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University College London secures £50m for technology innovation fund

University College London (UCL) has announced it is to invest £50m over the next five years as part of its newly launched UCL Technology Fund.

The fund will support academics in all areas of the university, including life sciences, engineering and information communication technology, whose research has commercial potential by providing funding for early stage proof of concept, licensing projects and new spinout companies.

Part funded to the tune of £24.75m by the European Investment Fund, one of the largest providers of venture investment in Europe, and Imperial Innovations, a UK public technology commercialisation company, the fund aims to build on the success of UCL’s technology transfer company UCL Business (UCLB).

UCLB helps to commercialise research from the university and since its inception in 2008 has launched over 60 spin-out companies. The company will manage the fund in conjunction with UK venture capital investor Albion Ventures LLP.

Dr Celia Caulcott, Vice-Provost (Enterprise) at UCL, commented: “UCL has an impressive track record of commercialising our research through licensing and spin-outs and the launch of the UCL Technology Fund underlines our long-term approach towards investment.

“Together with our partners, we will ensure UCL continues to maximise the commercial opportunities of its innovative and ground-breaking research, with the aim of benefitting society as a whole and producing economic impact.”

Ross Cummings, Chief Executive at Imperial Innovations, added: “The quality of research at UCL means that there is already a wealth of opportunities to be exploited and this will provide even greater level of resources to UCLB to increase throughput.

“We expect our participation in this new fund will lead to a significant increase in our rate of investment in UCL related spin-outs to which we will have access via our role in this new fund.”