Technology research commercialisation specialist Rainbow Seed Fund has won £1.5m from the UK Government’s Public Sector Research Exploitation (PRSE) fund.
Rainbow, which is managed by Birmingham-based VC Midven, invests in early-stage and high risk technology opportunities that emerge from a select group of leading publicly funded institutions.
The award, which is part of the UK Government’s £68m total award to 33 successful bidders across the UK, will be used by the fund to accelerate the speed at which research from these institutions becomes commercialised by introducing experienced entrepreneurs to the spin-out companies.
Rainbow has invested £3.5m since it was established in 2001, backing 17 businesses which have raised over £35m between them in additional capital. It currently has 15 companies in its portfolio with one exit under its belt.
Bruce Smith, chairman of Rainbow Seed Fund’s advisory board, said: “Our progress to date is clear evidence that the science carried out in UK public research institutes has real commercial potential. Rainbow Seed Fund works hard to turn ideas into businesses, and this award will allow us to bring together experienced entrepreneurs and first class technology in an even more effective fashion. We look forward to continuing to play a key role in this value creation.”