There has been a noticeable shift in the private rented sector in recent years, writes Anton Frost, Partner, Carter Jonas Cambridge. Developments seem to suggest that the Government is discouraging investment into the buy-to-let market by the private landlord, whilst simultaneously promoting the institutional-led build-to-rent (BTR) model.

Against this backdrop, private individual landlords, institutional landlords and investors looking to attract and retain tenants need to understand what occupants want from a rental property – to understand tenant motivations, likes and dislikes and what they might pay a premium for. 

Likewise, by understanding these key requirements and what tenants would like to see in a rental property of the future, we can go some way towards helping to shape the sector to better accommodate their needs. 

A recent report from our in-house research team had just this in mind. The team collected responses from over 300 tenants living in urban and rural settings and flats, and houses. The findings go some way towards providing a comprehensive insight into tenant drivers and requirements. 

There was a notable increase in tenants living in flats and houses who felt that sustainable energy measures are now an ‘essential’: 21 per cent of respondents in flats said this in 2019, compared with 15 per cent in 2017. This feature has moved up three places and is now considered more important than en-suite bathrooms or fitted wardrobes for the majority of our flat respondents. 

The growing cost of utilities and rising energy prices (gas & electricity bills have increased around three per cent in real terms over the last two years to the end of 2018), combined with a heightened awareness of our daily impact on the climate and wider environment, is likely having an impact on renter priorities.

The research also found that high-speed broadband is considered essential for a rental property, even more so than a modernised kitchen or bathroom. 
One of the key questions of the research asked what tenants would pay more for. This is particularly relevant in the current environment where an ever-increasing number of BTR developments and units have been developed or are coming on stream. 

According to the British Property Federation (BPF) there are around 143,000 BTR units either completed or planned across the UK with research suggesting that given the extra amenities these units offer, there is an associated rental premium of around 9 per cent. 

It is, therefore, crucial to understand just what it is that tenants are willing to pay a little extra for. While the current consensus is that BTR schemes can achieve higher rents because they offer features such as concierge service, communal spaces and an on-site gym, our flat respondents showed that these were of little added value. 

Only 12 per cent of people saying they would pay more for an on-site gym and just five per cent and three per cent, respectively, would pay more for a concierge and communal space.

Encouragingly however 19 per cent of our respondents said they would be willing to pay more for a newly refurbished kitchen or bathroom. Given that most build to rent units (in this country anyway) are relatively new, this is something which would garner a rental premium without a BTR developer having to change anything.

On the other hand, there were some features flagged that the average BTR development may struggle to achieve. While 14 per cent of respondents said they would be willing to pay more for outside space, many BTR schemes are flats and can only provide a balcony/terrace and communal gardens. 

Allocated parking can also be hard to incorporate into new developments; space issues and wider planning difficulties make it harder for schemes to include too much in the way of vehicle parking, although 12 per cent of our respondents said they would pay more for this luxury.

Looking to the future, one of the most frequent responses related to improving the condition and quality standards of rental properties. 

Additionally, many tenants would like to have greater flexibility and control over the property. Rental properties in the UK do not traditionally allow for pets or redecoration of the interior, and this came up as an issue to improve going forward.

Finally, lower administration fees, fees charged by agents and landlords, and the introduction of some type of rent control system were all mentioned as changes tenants would like made in the private rented sector. 

At the time of writing, party manifestos for the upcoming election are flying around, each of which has various proposals that could disrupt the sector further. 

I wonder if perhaps predicting what a rental property of the future will look like is easier than predicting what the sector will look like in 12 months.  

carterjonas.co.uk

Many phrases and tag lines have become commonplace in promoting the excellence and potential of the UK Life Sciences sector to create better patient outcomes and wealth creation, writes Tony Jones, CEO of One Nucleus. 

There will be strong representation at Genesis on December 11 from areas such as the Golden Triangle, Northern Powerhouse and various Corridors linked with driving success. 

Of course, to those outside the sector, the meanings of these phrases often have differing connotations such as Golden Triangle with illicit drugs and Powerhouse with Marvel Comics whilst promoted Arcs and Corridors frequently have only a passing resemblance to such shapes in reality. 

