Empirical Ventures, a Bristol-based deeptech fund supporting “venture scientists” in energy, materials, and life sciences, has secured a £10 million investment from the British Business Bank’s Regional Angels Programme, increasing its total backing to £15 million. This follows an initial £5 million commitment in April 2024. The additional funding enables Empirical to provide larger investments to early-stage, science-driven founders across the UK, particularly outside London, through its SEIS and EIS fund in conjunction with an angel syndicate.
Founded by Dr. Ben Miles and Dr. Johnathan Matlock, both scientists-turned-investors who previously collaborated at Ziylo Ltd, Empirical Ventures focuses on pre-seed and seed rounds in energy, advanced materials, robotics, and life sciences. Ziylo, a spinout from the University of Bristol developing glucose-sensing molecules, was acquired by Novo Nordisk in 2018 for over $800 million.
Miles also launched Spin Up Science in 2018, which has helped over 4,500 scientists initiate more than 200 deeptech companies in the UK. Empirical Ventures contends that generalist investors often struggle to evaluate early-stage deep science startups due to insufficient domain expertise. The firm’s strategy involves supporting “Venture Scientists” — founders with deep technical expertise transitioning from academic research to commercial ventures.
Portfolio companies include Quantum Dice, Wave Photonics, Senisca, Forefront RF, Zero Point Motion, Scarlet Therapeutics, Lumi Industries, and Intrinsic Semiconductor Technologies. According to Mark Barry, Senior Investment Director at the British Business Bank, the program aims to merge finance, business acumen, and skills to aid high-growth smaller businesses, describing Empirical’s efforts as bridging a funding gap for science-led firms outside London.
Matlock emphasized their geographical focus: “Whether they are in Bristol, Manchester, or Edinburgh, we are here to ensure that the founders capable of rewriting the rules of what’s possible get the resources to do so.”