Participated · Series A · Mar 2026

Cauldron Ferm applies continuous or "hyper" fermentation to turn microbes into uninterrupted production lines for compounds such as fats and proteins, including whey protein. Its technology is designed to work in existing batch fermenters with modest facility modifications, and Cauldron works with customers who bring their own microbial strains while the company optimizes growth conditions and nutrients. The company evolved from decades of work by David and Polly McLennan and was transformed into a startup after Michele Stansfield joined in 2012 and acquired the business’s IP and assets. Cauldron has indicated it is expanding beyond food ingredients and aiming to diversify the set of products it can produce. Financially, the company has raised a $13.25 million Series A2 and previously raised $6.5 million in 2024 to support technology development and commercialization efforts.

Participated · Series D · Jan 2026

Alpaca operates a brokerage infrastructure API that powers fintechs, banks, broker-dealers, wealth managers, algorithmic trading firms, active traders, and crypto-native financial platforms. The company supports over 10 million brokerage accounts across hundreds of fintechs and institutions in more than 40 countries. Alpaca has expanded its regulated footprint through acquisitions, including an IFSCA-regulated broker-dealer and payment service provider in GIFT City and UK/European entities with passporting across the EEA, and has launched global equities access beginning with European equities. It has onboarded major global crypto exchanges and tokenization platforms, reported doubling revenue year-over-year for three consecutive years, and surpassed $1.5 billion in assets under custody for underlying stocks backing tokenized equities. Alpaca plans to use the new financing to accelerate its agent-first brokerage and API-first prime brokerage infrastructure to support tokenized markets and AI-native financial services.

Participated · Series A · Sep 2025

Xampla develops Morro materials — natural polymers made from regenerative plant proteins that are fully plastic-free, biodegradable and home-compostable. Morro Coating preserves cardboard recyclability while providing grease, oxygen and moisture barriers, and Morro films are soluble, food-safe and are being commercialised globally as replacements for PVA films in dishwasher tablets and laundry pods. The company has commercial partnerships with packaging firms including 2M Group of Companies, Huhtamaki and Transcend Packaging and has replaced plastic coatings for customers such as Just Eat Takeaway and Bunzl Catering Supplies. With a $14 million Series A, Xampla plans to expand into Asia Pacific while growing its UK and European operations. The funding will support scaling of production and commercialization to target replacing over ten billion pieces of the most harmful single-use plastics within five years. Investors in the round include Emerald Technology Ventures, BGF, Matterwave Ventures and follow-on support from existing backers Amadeus Capital Partners and Horizons Ventures. Xampla develops Morro, a range of fully biodegradable, home‑compostable and food‑safe plant‑based materials with high strength and grease and oxygen barrier properties. The technology is backed by 15 years of University of Cambridge research and is already used by brands such as Britvic, ELEMIS and Gousto. Xampla supplies Morro products including edible and soluble films and a Morro Nutri product for fortifying and stabilising vitamins and nutrients in food and drink. The company plans to expand the consumer Morro brand into new markets and to advance production of its biodegradable materials to support big brands in moving away from single‑use plastic. In collaboration with partners, Xampla will work to optimise operational efficiency and drive down the cost of sustainable materials while maintaining quality standards. The company is led by CEO Alexandra French. Xampla is a University of Cambridge spin-out that after 15 years of research has developed what it calls the world’s first plant protein material for commercial use. Its Supramolecular Engineered Protein uses pea protein to form microscopic capsules that protect vitamins in liquid products from sunlight, enabling vitamin-fortified drinks in clear bottles. The material is described as performing like synthetic polymers while decomposing naturally and fully, and Xampla is the first UK university spin-out to be awarded B Corp status. The company has secured a £1m grant from Innovate UK to scale up its technology and material processing and has entered a separate £1m packaging innovation partnership with Britvic to pilot beverage applications. Xampla previously launched an edible film with meal-kit maker Gousto in a trial that sold out within an hour, showing early commercial traction. The company positions itself as a partner to help businesses solve packaging and nutrient-delivery challenges while supporting sustainability goals. Xampla produces plant-protein-based materials intended to replace microplastics and single-use plastics. The company is commercialising next-generation plastic replacements and plans to accelerate roll-out of its alternatives. Financially, Xampla has just closed a €6.8 million seed finance round to support growth, following a €2.2 million round announced in April last year. The business is a University of Cambridge spin-out and emphasizes commercial traction and scalability to address plastic pollution. Xampla is the first UK university spin-out to achieve B Corp accreditation, and the team highlights strong technical and commercial progress. The company is chaired by Jeff Seabright and is backed by investors focused on deeptech and impact. Xampla is a Cambridge-born deep tech startup that has developed a plant protein-based material intended as an alternative to synthetic polymer microcapsules used in home and personal care products. The company says its protein material decomposes more quickly and completely than existing polysaccharide-based alternatives and that its fabrication process mimics natural processes. Xampla holds two patents for the material and has a third patent in development. The startup is targeting the roughly $12 billion global microencapsulation market initially, with plans to turn its prototype material into products such as films, gels and capsules and eventually move beyond the microcapsule market. The company positions its mission around reducing the impact of single-use plastic and helping manufacturers transition to high-performance, natural alternatives.

Led · Series C · Feb 2025

Harrison.ai develops AI-powered diagnostic products for radiology (Annalise.ai) and pathology (Franklin.ai) to assist clinicians in detecting and categorizing disease. The company aims to scale internationally across the U.S., EMEA and Asia Pacific and to expand AI automation beyond radiology and pathology. Annalise.ai has been monetized since 2022, is operational in more than 1,000 healthcare facilities, supports treatment of over 6 million patients annually, and has regulatory clearance for clinical use in 40 countries including 12 FDA clearances. The firm reports tripling contracted annual recurring revenue for its radiology offering each year for the past three years. Harrison.ai has about 200 employees and now operates in 15 countries, and plans a North American presence in Boston. Its product pipeline includes a Prostate Biopsy offering in development, expected in 2025.

Participated · Series E · Jan 2025

Owlstone Medical is building a breathalyser-style diagnostic platform that captures and analyses volatile organic compounds (VOCs) in exhaled breath to identify disease-specific biomarkers. Its core Breath Biopsy® platform is powered by the ReCIVA® Breath Sampler and supported by proprietary FAIMS microchip chemical sensor technology and EVOC® probes. The company’s vision is to save 100,000 lives and cut healthcare costs by $1.5 billion through earlier, more precise detection and treatment. Owlstone’s technology is being expanded to cover respiratory and liver diseases, digestive health disorders, and, most prominently, cancer. A newly awarded ARPA-H contract of up to $49.1 million will finance development of a synthetic-sensor multi-cancer early-detection (MCED) test that can identify more than 30 solid tumours at Stage I using breath and urine samples. The program will deliver single-use inhalers containing pan-cancer and tumour-specific sensors, with results uploaded directly to electronic health records for rapid clinical review. Partnerships with MIT, Boston University, Georgia Tech Research Corporation, Qurin B.V., and Planned Systems International will help advance this low-cost, home-usable diagnostic toward commercial deployment.