Nevertheless, taking such poetic licence cannot mask the success stories of the past, present and (hopefully) future that is UK Life Sciences. Such terminology can be very effective in aligning a call to action or policy for investment and taking such poetic licence can perhaps be justified.

Since its launch in 2001, Genesis has seen the exhibit hall contain regional and national representations from across the UK and internationally. 2019 is no different with a healthy mix. 

What is different this year is that the East of England stakeholders have become the first ever to bring a ‘super-regional’ presence, sponsored by Mills & Reeve to include 20 exhibitors from across the R & D, technology, science park, business enablers and economic development policy groups. 

The East of the UK can only be viewed as a powerhouse by almost any metric, whether it’s the >£1Bn private investment over the past 18 months, 17 per cent employment growth and 37 per cent business growth since 2012 or it’s highly skilled labour market with 44 per cent qualified to degree level or above. 

Coupling this with the proximity and access to the London financial sector with its colossal academic medical research base and global connectivity then it’s little wonder why so many of us feel confident in the potential for future success. 

Showcasing in the exhibit hall, and open to helping you navigate this world class region, are organisations that include Mills & Reeve, Harlow Science Park, Discovery Park, Quadram Institute, Norwich Research Park, Public Health England, Babraham Research Campus, London Stansted Airport, Wellcome Genome Campus, Kao Data, Emirates, Radisson Hotels, Cambridge Network, Eastern AHSN, Milner Therapeutics Institute, Cambridge Wireless (CW), The UK Innovation Corridor, Form the Future and The Cambridge Norwich Tech Corridor. Of course, One Nucleus will be there too!

There is a strong showing in the final of the 2019 BioNewsRound Award sponsored by Fish & Richardson too with Astex Therapeutics, AstraZeneca, Domainex and Healx all making the final and will be presenting to win votes in the day. 

Astex is celebrating the FDA Marketing Approval of the second drug BALVERSA™ (erdafitinib) from their Janssen collaboration started in 2008. AstraZeneca entered the news of their rapidly executed mega deal with Daiichi Sankyo to accelerate development of the HER2-targeting antibody-drug conjugate trastuzumab deruxtecan involving a $3.5Bn equity placement. 

Domainex reported ground-breaking news from its collaboration with Imperial College where they have identified a potential new drug, by targeting the MAP4KA protein, to treat damage caused by a heart attack using a stem cell derived muscle cell platform. 

Healx celebrate their $56M Series B financing that will enable them to launch their global accelerator programme for rare diseases, a step that may dramatically address serious unmet needs in those patients.

Absolutely there have been numerous great new developments and related news stories that could equally have made their way into the final such as the growing success of Inivata, Crescendo Biologics, Artios, CMR, Ieso Digital Health, Congenica, Eagle Genomics, Procarta Biosystems, Pfizer and more. It’s been a fantastic year in the east of the UK and perhaps more will follow the unicorn status established by CMR in 2019. 

The success is driven by a world-leading science and technology research base which successive governments have continued to show commitment to and with political champions such as George Freeman, Matt Hancock and Daniel Zeichner all proponents of translating great science into better patient outcomes via the NHS, then I feel the region will continue to have a strong voice in political circles when the current dust settles. 

It doesn’t mean there aren’t going to be challenges ahead. Brexit, and whatever the on-going political and trade negotiations that follow, global market turbulence, US-China trade policy and more will all inevitably impact every sector, including Life Sciences. 

This sector has proven to be resilient, evidenced by the stream of success mentioned above in these uncertain times. Attracting significant capital and corporate deals from both US and Asia should continue given it is the quality of the innovation pipeline that has created the momentum we currently see. 
 
We cannot, and will not, rest on our laurels. One Nucleus, with the stakeholders mentioned above, has stepped up its activities and investment in promoting our members and the region. This to further engage current and potential international investors, business partners and talent. 

At a time when geopolitical factors could hinder progress in all aspects of translating new biopharma, med tech and healthcare innovation into patient benefit and economic growth, we feel it is vital to ensure the excellence and opportunity here for scientists, technologists, entrepreneurs and investors is in the global shop window. 

