The Venture Codex

Participated · Equity · Nov 2024

AllFocal Optics develops nanophotonic lens display technology intended to deliver always‑in‑focus images and improved visual comfort, including for users with myopia, hyperopia, and astigmatism. The company’s proprietary approach is built on roughly 10 years of research led by founder and CEO Dr. Pawan Shretha. It is a Cambridge, UK–based spinout from Cambridge University. AllFocal says its displays aim to offer natural visual clarity and accessibility for people with vision impairments. The firm announced a funding package and plans to use the proceeds to expand its development efforts. Dr. Ash Saulsbury, formerly a Microsoft VP of Technology and an AI/AR leader at Meta, has joined as company Chair.

Participated · Seed · May 2024

Infinitopes combines AI-driven antigen discovery with high-efficiency viral vectors to build a scalable, off-the-shelf cancer vaccine platform. Its lead program, ITOP1, targets prevention of recurrence in oesophageal cancer and is entering a first-in-human, placebo-controlled Phase I/IIa study (VISTA) across multiple UK NHS university cancer centres. Supported by Cancer Research UK and embedded in Oxford University’s BioEscalator, the company has grown from three academic founders to roughly 20 full-time employees. Non-dilutive backing includes two maximum-size Innovate UK awards and an Innovative Licensing and Access Pathway passport from the MHRA. Beyond ITOP1, Infinitopes plans to expand its precision vaccine approach to additional solid tumours. To date the company has secured more than $35.1 million in equity financing from sector-focused investors such as Octopus Ventures, Amplify Bio, Cancer Research Horizons, Manta Ray Ventures and others. The fresh capital will fund the VISTA trial and further platform development.

Participated · Equity · Jan 2024

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.

Participated · Series A · Jan 2024

OctaiPipe is a UK-based artificial intelligence company focused on reducing the energy footprint of data centers by continuously optimizing their cooling infrastructure. Its platform combines federated learning, multi-agent reinforcement learning, and digital-twin modeling to adjust cooling operations on site, preserving data control while meeting safety and regulatory requirements. By acting like an “orchestra conductor,” the software fine-tunes chillers, fans, and pumps to match actual cooling demand, delivering immediate efficiency gains and lower carbon emissions. The system is deployed locally rather than in the cloud, appealing to operators that prioritize security and scalability. A defined product roadmap, developed in partnership with ABB, targets further enhancements in reliability and performance across broader data-center operations. Financial details on OctaiPipe’s current revenues, customer base, or prior funding have not been disclosed. The recent strategic investment from ABB provides fresh capital and a powerful go-to-market channel to accelerate adoption.

Participated · Equity · Dec 2023

Spotta develops proprietary artificial intelligence combined with ultra-low-power Internet of Things monitoring devices to provide real-time pest detection and actionable insights. The company holds patented technology and has received multiple awards for its work. Spotta’s platform is already deployed commercially across more than 20 countries. Leadership positions the business as an early leader in pest-management technology, supported by an experienced management team. The recent £3.4 million funding round will fund continued product development and commercial expansion. The company is based in Cambridge.