Cambridge Innovation Capital (CIC) has launched a £100 million (US$126 million) “Opportunity Fund” to support growth-stage deep tech and life sciences companies in Cambridge.

Backed by Aviva Investors and British Patient Capital, the fund aims to bridge the UK’s late-stage funding gap, which often pushes startups to seek investment abroad.

It will provide up to £20 million (US$25.2 million) per company and has already invested in Pragmatic Semiconductor and Riverlane.

CIC has US$757 million invested in over 40 companies, primarily in early-stage ventures.

The new fund will help firms transition beyond series C, aligning with UK government initiatives like the “AI Action Plan” and enhancements to the “Golden Triangle.”

CIC has achieved major exits, including Gyroscope Therapeutics’ US$1.5 billion sale to Novartis and PetMedix’s US$285 million acquisition by Zoetis.

Cambridge has also produced major tech firms like Arm Holdings, Darktrace, and Bicycle Therapeutics.