This is true when we showcase at international events in US and Europe but it is equally important that we do this on our own doorstep. To this end, I am delighted to see the regional presence at Genesis 2019 on 11 December in London take this to a new level over previous years.

Irrespective of what geometric shape we would like to describe our areas in, there is no doubt the excellence of our region will continue to form the future on a global scale.  

Genesis 2019 programme

Cambridge UK surgical robotics gamechanger CMR has signalled its intent to dominate global keyhole surgery markets via a fresh phase of growth under a new CEO with crucial multinational manufacturing expertise.

Martin Frost, who has steered the business from conception to unicorn status, is stepping aside to allow new CEO Per Vegard Nerseth to scale the medical devices technology pioneer to fresh heights and cripple the traditional stranglehold of US players.

Frost will hold the reins until the official handover on January 1 and then transition to a board position as a non-executive director.

Nerseth has more than 25 years of significant growth and business-scaling experience in the field of robotics. He joins CMR from ABB, a world leading manufacturer of industrial robots and robot systems. 

For the last nine years he served as senior VP and managing director of ABB Robotics, a multi-billion dollar business unit with more than 7,000 people in 53 countries. 

During his tenure ABB Robotics achieved double digit sales growth while making significant operational efficiencies. Prior to this Nerseth established ABB Engineering’s robotics division in China, growing it to become the number one robotics business in that country.

Frost co-founded CMR in 2014 and has been CEO since formation. During this time he has driven CMR to the point of commercialisation whilst attracting investment of a record-breaking £195 million in the company’s Series C financing round, which valued the business at more than £1 billion.

Frost said: “I am extremely proud of what we have achieved to date at CMR and I am delighted to be handing the CEO reins over to Per Vegard, who will lead the company to the next stages of its maturity. 

“Per Vegard has strong experience in manufacturing and robotics at a multi-national level, which makes him the perfect candidate to take over. I look forward to continuing my involvement with the company as a non-executive director.”

Nerseth added: “I feel privileged to be joining this vibrant, rapidly growing, world-leading company at such an exciting stage in its development. I look forward to using my previous robotics and manufacturing experience to contribute to the future of CMR.”

The succession is crucial to CMR’s strategy to confirm its position as Europe’s leading medical devices company and nudge US rivals into the sidelines. But stepping aside has not been an easy decision for Frost. He said: “I was away 110 nights in the last year and had to consider my work-life balance. I leave the company in a fantastic position and feel proud that we have built it thus far on a platform of integrity.

“It has been an emotional time, telling 400-plus employees, investors I have engaged with and attracted and others close to the business that I am stepping aside but I genuinely felt I was getting out of my comfort zone and that it was time for someone else to take the reins.

“Integrity is everything. We arrived where we are relatively quickly but built the company in the right way. Now we need a CEO with a different skills set if the business is to take advantage of the position we have created.

“The new CEO has experience in high value volume manufacturing which is important in taking CMR to the next plateau. I have built relationships with a lot of investors and driven staff recruitment but the new CEO has skills that are vitally needed going forwards.”

Frost said CMR was scaling across several key territories in the US, Asia and Europe. It is already in major markets such as China, India, Europe and the States. 

Frost has put relationships in place with the NHS in the UK, with hospitals around the world and various influential and wealthy investors and enjoyed the global ambassadorial role.

He said: “We have endeavoured to build the ecosystem right and as we scale it was time to put a new ace in our hand. Our model has always been substance over style.

“We have built the robots and the team – but the important next stage is to deliver the transformation. We have persuaded some highly talented people to join us to pilot this journey.

“Many have taken a pay cut to come to work for us – and I am talking globally. We have attracted talent by creating a quality of work, a happy and productive environment and a business that has massive prospects to scale to fresh heights in a very special space in terms of medical device design and manufacture.

“Now we enter a new phase. The new CEO has great experience in all the right segments to take the business on and has also has signed up to our core values. We are up against US giants but have nothing to fear thanks to the infrastructure and quality of product that we have created.

“We have conjured all the nice warm and cuddly things that make this business so special but now need to get to grips with fresh challenges globally and Per Vegard will carry that torch for CMR.

