs), microbiome therapeutics (Microbiotica), antibody therapeutics (Immutrin, co-founded with Nobel Laureate Sir Gregory Winter), neurodegenerative disease (TRIMTECH), surgical robotics (CMR Surgical), engineering AI (Secondmind), generative physics AI (BeyondMath), and agentic AI security (Trent AI). Distribution is driven by direct sourcing from the University of Cambridge and its co-founded accelerators, rather than outbound sales.

Name

Cambridge Innovation Capital

Legal name

Cambridge Innovation Capital Limited

Website

https://cic.vc

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Cambridge Innovation Capital is a Cambridge, UK-based venture capital firm founded in 2013 that invests in life sciences and deep technology businesses originating from the University of Cambridge ecosystem, managing £0.6bn AUM across 45+ portfolio companies via Series A and growth equity.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Venture capital investing
• Series A funding
• Life sciences investment
• Deep tech investment
• Growth equity investment

Headquarters

HQ city

Cambridge

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Venture capital fund management fees and carried interest: Cambridge Innovation Capital manages venture capital funds (£0.6bn AUM) and earns returns through typical VC economics including management fees on committed/invested capital and carried interest on exits. Invested £0.35bn across >45 companies alongside >£3.2bn in co-investment capital.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Core offering

Cambridge Innovation Capital provides venture and growth-stage equity capital to knowledge-intensive businesses, primarily spinouts and startups originating from the University of Cambridge ecosystem in life sciences and deep technology. Its proposition is anchored by a proprietary agreement with the University of Cambridge (originating in 2013) that gives preferential access to spinout opportunities, supplemented by in-house accelerators (notably Start Codon) and the £100m CIC Opportunity Fund for follow-on and selective primary investments.

Product overview

Cambridge Innovation Capital is a single-firm venture capital platform operating around one core service (Series A and growth equity investing) and its flagship product, the £100m Opportunity Fund launched in February 2025. Rather than a software suite, CIC's offering combines (a) the Opportunity Fund as a discrete investment vehicle, (b) ongoing CIC venture investment services leveraging a proprietary University of Cambridge relationship, (c) the Start Codon accelerator program that CIC curated and absorbed, and (d) ecosystem initiatives such as Innovate Cambridge. The portfolio spans companies including Cambridge GaN Devices (sustainable power electronics), Pragmatic Semiconductor (flexible ICs), Riverlane (quantum error correction), Salience Labs (photonic computing), and Microbiotica (microbiome therapeutics), supported by £0.6bn AUM and >£3.2bn in co-investment capital.

Differentiator

Problem solved

Functional benefit

Products and services

• CIC Opportunity Fund

Quantifiable outcome

• £0.6bn assets under management and £0.35bn invested across >45 companies
• +5 more outcomes

