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Founded 2018. £220m committed via British Business Bank (as of June 2023); £92m deployed across 217 cos. 22 portfolio investments. Recent: Optalysys (photonic AI/encryption, £23m Series A, Jan 2026). Team combines gov, defence, tech & VC expertise. Value-add: R&D contracts, gov customer trials, market insight.
Check Size
£1M - £10M
Investment Focus
Investment Thesis
Invests in pioneering startups developing dual-use technologies with strategic relevance to National Security & Defence. Seed & early growth stages. Focus: AI, quantum, engineering biology, advanced materials, semiconductors, space. Direct equity + fund-of-funds approach. Prioritises UK SMEs. Avoids: non-dual-use tech, companies without gov't strategic alignment.
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