Hi-tech South West businesses could be boosted by a new investment fund worth up to £25 million.
The University of Exeter has signed a Memorandum of Understanding with Space Net Ventures, which aims to raise £25m to support ventures in the space, satellite technology and internet of things sectors.
The University is part of a small group of top research organisations that will be eligible to bring high-tech investment opportunities to the new fund.
Sean Fielding, Director, Innovation, Impact and Business for the University of Exeter, said: “The University plays an important role supporting high-growth sectors in the South West economy, such as through the Satellite Applications Catapult regional hub in Cornwall and the Exeter Science Park.
“This new fund will be a huge boost. We hope that with the support of this new investment pool, Devon and Cornwall businesses will have a great new opportunity to become global players in the high-tech industries of the future.”
Claire Pidancet, of Space Net ventures, said: “Space Net Ventures (S)EIS fund will target early stage investment in Satellite Applications and Services as well as the Internet of Things. In the UK, both sectors have been identified as strategic areas of growth by the Government and benefit from a thriving and supporting start-ups ecosystem: truly innovative and disruptive products and services are emerging, with massive new markets opening up, representing real high growth investment opportunities.
“Whoever leads these fields will lead economies because these technologies constitute a driver of competitive advantage across many industries. This increased industrial competitiveness ultimately translates into jobs. Partnering with regional clusters led by top rated universities such as the University of Exeter is at the heart of our strategy.”