Venture capital firm IQ Capital, which has headquarters in London and Cambridge, has secured US$400m (£320m) through two funds worth US$200m (£160m) to continue its investment into deep-tech start-ups.
Deep-technology start-ups aim to provide technological solutions to global issues based on scientific and engineering research and innovation.
The firm now claims to be responsible for assets worth more than US$1bn (£804.1m), with plans to invest in UK and European start-ups at either the seed or Series A funding stage.
Kerry Baldwin, managing partner and co-founder of IQ Capital, said: “Deep tech will play a pivotal role as both the UK and Europe continue to lead the way in developing technology that will have a lasting global impact.”
Some of the areas the company is interested in across deep tech include generative artificial intelligence (AI), advanced engineering, quantum computing and cybersecurity.
IQ Capital has previously invested in generative AI start-up DreamFold, using financing from Fund IV. Fund IV has received money from British Patient Capital, a limited partner (LP) in IQ Capital.
Max Bautin, managing partner and co-founder of IQ Capital, said: “Breakthroughs in ‘novel AI’ models, new energy and climate, robotics and space tech, quantum computing, synthetic biology – all demonstrate what a significant opportunity deep tech now presents.”
Some of the other companies in which IQ Capital has invested include Cambridge-based Nyobolt, a battery technology company, and fintech unicorn Thought Machine.