Named customers12 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• Innovate CambridgecoreStrategic or Co-development Partner · 1 January 2024CIC co-founded Innovate Cambridge together with Cambridge Enterprise and the University of Cambridge as an initiative to define an inclusive innovation vision for the Greater Cambridge region, with £100m+ in pledged support for spinouts.
• University of CambridgeflagshipStrategic or Co-development PartnerCIC's defining strategic relationship: a proprietary agreement granting privileged access to the University of Cambridge's research IP, spinouts, researchers and talent. CIC was born out of this unique relationship and continues to leverage it as a key source of investment opportunities and ecosystem influence.
• Cambridge EnterprisecoreStrategic or Co-development PartnerCo-founded Innovate Cambridge alongside the University of Cambridge; co-investor with Cambridge Enterprise Ventures in Immutrin Series A. Cambridge Enterprise is the University of Cambridge's commercialisation arm and a critical partner for sourcing and syndicating spinout investments.
• Start CodoncoreStrategic or Co-development PartnerCIC facilitated the establishment and funding of Start Codon, a Cambridge-based biotech accelerator. Start Codon was subsequently absorbed into CIC after raising over £50 million, and CIC invested in multiple Start Codon portfolio companies.
• Innovate CambridgecoreGTM or Marketing PartnerCIC, Cambridge Enterprise and the University of Cambridge co-founded Innovate Cambridge — a joint initiative to accelerate sustainable and inclusive growth of the Cambridge ecosystem, with CIC's Managing Partner Andrew Williamson as a key participant.
• University of Cambridge — data sharing partnerscoreOthersCIC processes personal data from third parties including the University of Cambridge, Cambridge Enterprise, shareholders, other potential investors and professional advisers such as lawyers and accountants, in line with its privacy policy.
• Cambridge Science CentreminorGTM or Marketing PartnerCIC sponsors the Cambridge Science Centre, supporting their work for young people in Cambridge and beyond; CIC's sponsorship helped them return to full capacity following the strains of the pandemic.
• LSX Female FoundersminorGTM or Marketing PartnerCIC is a founding partner of LSX Female Founders, supporting greater diversity in the life sciences industry. CIC is also a supporter of BIA's Women in Biotech network.
• PRI (Principles for Responsible Investment)minorOthersCIC is a signatory of the PRI, supporting its international network of investor signatories to incorporate ESG into investment decisions and processes.
• Investing in Women CodeminorOthersCIC is a signatory of the Investing in Women Code, committing to advance female entrepreneurship through improving female entrepreneurs' access to tools, resources and finance.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Amadeus Capital Partners: Cambridge-based venture capital firm investing in early-stage deep tech and technology companies from the UK and Europe. Closest direct peer to CIC given shared Cambridge base, deep tech focus, and similar cheque sizes at Series A and beyond.
• Parkwalk Advisors: UK venture firm specialising in university spinouts and deep tech from the Cambridge and Oxford ecosystems. Direct peer given shared focus on knowledge-intensive businesses originating from UK research universities and similar early-stage investment thesis.
• IP Group: UK-listed intellectual property commercialisation group that invests in university spinouts, including from the University of Cambridge. Peer due to deep tech and life sciences orientation, university spinout focus, and participation in CIC's own 2016 funding round.
• Oxford Sciences Innovation (now Oxford Science Enterprises): Investment company backing spinouts from the University of Oxford across life sciences, deep tech, and health tech. Direct peer given parallel model of partnering with a top UK research university to commercialise science, with similar stage and sector focus.
• AlbionVC: UK venture capital firm with significant activity in deep tech and life sciences, investing across UK university spinouts and early-stage companies. Peer given overlapping sector focus, UK university spinout sourcing, and similar Series A entry points.
• Cambridge Enterprise Ventures: The University of Cambridge's own commercialisation and seed investment arm. Direct peer and ecosystem competitor — co-investor alongside CIC in Immutrin — with privileged access to the same Cambridge research base that underpins CIC's thesis.

Broad incumbents

• Octopus Ventures: One of the largest UK VCs, investing across health, deep tech, fintech, and consumer with a wide portfolio. Comparable to CIC on UK deep tech/health deals but operates at much broader scale and stage range, making it an incumbent rather than direct competitor in CIC's niche.

Emerging players

• LocalGlobe: UK seed-stage venture firm led by Robin Klein. Co-led CIC's $13m seed round in Trent AI in 2026, demonstrating direct collaboration; comparable in early-stage UK tech investing though less specialised in deep tech/life sciences than CIC.
• Frazier Life Sciences: US healthcare-focused venture firm that led Immutrin's £65m Series A with CIC participating. Peer given shared life sciences investment focus and emerging collaboration pattern with CIC on Cambridge biotech spinouts.
• SV Health Investors: Healthcare and life sciences-focused venture firm whose Dementia Discovery Fund co-led TRIMTECH's $31m seed round with CIC. Peer given overlapping life sciences and biotech investment focus and growing UK spinout collaboration.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cambridge-innovation-capital

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors8 records

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M&A1 record

Investments106 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cambridge Innovation Capital