Finance Wales offers greater support for Swansea-based technology ventures through new strategic agreement with Swansea University
Finance Wales and Swansea University’s Institute of Life
Science (ILS) have signed a new agreement which will benefit local
technology businesses as well as those wishing to locate to
The agreement or Memorandum of Understanding
(MoU) will boost collaboration between the organisations and build
on their long-term relationship.
Swansea University spin-outs already benefit
from Finance Wales’ MoU with Fusion IP signed in 2013.
A similar MoU with Fusion IP covering Cardiff
University spin-outs has seen Finance Wales invest £6 million in
six Cardiff-based Fusion spin-outs since 2007.
Purpose-built in 2007 and the Welsh
Government’s largest investment to date in a Welsh campus, the ILS
incorporates business incubation as well as research facilities
currently housing over 200 researchers.
Steve Smith, Finance Wales’ Director of
Technology Venture Investments, believes that the new agreement
will offer local technology businesses significant benefits.
He said: “Finance Wales is a leading technology ventures investor
and we’ve backed numerous Welsh university spin-outs from the Wales
JEREMIE Fund. This agreement strengthens our relationship
with both the University and the Institute of Life Science and
focuses on a range of collaborative activity which will benefit
ambitious local businesses.
“The ILS is home to a number of Welsh
high-tech businesses of the future. They’re developing and
commercialising some potentially ground-breaking technology and
thanks to the MoU we can now work more closely with these fledgling
businesses. Having the backing of a long-term, local investor
is a significant benefit. We’ll be able to share our knowledge and
expertise and also introduce them to our network of advisers,
co-investors and other investment professionals.”
The ILS has an ambitious goal to advance
medical science through innovation and research while achieving
benefits for the local and Welsh economies.
Welcoming the tie-up, Professor Marc Clement,
Executive Chair of the Institute of Life Science said: “We are
delighted to have established this MoU between Finance Wales and
Swansea University. Finance Wales is an organisation with a strong
track record of investments in new technologies, a growing number
of which are in life science.
“Finance Wales is also a savvy investor,
adding value by bringing a much-needed network with expertise in
start-ups and SMEs, a vital ingredient in sustaining early stage
Finance Wales invests in high-growth spin-outs
and technology ventures from the Wales JEREMIE Fund and can back
them with a number of investment rounds as they develop and
commercialise their technology.
The availability of investment capital from
Finance Wales has been pivotal in attracting a number of
high-growth technology ventures such as Clinithink and Creo Medical
In the 2012 - 13 financial year Finance Wales
invested £9 million seed and growth capital in high-growth, IP-rich
technology businesses. Since 2009, it has invested almost £28
million in 30 technology venture companies in Wales.
The Institute of Life Science is Wales’
premier purpose-built medical research facility. It is a
collaboration between Swansea University’s College of Medicine and
the Welsh Government, together with Abertawe Bro Morgannwg
University (ABMU) Health Board, IBM and industry and business