Cambridge, often hailed as the science unicorn capital of Europe, is already at the forefront of science-based innovation.
The recent analysis by Dealroom for Founders at the University of Cambridge states that the Cambridge tech ecosystem now has a combined value of $191B (approx €176B), representing 18 per cent of the entire UK’s tech ecosystem and more than Spain and Italy combined.
The new data on Cambridge’s tech ecosystem is released ahead of the first Investor Demo Day for the Start Accelerator programme by Founders at the University of Cambridge, an initiative supporting and accelerating University founders to achieve greater impact.
The report underscores the innovation taking place in Cambridge as the city cements its reputation as Europe’s deep tech leader.
According to the report, in H1 2024 alone, Cambridge tech companies have raised a record-breaking $1.6B driven by mega rounds for autonomous vehicle company Wayve ($1.05B) and quantum computing company Quantinuum ($300M).
Cambridge riding high
Cambridge has always been a tech and science powerhouse, pioneering breakthrough technologies, such as AI and IVF.
Cambridge is a tech and science powerhouse, known for breakthrough technologies like AI and IVF. It has outpaced the rest of the UK and London in delivering value from venture capital investments, producing 16.9 times in value for every dollar of VC investment, while the UK and London produced 5.4 times and 4.8 times, respectively.
Much of this innovation has taken place in the University of Cambridge which is the number one science hub in Europe, as well as number one on the continent for producing valuable spinouts.
In addition, more Cambridge alumni have raised over $10M on per capita basis – more than any other European university (505), ahead of Oxford (410) and Ghent (223).
Cambridge alumni founders have started notable companies, including Hermann Hauser (Arm), Alex Kendall (Wayve), Stewart Butterfield (Slack), Demis Hassabis (DeepMind), and Tessa Clarke (Olio).
Eleven deep tech startups with ties to Cambridge completed a 12-week accelerator program. They received up to £2 million in joint investment from the University of Cambridge and Parkwalk Advisors.
The program included mentoring, co-working spaces at ideaSpace, and priority access to lab space at Babraham Research Campus, along with support from mentors and investors.
Having said that, we have listed down Cambridge’s top 10 largest tech funding rounds of 2024
Quantinuum
Fund raised: $300M
Quantinuum is a UK-founded quantum technology company that provides powerful quantum computers and advanced software solutions. It aims to use quantum physics for breakthroughs in healthcare, material science, cybersecurity, energy transformation, and climate change. Its clients include Airbus, BMW Group, Honeywell, HSBC, JPMorgan, and Thales.
Cambridge Mechatronics
Fund raised: $40M (approx €37M)
Cambridge Mechatronics specializes in designing and controlling Shape Memory Alloy (SMA) actuators. These actuators are highly precise and suitable for applications requiring fast movement and high force in a compact, lightweight design. Its technology has shipped in over 70M products to date, including several of the world’s top-ranking smartphone cameras, according to industry experts DXOMARK.
Luminance
Fund raised: $40M (approx €37M)
Luminance is an AI platform for lawyers. The company has developed its own legal Large Language Model (LLM) powered by AI, which is capable of reading and comprehending legal documents in any language.
With this capability, the company can facilitate a wide range of tasks, such as conducting a first review of contracts and detecting contractual irregularities, identifying areas of non-compliance, and applying advanced Al-driven ECA and TAR for Discovery matters.
MISSION Therapeutics
Funding raised: £25.2M (approx €29.5M)
MISSION Therapeutics is developing new treatments to remove dysfunctional mitochondria, promoting cell health. Mitochondria are organelles responsible for energy production, and their dysfunction can lead to various diseases including acute kidney injury, Parkinson’s Disease, heart failure, and Alzheimer’s.
The company is currently developing two small molecule drugs, MTX652 (peripheral) and MTX325 (targeting the CNS) which, through inhibition of the mitochondrial DUB enzyme USP30, will promote clearance of dysfunctional mitochondria – consequently improving overall cellular health.
Biofidelity
Funding raised: $24M (approx €22.1M)
Biofidelity is a commercial-stage genomic technology company with a mission to bring the benefits of precision medicine to patients around the world.
ASPYRE is the company’s first application in the molecular biology technology platform, making genomic analysis simpler, faster, and more efficient. It provides straightforward, cost-effective access to the vital information needed for accurate targeting and monitoring of cancer treatment.
Monumo
Fund raised: £10.5M (approx €12.3M)
Monumo combines deep tech innovation and machine learning with engineering expertise to redesign electric motors. Their patented technology has produced a design for a switched reluctance motor (SRM) that reduces torque ripple by 50% across the drive cycle, resulting in a smoother and quieter performance.
Sano Genetics
Fund raised: £9M (approx €10.5M)
Sano Genetics helps accelerate precision medicine research by finding people who wish to contribute to studies and helping them do so on their own terms.
Sano has developed a software platform that connects patients living with rare and chronic conditions, such as Long Covid, multiple sclerosis, Parkinson’s, and Alzheimer’s, directly with biotech and pharma companies leading personalised medicine research
Qureight
Fund raised: $8.5M (approx €7.8M)
Qureight is a clinical data analytics company that aims to accelerate clinical trial development at key decision points through data curation and AI-powered decision-making.
The company works with pharmaceutical companies, contract research organisations, and hospitals to curate data and help the best drugs get approved so they can be given to patients with lung and heart diseases who need them.
PLAQUETEC
Fund raised: $8M (approx €7.3M)
PlaqueTec is working on a better understanding of the biological mechanisms of coronary artery disease (CAD) to advance the development of precision medicine.
CAD, where atherosclerotic plaque build-up narrows or blocks the arteries that supply blood to the heart, is a leading cause of death globally. Current treatment approaches are one-size-fits-all and, therefore, ineffective for many patients.
To address this, PlaqueTec has developed a proprietary technology and data analysis platform to endotype patients and uncover potential biomarkers of coronary vascular function and plaque progression.
XAMPLA
Fund raised: $7M (approx €6.4M)
Xampla is the creator of natural materials for commercial applications. In 2023, Xampla launched its new brand, Morro. Morro introduces sustainable, next-generation materials to the market that are plant-based, strong, and fully biodegradable.
Morro offers a range of products, including Morro Edible Film, Morro Soluble Film, Morro Coating, and Morro Micro, which can be used to eliminate the need for the most polluting plastics.
