Bristol-based early-stage deep tech VC, SCVC, today announces the first close of its second fund, with a target of up to $100 million.
SCVC is the official VC arm of deep tech ecosystem Science Creates. Founded by Dr. Harry Destecroix and Jon Craton, the firm invests in advanced technologies to improve the health of people and the planet – from biotech to quantum tech. Since its inception in 2020, SCVC has proved itself as a leading early-stage deep tech investor, backing some of the UK’s most exciting startups, including Delta g, Scarlet Therapeutics and Isomab.
“Our goal has been to build the venture firm we wished we had as founders”
With the new fund, the plan is to continue to invest at pre-seed and seed stage, with investments ranging from $500k to $3m. There will also be Series A follow-on funding available for top-performing companies, of up to $7m.
Catalysing growth in the deep tech sector
Bristol is well-renowned for its thriving deep tech scene, with a multitude of pioneering organisations proud to call the city home. SCVC being incepted in Bristol further illustrates the appetite for growth here.
Harry and Jon are both exited deep tech entrepreneurs from the South West. After meeting whilst angel investing, the duo decided to join forces to create the first deep tech VC firm based in the region.
“Our goal has been to build the venture firm we wished we had as founders,” Harry tells us. “We give deep tech startups access to bespoke technical and business expertise, as well as capital.
“Our portfolio is united by category-defining innovation driven by world-class founders, and the new fund allows us to double down on our mission and enable more scientists to become founders and turn their discoveries into inventions.”
“We believe the next decade will yield the most important industrial revolution in history”
The fund’s first investment has already been announced. VyperCore is a RISC-V startup developing modified processors that promise a massive step change in performance and security. And SCVC will soon be announcing another investment into a startup pioneering a new gene therapy platform that offers treatment hope for some of the world’s most devastating genetic diseases.
SCVC’s first $17m seed fund has backed 12 companies working on everything from therapeutics and diagnostics to quantum sensors and semiconductors.
Harry adds, “We believe the next decade will yield the most important industrial revolution in history. The gap between hardware and biology is vanishing and unlocking an enormous untapped dataset of our own biology. Combined with AI, this gives us a once-in-a-generation investment opportunity to build high-impact technology companies.”
SCVC is also bringing on added expertise to support the existing team, with John Williams joining as the firm’s first Venture Partner. Bristol-based founder Williams is the technical brains behind Kudan, the UK-Japanese company focused on software for artificial perception technologies, which enjoyed a spectacular listing on the Tokyo Stock Exchange in 2018.
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