Aviva Investors announces it has made a c. €17.9m investment with Cambridge Innovation Capital (CIC). The investment has been made by the Aviva Investors Venture & Growth Capital LTAF (Long Term Asset Fund).
The commitment from Aviva Investors anchors CIC’s newly-launched Opportunity Fund, which has already made its first two investments, into Pragmatic and Riverlane. Pragmatic is a world leader in semiconductor innovation and one of the UK’s largest chip designers and manufacturers. Riverlane specialises in the complex challenge of quantum error correction paving the way to make quantum computing useful, sooner.
Aviva Investors’ commitment to the CIC Opportunity Fund aligns with UK Government plans to deliver the Oxford-Cambridge Growth Corridor, furthering the region’s ambition to be a world-leading life science, tech and innovation cluster.
Ben Luckett, Managing Director, Venture and Strategic Capital, at Aviva Investors, said: “We are very pleased to complete our latest investment in the Cambridge innovation cluster. CIC has a wealth of expertise in life sciences and deep tech, discovering and supporting pioneering companies like Pragmatic and Riverlane which can help the UK get ready for the future whilst putting it at the forefront of global innovation. As an investor with a long-standing presence in Cambridge, we understand its reputation as a world-leading technology cluster, the huge value of the unique ideas being created here, and their potential to create growth, success and impact. We believe CIC’s new Fund and its unrivalled access to these early-stage companies, will enable us to support their growth whilst aiming to deliver long-term investment outcomes.”
Andrew Williamson, Managing Partner at Cambridge Innovation Capital, added: “CIC has traditionally invested in early-stage opportunities around Cambridge and has seen many of these companies mature into highly commercial businesses developing proven technologies. With this new Fund we will support our portfolio companies, and scaleups from the UK ecosystem, as they reach a defining moment in their growth – and at exactly the point where the UK often loses its most exciting businesses. We want to be a part of that change, and we’re delighted to be working with Aviva Investors to achieve this ambition.”
Image Source - Aviva Investors.
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