“We face fresh challenges in terms of scale-up, manufacturing and quality engineering. We have progressed our product, which is brilliantly designed; the market is investing in the vision and our robotic system and we know we have have to thrill the market every time.

“One of the most exciting things about CMR, its vision and its prospects, is that we are starting to recruit interns who are choosing us ahead of the many brilliant technology companies that abound in Cambridge and the wider technology marketplace.

“We had 30 interns in here over the summer, aged around 16-22. One who was particularly brilliant went on to excel in an exercise in Florida. 

“All the founders of CMR have worked fantastically well together; all have had shoulders to the wheel and the organisation has drawn great strength from the team and the leadership group. 

“But we have had to step out of our comfort zone and recognise that CMR is operating within a complex medical device sector – one of the most complex areas to conquer. There can be no resting on laurels and everyone involved in this wonderful company recognises the need to constantly innovate and improve.”

Wireless telecoms services business WHP Telecoms has acquired Cambridge UK neighbour Sitec Infrastructure Services in a deal that will create a group with a turnover in excess of £100 million and 500 employees. 

Sitec is described as a dynamic, delivery-focused project management company providing end-to-end solutions for the UK’s mobile and fixed line network operators. 

The business specialises in network design, rollout, upgrade, and management to the mobile telecoms industry. It also has an expanding presence in the wayleave, design (planning) and installation of fixed line fibre optic networks.

The deal brings together two sector leading businesses with strong operational and cultural complementarities working across the full network lifecycle. The acquisition will also provide the platform for WHP Telecoms to enter the fast growing and dynamic fibre market. 

This is the first acquisition WHP Telecoms has made since completing a management buyout backed by Equistone Partners Europe in 2018 and represents an important step in the group’s strategic growth plan. 

Andi Tomkinson and Sebastien Leusch at Equistone Partners Europe, said: “An important part of our investment strategy for WHP Telecoms is to build on its market leader status, boosting the scale and breadth of its services through organic growth and strategic acquisitions. 

“The acquisition of Sitec Infrastructure Services fits with that seamlessly, presenting an exciting new opportunity to add to WHP’s customer base and geographical reach, as well as providing entry into new markets.”

Rob Potter, CEO of WHP said Sitec was an excellent fit for WHP Telecoms, both in terms of culture and the skillset that the team would bring to his company.

“The acquisition is consistent with our appetite to lead consolidation in the sector and continue to strengthen our services and breadth of offering,” he said.

Adam Eatock and David Hawthorne, directors of Sitec added:“This deal represents a major milestone in Sitec’s development; WHP is an excellent home for our business.”

Michael Loudon and Tom Barnwell at Clearwater International supported WHP with corporate finance and debt advisory services on the transaction, with Jemma Clarke and Ben Collins at Addleshaw Goddard providing legal advice and Chris Heatlie at BDO providing financial due diligence. Sitec was advised by JDC Corporate Finance and Mills & Reeve.

Funding powerhouse Cambridge Innovation Capital has now attracted £1 billion of investment into Cambridge companies and managing partner Andrew Williamson has hired more Silicon Valley talent to ensure the technology cluster maintains its upward trajectory on the global stage.

The £1bn funding landmark has come within the last five years of CIC’s six-year existence but Williamson tells Business Weekly that Cambridge can leverage even more international capital as it builds on AI, deep learning, life science and therapeutic market leads.

CIC’s leading position as a gateway to accessing world-leading innovation was underlined by its performance in the six months to the end of September.

CIC has simultaneously unveiled Vin Lingathoti, a 10-year Valley veteran in the deep technology sector, as a partner to focus on enterprise software. Williamson himself spent 20 years in the US technology heartland while investment director Michael Anstey excelled at The Boston Consulting Group’s office in Toronto and has advised multinational healthcare businesses across North America, Europe, India, and Japan.

Williamson said the team was wired to help steer a new wave of growth for the Cambridge technology sector. He said: “The high quality of opportunities afforded to CIC as a result of our preferential access to IP from the University of Cambridge and our superior network through the Cambridge ecosystem ensures we are the gateway for accessing world-leading innovation.”

