Friday 31 Jan 2014 @ 16:15
Science and Technology Facilities Council
Science and Technology Facilities Council
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Rainbow Seed Fund announces appointment of former Science Minister as new advisory Chair and also publishes robust economic report
STFC welcomes the announcement by British technology investor, the Rainbow Seed Fund (RSF), that it has appointed the former science minister, Ian Taylor, as the new chair of its advisory board.
RSF, of which STFC is a core member, is an early stage venture capital fund dedicated to kick-starting and generating investment in technology companies. Its focus is to help translate promising technologies, developed at some of the UK’s largest publicly-funded research facilities, including STFC’s Rutherford Appleton and Daresbury Laboratories, into useful products, tools and services.
Yesterday, the RSF which is independently managed by venture capital specialist Midven has also published an economic analysis illustrating the value of early stage investment in tech start-ups to the economy. (link to report). The report shows that the Fund’s investment to date of £7 million has already leveraged more than £150 million from private investors, has helped create 255 high-tech jobs, £40 million of export sales and economic gross value add of £32 million. It has supported over 30 technology start-up companies in sectors including health, environmental services, international development, and security and defence.
Two STFC spin out companies that have flourished through the funding and support of the RSF are Microvisk Technologies and Cobalt Light Systems. Microvisk has used European Space Agency technology to develop a point-of-care blood viscosity diagnostic device for the monitoring and treatment of patients with circulatory conditions, of which 10 million people in the developed World alone are affected. Cobalt Light Systems, is using technology developed at STFC’s Central Laser Facility to determine the composition of chemical mixtures for use both in the pharmaceutical industry and also in the development of a security device that will enable the pre-board airport security screening of liquids in aircraft hand luggage. A number of major airport contracts have already been secured.
Board member, STFC’s Dr Tim Bestwick said: “The economic impact report we’re releasing today confirms the importance of not only investing in very early stage companies and pre-companies, but also the crucial role played by the Fund in continuing to work with companies to enhance sustainability through strategic support and leverage.“
Ian Taylor said: “This report is an important illustration of how we can create real economic value over the medium to long term and how early intervention using public funds can stimulate later stage private sector investment by mitigating risk.”
Commenting on the appointment of Mr Taylor, Midven Director, Dr Andrew Muir said: “As fund manager for the Rainbow Seed Fund, we are looking forward to working with Ian. His business network and his cross-party experience will help us maximise the potential of the Fund, making him the ideal candidate for Chair.”
The full economic analysis report is also available from the Fund website
Notes to Editors
Further background on Mr Taylor can be found on his website.
The Rainbow Seed Fund
The core partners in the Fund are the Biotechnology and Biological Sciences Research Council (BBSRC), the Natural Environment Research Council (NERC), the Science and Technology Facilities Council (STFC) and the Defence Science and Technology Laboratory (Dstl).
Other partners are the Culham Centre for Fusion Energy (CCFE), National Physical Laboratory (NPL), the Food and Environment Research Agency (FERA), the Animal Health and Veterinary Laboratories Agency (AHVLA), James Hutton Institute and Public Health England.
The fund is managed by venture capital company Midven Ltd, a privately owned commercial venture fund manager with a successful track record of investing in and exiting from small and medium-sized enterprises. Midven manages five funds totalling over £70m under management. The funds have invested in a wide variety of sectors, including software, bio technology, healthcare, engineering, manufacturing and distribution. Midven’s £24m Rainbow Seed Fund provides investment at start-up and early-stage for high growth technology businesses originating from our partners’ research, based at their world-leading campuses for science, technology and business or across the UK in the field of synthetic biology. See midven.co.uk for more details or follow Midven on Twitter @Midven
Commenting on the appointment of Mr Taylor, Midven Director, Dr Andrew Muir said: “As fund manager for the Rainbow Seed Fund, we are looking forward to working with Ian. His business network and his cross-party experience will help us maximise the potential of the Fund, making him the ideal candidate for Chair.”
The full economic analysis report is also available from the Fund website
Notes to Editors
Further background on Mr Taylor can be found on his website.
The Rainbow Seed Fund
The core partners in the Fund are the Biotechnology and Biological Sciences Research Council (BBSRC), the Natural Environment Research Council (NERC), the Science and Technology Facilities Council (STFC) and the Defence Science and Technology Laboratory (Dstl).
Other partners are the Culham Centre for Fusion Energy (CCFE), National Physical Laboratory (NPL), the Food and Environment Research Agency (FERA), the Animal Health and Veterinary Laboratories Agency (AHVLA), James Hutton Institute and Public Health England.
The fund is managed by venture capital company Midven Ltd, a privately owned commercial venture fund manager with a successful track record of investing in and exiting from small and medium-sized enterprises. Midven manages five funds totalling over £70m under management. The funds have invested in a wide variety of sectors, including software, bio technology, healthcare, engineering, manufacturing and distribution. Midven’s £24m Rainbow Seed Fund provides investment at start-up and early-stage for high growth technology businesses originating from our partners’ research, based at their world-leading campuses for science, technology and business or across the UK in the field of synthetic biology. See midven.co.uk for more details or follow Midven on Twitter @Midven
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