Midlands Mindforge has completed its first investments, marking the launch of active funding from a vehicle created to tackle the long-standing investment gap facing university spinouts across the Midlands.<\/p>\n
The fund, which aims to unlock an initial \u00a330m of investment into the region’s science and technology sector, has backed three businesses developing antenna technology, ophthalmic drug delivery systems and water-monitoring sensors.<\/p>\n
The milestone was announced by Science Minister Lord Patrick Vallance at the Midlands Innovation & Investment Reception during the UK Global R&D and Science Investment Summit.<\/p>\n
Midlands Mindforge was established to support spinouts and early-stage science and technology companies emerging from Midlands universities, an area that has historically attracted a smaller share of UK venture capital investment than London, Oxford and Cambridge.<\/p>\n
The fund has secured backing from private investors including Rigby Group, alongside support from UK Research and Innovation (UKRI), the East Midlands Combined County Authority, the West Midlands Combined Authority and the Department for Science, Innovation and Technology.<\/p>\n
The move into active investment follows the completion of an initial fundraising round and provides capital for businesses operating in sectors including advanced manufacturing, life sciences and digital technologies.<\/p>\n
Lord Vallance said: \u201cThe UK is a world leader when it comes to research. But to unlock growth we all benefit from, we have to support our innovators to turn great ideas into thriving businesses, right across the country.<\/p>\n
\u201cMidlands Mindforge is a prime example of exactly how we can achieve that, with universities, private backers, plus local and national government moving in lockstep to support spinouts developing new technologies and treatments.\u201d<\/p>\n
Dr Lisa Smith, chief executive of Midlands Mindforge, said: \u201cThis is a significant moment for Midlands Mindforge as we move to actively investing in the region\u2019s innovation future while continuing to complete our initial raise.<\/p>\n
\u201cThe Midlands has an exceptional depth of research talent and entrepreneurial ambition, and our role is to help unlock that potential by providing the capital and support needed for ideas to grow into globally competitive businesses.\u201d<\/p>\n
Steve Rigby, chief executive of Rigby Group, added: \u201cWe are confident that this starting commitment will be the springboard to deliver a significant university spin-out programme in the Midlands.\u201d<\/p>\n
Further details of the first cohort of portfolio companies are expected to be released in the coming weeks.<\/p>\n
The fund was launched through a partnership involving Midlands Innovation universities, regional combined authorities and private-sector investors, with the aim of creating a stronger pipeline of investment-ready businesses and retaining more high-growth companies within the region.<\/p>\n","protected":false},"excerpt":{"rendered":"
Backing begins for university-born technologies targeting healthcare, communications and waterways<\/p>\n","protected":false},"author":25,"featured_media":2003137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120903],"coauthors":[95],"class_list":["post-2112693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-universities-and-business","tag-east-midlands","tag-featured-story","tag-west-midlands"],"yoast_head":"\n