In the six months under review, CIC invested £22.8 million into three new and 11 existing portfolio companies; Riverlane, Sense Biodetection and PredictImmune joined CIC’s portfolio.

CMR Surgical closed a £195m Series C to commercialise its next-generation surgical robotic system, clinching unicorn status at the same time.

Gyroscope Therapeutics raised £50.4m of Series B funding round including from CIC and lead investor Syncona for the development of gene therapies and surgical delivery systems for retinal diseases.

Cytora closed a £25m Series B financing round to develop its artificial intelligence-powered insurance technology platform and PROWLER.io raised $24m to support product expansion and growth in artificial intelligence decision-making. CIC also figured in prominent deals for Storm Therapeutics, Audio Analytic and Bicycle Therapeutics.

Investing from its £275 million first fund, CIC has injected capital into 29 companies to date. Williamson stressed that international big hitters had invested alongside CIC to accumulate the landmark total. 

Thrilled with what he called a show of confidence in Cambridge, Williamson said the local deep technology market was set for further unprecedented growth because the cluster was so uniquely endowed with IP-rich, transformative businesses.

In an exclusive interview with Business Weekly, Williamson said Cambridge gloried in companies creating differentiated technologies. These were prolific, thanks in no small measure to Cambridge University and its exponential success in nurturing and spinning out transformational life science and hi-tech companies.

CIC’s close relationship with the university and follow-up companies is evidenced by the fact that 18 of the 29 businesses in whom it has invested to date are Cambridge University spin-outs.

What is less well known is that the astute and highly forensic CIC team has seen around  1500 investment opportunities to date and engaged closely with around 1000 of those without committing investment. So the portfolio businesses are in an elite minority. The common denominator is that besides having great technology they also have the capability to scale rapidly on a global basis, says Williamson.

This Solomon-esque insight makes CIC more than just another investor and more like an anchor institution within the burgeoning cluster.

Williamson told me: “Not every investment opportunity converts immediately; sometimes we bide our time and look at investments over a number of years: 97 per cent of companies we see we don’t invest in but by engaging with them closely we are able to suggest how they can get themselves investment ready. 

“So in addition to capital, we invest a lot of time building relationships. And the model works: The quality and number of high-potential companies is growing year by year. We have acknowledged the reality that some companies may be exceptionally IP rich but take a little bit longer to develop than ventures based on more traditional business models.”

This is where CIC’s globally experienced team comes in once more. 

Williamson says: “CIC has a lot of PhDS on its teams with deep tech backgrounds. Every business we invest in is a global business and a significant amount of capital we have invested has been globally secured, so we are seen as a safe pair of hands by investing entrepreneurs and funds across the planet.

“A lot of promising deep tech businesses are too small to build into $1bn businesses as things stand which is why it is vital to incorporate a US, Asian and European growth strategy.

“While all our portfolio businesses tend to have started in Cambridge and developed disruptive Science & Technology within the cluster, many have opened up markets on the West Coast of the US or in Asia, for example. 

“We see some ventures that are fantastic in terms of their own specific propositions but because of their business model they remain too small currently to build into a global business. For example, we don’t get involved in consumer related brands – it is just not our model. We and our co-investors require that businesses we back have the ability to scale as rapidly as possible.”

Williamson makes the point that the quality of talent emanating from Cambridge University – principally the calibre of its engineers – is second to none on the worldwide stage.

And the best of our companies – such as CMR Surgical and PROWLER.io – have learned how to attract and retain top global talent by offering stimulating work environments and employment packages that encourage good people to stay and grow with the business.

Williamson says: “In the US engineers can move to new roles almost on an annual basis depending on the packages on offer. In Cambridge, engineers are attracted by the quality of the work, they can become shareholders – personally and professionally they are in a very good place here and they tend to stay loyal to a progressive, switched on employer.

“Swim.ai – which started with commercial operations in San Jose – came to Cambridge because of access to the high quality engineering talent and brainpower available through the university. Their model is sustainable: Swim.ai is already hiring big and filling all their slots. 

“Hiring top talent to sustain scalability on an international basis is clearly a challenge for the cream of our technology companies locally but businesses like PROWLER.io, CMR Surgical and Swim.ai provide highly productive workplaces, challenging working environments and great incentives to be part of a business that can transform technology sectors globally.

