First close completed for SCVC’s latest $100m deep tech fund
SCVC, the early-stage deep tech VC, has announced the first close of its second fund, with a target of up to $100 million (£80m).
The Bristol-based firm, which invests in advanced technologies to improve the health of people and the planet – from biotech to quantum tech – was founded in 2020 and has backed some of the UK’s most exciting start-ups.
The new fund builds on the team’s core strategy and expertise, investing at the pre-seed and seed stages with initial cheque sizes of $500k (£401k) up to $3m (£2.4m). It will also provide follow-on funding of Series A tickets up to $7m (£5.6m) for top-performing companies.
The fund’s first investment has already been announced. VyperCore is a RISC-V start-up developing modified processors that promise a massive step change in performance and security. And SCVC will soon be announcing another investment into a start-up pioneering a new gene therapy platform that offers treatment hope for some of the world’s most devastating genetic diseases.
SCVC was co-founded by Dr. Harry Destecroix and Jon Craton, two exited deep tech entrepreneurs from the South West. The pair met while angel investing and joined forces to create the first deep tech VC firm based in the region and the official VC arm of deep tech ecosystem Science Creates.
Managing Partner Destecroix commented: “Our goal has been to build the venture firm we wished we had as founders. We give deep tech start-ups access to bespoke technical and business expertise, as well as capital.
“Our portfolio is united by category-defining innovation driven by world-class founders, and the new fund allows us to double down on our mission and enable more scientists to become founders and turn their discoveries into inventions.”
SCVC’s first $17m (£13.6m) seed fund has backed 12 companies working on everything from therapeutics and diagnostics to quantum sensors and semiconductors. Recent investments include Delta g, which is pioneering a new generation of quantum gravity sensors, and Isomab, a pre-clinical stage biotech developing a breakthrough treatment for Peripheral Vascular Disease.
Destecroix added: “We believe the next decade will yield the most important industrial revolution in history. The gap between hardware and biology is vanishing and unlocking an enormous untapped dataset of our own biology. Combined with AI, this gives us a once-in-a-generation investment opportunity to build high-impact technology companies.”
SCVC is also bringing on added expertise to support the existing team, with John Williams joining as the firm’s first Venture Partner. Bristol-based Founder Williams is the technical brains behind Kudan, the UK-Japanese company focused on software for artificial perception technologies, which enjoyed a spectacular listing on the Tokyo Stock Exchange in 2018.
Destecroix commented: “We’re thrilled to have John on board. He strengthens our domain expertise in hardware and AI and fits SCVC’s thesis of welcoming exited deep tech founders turned investors. His input will be a huge asset for the firm and our portfolio companies.”