Participated · Series B · May 2026

Founded in 2005, Iceotope develops chassis-based precision liquid cooling systems that replace traditional air cooling to improve efficiency and reduce energy and water usage in data centres, AI infrastructure, HPC, and edge environments. Its technology is purpose-built for demanding cooling constraints across core data centers and distributed edge deployments. The company holds more than 200 granted and pending patents covering its liquid cooling approach. Iceotope plans to scale product and engineering efforts, expand its patent portfolio, and grow ecosystem partnerships following its recent fundraise. Financially, the company secured a $26 million Series B to support these initiatives; the article does not disclose revenue or other operating metrics.

Participated · Series A · Mar 2025

Maxion Therapeutics is developing antibody-based KnotBody therapeutics that combine naturally occurring mini-proteins (‘knottins’) with antibodies using phage and mammalian display technologies. The company is building a pipeline targeting ion channel- and GPCR-driven diseases, including autoimmune conditions, chronic pain, and cardiovascular disease. Its lead programme is MAX001, and Maxion intends to advance this asset toward clinical proof-of-concept. The company plans to use the newly raised capital to accelerate its expansion into a clinical-stage biotech and to progress additional programmes toward the clinic. Maxion was founded in 2020 by Dr John McCafferty and Dr Aneesh Karatt-Vellatt and is led by CEO Arndt Schottelius. It raised $72M in a Series A to fund these clinical development plans. Maxion Therapeutics applies its patented KnotBody platform to create antibody-like therapeutics by fusing cysteine-rich miniprotein 'knottins' onto antibodies to modulate ion channels and GPCRs. The KnotBody design aims to combine ion-channel blocking activity with the long half-life and engineerability of antibodies. Maxion's early R&D has produced KnotBodies against ion channel targets implicated in autoimmune disease, a target class with no antibody-based drugs currently approved or in clinical development. The company intends to use recent funding to advance, expand and optimise its pipeline and to progress the most promising candidates toward clinical trials for autoimmune indications and chronic pain. Financially, Maxion was awarded a £2 million Innovate UK grant and in February 2023 completed a £13 million Series A financing led by LifeArc Ventures, with Monograph Capital and BGF as equal participants. Maxion is based at the Babraham Institute in Cambridge and is led by CEO and co-founder Dr John McCafferty and CSO and co-founder Dr Aneesh Karatt Vellatt. Maxiom Therapeutics develops biologic medicines that target ion channels and G-protein-coupled receptors (GPCRs), addressing diseases including autoimmune conditions and chronic pain. It applies a patented KnotBody platform that fuses cysteine-rich knottin miniproteins onto antibodies to combine knottins' functional activity with the drug-like properties of antibodies. The company says early R&D has yielded KnotBodies against several therapeutically relevant targets, which it intends to develop as selective, long-acting first‑in‑class and best‑in‑class therapeutics. Maxiom will use the Series A proceeds to advance development of antibody drugs against ion channels and GPCRs. The company is led by CEO and co‑founder Dr John McCafferty and CSO and co‑founder Dr Aneesh Karatt Vellatt. Maxiom is based in Cambridge, UK.