“The ability of our top life science and technology companies to grow sustainably and consistently recruit top people is possibly the greatest cultural change in the Cambridge science & technology environment in the last 20 years.”

Similarly, while many tech entrepreneurs and investors continue to look to Silicon Valley as an exemplar, Cambridge is no longer a generation behind in terms of maturation compared to the West Coast ecosystem. 

“Our own ecosystem now compares favourably,” says Williamson. He praised the energy and growing global influence of Cambridge Enterprise, the university’s commercialisation arm, and the prodigious input of financial and business building expertise from Cambridge Angels.

New executive recruit Vin Lingathoti is a software engineer by training and has held roles across multiple functions including engineering, product management, corporate strategy, private equity and corporate development. 

Most recently he was regional head of Venture Investments and Acquisitions at Cisco Europe, where he led multiple direct and fund-of-fund investments and played a vital role in helping Cisco’s executive leadership team develop its European investment strategy.

He says: “The Cambridge cluster has many similarities to Silicon Valley. The University of Cambridge produces some of the best engineering talent in the world, on a par with Stanford and MIT. 

“It has one of the most active angel and seed investor communities in the UK and is home to prominent deep tech companies such as PROWLER.io and Riverlane. Many of the global software giants such as Microsoft and Amazon have opened R & D centres in Cambridge in pursuit of hard-to-acquire engineering talent.

“CIC is uniquely positioned to leverage this Cambridge advantage. We have a close relationship with the University of Cambridge and deep connections to the local startup community. 

“We have an exceptional team of investment professionals with deep domain expertise and global perspective. All of us have lived in multiple countries and held roles in large corporates and startups and understand the challenges faced by early-stage founders. We take a collaborative approach in helping founders navigate through their journey of building world-class companies.”

Stars in the CIC firmament

Riverlane
Riverlane, where CIC led the £3.3m seed round in which Cambridge Enterprise also participated, is a quantum computing software developer transforming the discovery of new materials and drugs. 

Riverlane’s software leverages the capabilities of quantum computers, which operate using the principles of quantum mechanics. In the same way that graphics processing units accelerate machine learning workloads, Riverlane uses quantum computers to accelerate the simulation of quantum systems. 

Riverlane is working with leading academics and companies on critical early use cases for its software, such as developing new battery materials and drug treatments. The company will use its seed funding to demonstrate its technology across a range of quantum computing hardware platforms, focused on early adopters in materials design and drug discovery. It will also expand its team of quantum software researchers and computational physicists.

Sense Biodetection
Sense Biodetection, where CIC co-led the £12.3m Series A funding round alongside Earlybird, and which is developing a portfolio of instrument-free, point-of-care molecular diagnostic tests, is pioneering a new class of diagnostic product. 

Sense Biodetection plans to invest the new funds in the development and manufacture of a range of tests utilising its novel and proprietary rapid molecular amplification technology, targeting in the first instance infectious disease applications such as influenza. 

PredictImmune  
PredictImmune, in which CIC participated in a £10m Series B round alongside Cambridge Enterprise and other new and existing investors, is developing pioneering prognostic tools for guiding treatment options and improving patient outcomes in immune-mediated diseases. The Series B round cements PredictImmune’s strong financial position, enabling it to build on the successful launch of its first product, PredictSURE IBD™, with a major focus on continued commercial expansion across Europe, the US and other territories.

CMR Surgical
CMR Surgical closed a £195m Series C funding round, Europe’s largest ever private financing round in the medical technology sector, to commercialise its next-generation surgical robotic system, Versius®. 

CIC was an early investor in CMR Surgical having first backed the company’s Series A round in 2016 and has continued to provide financial support and guidance, enabling the realisation of the potential of the Versius® system. CMR Surgical has launched initially in hospitals India with further expansion across the NHS and elsewhere globally expected in short order.

Gyroscope Therapeutics
Gyroscope Therapeutics, in which CIC participated in a £50.4m Series B funding round alongside lead investor Syncona, is developing gene therapies and surgical delivery systems for retinal diseases. With this new round Gyroscope Therapeutics will continue to advance: the clinical development of the company’s investigational gene therapy GT005 for dry age related macular degeneration (dry-AMD), the leading cause of permanent vision impairment for people aged 65 and older.

