Key Takeaways
- • The British Business Bank has committed £180 million across six venture capital funds investing in AI and deeptech companies, spanning inception, seed, Series A, Series B and growth stages.
- • The largest single commitment is £55 million (around $75 million) to Intrepid Growth Partners Fund I, a growth-stage investor focused on AI.
- • The Bank also made a direct £10 million investment in Oxford spinout Salience Labs, which is building optical switching technology for AI networking.
- • CEO Leandros Kalisperas said the commitments are part of a strategy to build deeper domestic pools of capital so the UK can capture more of the value of its innovation.
Summary
The British Business Bank has committed £180 million to six venture capital funds that back artificial intelligence and deeptech companies, according to the publisher's report. The commitments cover every investment stage, from inception and early-stage finance through to Series B and beyond.
The six allocations are: £35 million to Crane III, a global inception-through-seed fund focused on founders working at the intersection of AI, software, infrastructure and deep science; £20 million to Connect V, which backs technical pre-seed founders in AI, hardware and real-world automation; £22 million (around $30 million) to Entrepreneurs First's Early Stage Fund, which invests from seed through Series B, including AI infrastructure companies; £55 million (around $75 million) to Intrepid Growth Partners Fund I, a specialist AI growth investor; £26 million (€30 million) to Headline EU VIII, a $400 million fund backing Seed and Series A companies across Europe with a focus on AI; and £22 million (around $29 million) to Evantic Fund I, which invests in globally focused AI companies at the growth stage.
Alongside the fund commitments, the Bank announced a direct £10 million investment in Salience Labs, an Oxford spinout developing optical switching technology that the company says removes a key bottleneck in AI networking.
Leandros Kalisperas, CEO of the British Business Bank, said the UK has no shortage of ideas or talent, but that its funding landscape does not currently match its technical excellence. He said the commitments are part of a strategy to create deeper pools of funding at every growth stage, helping companies access more capital domestically.
Business Secretary Jonathan Reynolds framed the investment in terms of sovereign capability, saying it would help build "safe, secure, homegrown companies" and keep the UK among AI makers rather than AI takers.
The six allocations are: £35 million to Crane III, a global inception-through-seed fund focused on founders working at the intersection of AI, software, infrastructure and deep science; £20 million to Connect V, which backs technical pre-seed founders in AI, hardware and real-world automation; £22 million (around $30 million) to Entrepreneurs First's Early Stage Fund, which invests from seed through Series B, including AI infrastructure companies; £55 million (around $75 million) to Intrepid Growth Partners Fund I, a specialist AI growth investor; £26 million (€30 million) to Headline EU VIII, a $400 million fund backing Seed and Series A companies across Europe with a focus on AI; and £22 million (around $29 million) to Evantic Fund I, which invests in globally focused AI companies at the growth stage.
Alongside the fund commitments, the Bank announced a direct £10 million investment in Salience Labs, an Oxford spinout developing optical switching technology that the company says removes a key bottleneck in AI networking.
Leandros Kalisperas, CEO of the British Business Bank, said the UK has no shortage of ideas or talent, but that its funding landscape does not currently match its technical excellence. He said the commitments are part of a strategy to create deeper pools of funding at every growth stage, helping companies access more capital domestically.
Business Secretary Jonathan Reynolds framed the investment in terms of sovereign capability, saying it would help build "safe, secure, homegrown companies" and keep the UK among AI makers rather than AI takers.
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