Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

IQ Capital raises $300m ‘deep tech’ fund for AI start-ups

Venture capital firm IQ Capital has raised more than $300 million to invest in artificial intelligence and machine learning start-ups, the company reported on Monday.

According to the Cambridge-based firm, $125 million of this sum would come from their ‘Growth Opportunities Fund’, while the remaining $175 million would be part of a fund focusing on investing into companies at seed and Series A stage.

The investment comes as part of a broader shift in venture capital firms investing across Europe towards “deep tech”, technologies based on the latest scientific breakthroughs (AI, BioTech, Blockchain etc.)

For example, last February, Berlin-based banking start-up Mambu raised $33 million to digitise financial services through machine learning, and in April London AI start-up Cytora raised $31 million from EQT Ventures to bring AI into commercial insurance underwriting.

Commenting on the news,  IQ Capital co-founder Max Bautin said: “Deep tech is really hard, and it has taken us years to find the perfect model.”

“It’s not just about ideas,” he added. “It’s about finding the right people, the ones who can figure out how to transform their technology into a product, before scaling up and taking it international, taking them to the next step.”

Mr Bautin explained IQ Capital would begin approaching companies with offers of investment “soon”, but said it was “open to suggestions”.

Among IQ Capital investors are the British Business Bank’s Patient Capital Fund and investment from National Grid Partners (NGP).

When asked about the investment, Lisa Lambert, NGP president, said IQ Capital impressed her team “on many levels”, adding: “The firm is positioned as the go-to deep tech fund in the EU, and the team has a proven ability to connect with founders through all stages, from seed to exit.”

Image via PXhere.

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