Cytora
Cytora closed a £25m Series B financing round to continue developing its artificial intelligence-powered insurance technology platform that enables insurers to underwrite more accurately, reduce frictional costs and achieve profitable growth. 

Cytora’s underwriting platform applies Machine Learning and Natural Language Processing techniques to public and proprietary data sets, including property construction features, company financials and local weather.

PROWLER.io
PROWLER.io, where CIC participated in the $24m funding round to support product expansion and growth, continues to define the artificial intelligence decision-making market, developing the world’s first technology that can help businesses and organisations make better decisions in processing dynamic, real-time data in complex and uncertain environments. 

Storm Therapeutics
Storm Therapeutics closed a £14m extension to its Series A financing, bringing the total Series A financing to £30m. Storm is a drug discovery company that is tackling disease through modulating RNA modifying enzymes. 

Audio Analytic
Audio Analytic, in which CIC participated in a $12m Series B funding round, has has developed cutting-edge AI sound recognition technology which can be embedded into consumer devices to make them more helpful to people, by understanding and reacting to the contextual information provided by sounds. 

Bicycle Therapeutics
CIC also participated in Bicycle Therapeutics’ Nasdaq IPO to progress the company’s lead candidate, BT1718, through the clinic and continue to advance its preclinical programmes, including toxin drug conjugates and immune modulators to treat cancer and other debilitating diseases. Bicycle is the first company in CIC’s portfolio to conduct an IPO.

Cambridge-based Iotic has secured investment of €7.5 million to accelerate growth and meet increasing demand for its pioneering digital twin technology. 

Iotic enables enterprises and their ecosystems of assets, objects, companies and people to interact automatically and securely. It operates in a $260 billion industry that’s expected to double by 2021.

The digital software company provides the secure operating environment and tools to create digital twins of any thing, enabling their secure interactions and building true interoperable ecosystems. 

The investment from leading European VCs IQ Capital, Talis Capital and Breed Reply, will drive rapid deployment, deepen channel partnerships and expand market adoption of its patented Iotic Operating Environment, Twin technology and Event Analytics. 

The funding will allow Iotic to capitalise on its patented technology and unique market position.

The Iotic vision is a world where any thing can interact with any other thing – from the smallest sensor, to the largest power station, engine, train and plane along with people, suppliers and customers. 

The digital version of a thing, the Twin, has access to all its data and controls throughout its entire life, converting those end points into meaningful events – empowering enterprises to deliver on the promise of AI and Machine Learning, and to truly be digital. 

The investment enables Iotic to build on its global pipeline of enterprise customers, including Rolls-Royce Power Systems and BAM Nuttall, who have deployed Iotic’s technology to overcome fractured, inflexible IT infrastructure and data management problems to solve significant business challenges and create new services and better customer experiences.

Robin Brattel, CEO of Iotic said: “This investment is a further major endorsement of our operating environment and tools and the business strategy behind them. 

“Having already secured a number of high-profile clients, we are focused on further development and scaling – initially targeting high-value manufacturing, construction and infrastructure sectors. 

“Our longer-term vision is for our interoperable Twins and their Event Streams to be incorporated into every single technology stack that will help to underpin digital transformation and to deliver a strong return on investment for our customers.”

Founded in 2014 out of Cambridge, growing enterprise and channel demand globally has opened up new markets enabled by Iotic’s new North American operations hub in Raleigh, North Carolina. 

This has been supported by the expansion of the management team with the hiring of new COO Hans Weinberg, (previously CIO at ABB, North America), and Kathy Reppucci, (who joins Iotic as VP Marketing from IBM) to deliver global integrated marketing strategies.

Ed Stacey, Partner, IQ Capital, said: “Iotic is a leader in interoperable technology, which is the biggest evolution of data management since relational databases. 

“This technology will underpin future digital transformation projects in manufacturing and many other industries, enabling companies to integrate their data streams much more easily, securely and flexibly and at any level of scale.”