Participated · Series F · Mar 2025

Quantexa offers an enterprise platform that leverages AI and analytics to combat money laundering and fraud and to connect and curate structured and unstructured data across silos for AI workloads. The company is increasingly positioning its tooling for data curation to power generative and other AI services, building partnerships with Microsoft (for Microsoft Fabric and an AML solution for U.S. mid-market banks via the Azure Marketplace) and Databricks. It reported license revenue growth of 40% in the last year, has “thousands of users,” roughly 800 employees, and operates 16 offices globally. The startup has raised just under $550 million to date, and its Series F values it at $2.6 billion post-money. Management plans to expand its public-sector business unit while growing its AML and fraud-identification business alongside broader AI projects. The company is a nine-year-old London startup. Quantexa builds AI-driven risk and compliance software for banks, governments and large enterprises, offering tools to verify identities, detect money laundering, support financial investigations, and create customer/business graphs for BI and CRM. Its solutions combine machine learning, natural language processing and graph analytics and are deployed alongside customers' existing systems via APIs. Quantexa serves hundreds of customers across some 70 countries, including BNY Mellon, HSBC, Standard Chartered, Danske Bank, Vodafone and the U.K. Public Sector Fraud Authority. The company says it has doubled its business in the last 18 months — doubling users, revenues and the industries it targets — and is growing ARR at 140% (up from 108% subscription revenue growth at Series D). Quantexa is not yet profitable but reports it has between two and three years of runway from prior funding and operating cash generation, and management projects $100M in revenue next year with profitability targeted by 2025. The company plans to use new funding to invest in product development and pursue acquisitions (it recently acquired Irish NLP specialist Aylien) to accelerate inorganic growth. Quantexa builds AI and machine-learning “Contextual Decision Intelligence” software that links internal and external data to detect money laundering, fraud and other illicit activity. The company sells software (not data) that creates single views of individuals and entities and visualizes relationships via graph network analytics. Its platform has processed up to 60 billion records in a single engagement and is used for KYC, AML, fraud detection and broader investigative use cases. Financial services still represent about 60% of revenue, with seven of the top 10 U.K. and Australian banks and six of the top 14 North American financial institutions as customers. Quantexa has partnerships with firms such as Accenture, Deloitte, Microsoft and Google, and counts “thousands” of customers across 70 markets. The company has expanded into government, healthcare, telco and insurance, applying its tools to areas including tax compliance and human-trafficking investigations; management has signaled a long-term plan to grow independently toward an IPO. Quantexa's core product is a machine-learning platform branded Contextual Decision Intelligence (CDI) that connects disparate data points to surface nefarious activity and build richer customer profiles. The company sells software deployed on premises or in private clouds and complements customer data with publicly available sources rather than ingesting proprietary data. Quantexa has built traction with major financial services customers, including Standard Chartered, OFX and Dunn & Bradstreet, and reports thousands of users across 70+ countries. It plans to continue enhancing tools for financial services while expanding into insurance and government/public sector use cases. Geographical expansion is a priority, with plans for North America, Asia-Pacific and additional European territories. The company has been positioned as a lower total cost-of-ownership platform with real-time and batch entity-resolution capabilities. Quantexa provides AI-powered entity resolution and network analytics that knit together large, disparate datasets to reveal hidden customer connections and behaviors. Its platform is used across use cases including anti-money laundering, customer insight, credit risk and broader financial crime detection. The company emphasizes real-time entity resolution combined with big data and AI to generate contextual investigations and actionable intelligence. Quantexa plans to accelerate development of its dynamic network analytics models and expand AI-enabled solutions through a strategic collaboration announced with Accenture. The partnership will leverage Accenture Applied Intelligence and Accenture’s Financial Crime Analytics Utility to help train and continuously refine Quantexa’s models. Quantexa is headquartered in London and also has offices in New York, Brussels and Sydney. The article does not disclose revenue or other operating metrics.

Participated · Series C · Feb 2025

Cambridge GaN Devices develops monolithic ICeGaN® GaN power devices and integrated ICs that deliver efficiency levels exceeding 99% and can yield up to 50% energy savings in high-power applications. The company’s technology targets electric vehicles, data‑centre power supplies, and other high‑power industrial markets and is positioned as an alternative to silicon carbide. CGD is a fabless semiconductor spinout from Cambridge University (founded 2016) with a growing IP portfolio and industry‑leading customers in its pipeline. The business has announced a $32 million Series C to accelerate product delivery and global expansion. Planned use of proceeds includes scaling production and expanding operations in Cambridge, North America, Taiwan and Europe, and supporting deployment of its latest P2 products. CGD emphasises ease-of-use and high-volume manufacturability to help customers adopt GaN in existing and progressive designs. Cambridge GaN Devices (CGD) is a fabless semiconductor spinout from the University of Cambridge (2016) that develops GaN transistors and ICs for high‑efficiency power applications. Its core product family, ICeGaN™, targets a roughly $50bn global power semiconductor market and is positioned for use in consumer and industrial power supplies, lighting, data centres and automotive HEV/EV systems. The company emphasises an easy‑to‑use, IP‑protected technology intended to deliver greater efficiency, sustainability and lower cost. CGD has secured significant commercial traction, completed brand development, moved to new offices and now employs over 40 staff worldwide with further hires planned to support upscaling. It is leading a $10m European‑funded GaNext project, participates in the UK P3EP supply‑chain initiative, and has launched the ICeData project to develop highly reliable GaN devices to cut data‑centre emissions. Prior to this round CGD raised multi‑million seed funding and a Series A. Cambridge GaN Devices (CGD) is a fabless semiconductor startup that designs gallium nitride (GaN) power transistors which the company says are faster, smaller and more efficient than silicon equivalents. Its ICeGaN™ technology targets reductions in energy loss across devices used in laptops, smartphones, data centres and electric vehicles. CGD spun out of Cambridge University in 2016 and has built a growing IP portfolio with more than 50 patent applications. The company has secured projects and funding from Innovate UK (iUK), BEIS and the EU (Penta) to support development. CGD has announced a rebrand, launched the ICeData project aimed at data centres, and plans to bring its first product to market in 2022. It intends to continue heavy R&D investment and significantly expand its team as it pursues market traction and strategic partnerships.

Participated · Equity · Nov 2024

Tokamak Energy develops a squeezed, spherical tokamak for magnetic confinement fusion and also sells high-temperature superconducting magnets through its TE Magnetics division. Its ST40 prototype produced a record-setting 100 million degree C plasma in 2022. The company plans to operate a pilot power plant starting by 2034. To bridge the gap to commercial fusion revenue, Tokamak Energy is expanding TE Magnetics to monetize its magnet expertise. The startup was spun out from the UK Atomic Energy Authority in 2009 and is based in the UK. Financially, it has raised $275 million to date from private investors, including a recent $125 million raise. The new funds will be used to continue reactor development and expand TE Magnetics.