Our Portfolio

$10.7BN is currently spent annually on fossil fuel-powered industrial gas boilers for low and mid-grade heat. ~$150BN is spent annually on fuel. The obvious alternative is heat pumps, but despite their higher efficiency, existing designs have similar or higher opex to gas boilers because of the cost of electricity. This is in addition to the fact that available heat pumps can cost 4x the capex of gas boilers. But volatile gas prices and pressure to reduce emissions make this an unstable equilibrium.

HotGreen's design combines 2x TRL 9 technologies in a novel array to achieve efficiencies that are up to double the efficiency of existing solutions whilst also driving down capex, allowing total decarbonisation, reduced energy costs and greater cost-base predictability: all with a payback of less than 2 years.

Neurofibromatosis type 1 (NF1) is a genetic condition affecting over 3 million people worldwide which causes tumours to grow on nerves throughout the body, often leading to debilitating pain, disfigurement, blindness, bone abnormalities, and an increased risk of cancer.

CureAge is the first treatment to target NF1 directly at its genetic core through advanced therapy solutions, rather than merely treating symptoms. The approach leverages lipid nanoparticles (LNPs) to precisely deliver therapeutic genetic material to Schwann cells, the key cells involved in NF1 tumor growth. With a dual-action strategy, CureAge aims to restore NF1 function and eliminate non-targeted tumor cells, providing a long-term cure for NF1 while developing a scalable platform for related diseases.

To keep up with sustainable infrastructure demand, we need to increase the rate of metal extraction in 2040 by 350%. Nickel supply needs to grow by 19X, as key component in energy storage technologies. Not only will supply need to grow, but we will also need to increase the rate of metal extraction by 350% to keep up with demand. Meeting these projections will face challenges such as falling ore quality, environmental impacts and lead times of e.g. 15 years for establishing new non-brine mines.

Nickel mining without excavation, crushing or moving rock at all. Uses instead electrochemical crack formation. This can reduce environmental footprint 95%, leaving ground intact, allow 5x scale up of nickel extraction and price reduction of 30%.

65% of consumers want natural materials and 26% already pay a premium for them. Synthesis or biotech alternatives are still far from scale and cost parity (10-100X price premium), and high use of chemicals and low output makes nanocellulose expensive as a starting material for textiles.

Nanoweave’s technology is able to process wet-biomass without drying, toxic chemicals, on-site by using nonthermal plasma technology. This will not only prevent 5 billion tons of residue releasing methane and CO2, it can also result in mass market textiles which achieve cost parity with current synthetics and are scalable to million tonnes.

Higher temperatures caused by climate change have reduced agricultural output by 20% in 60 years. Heat stress currently threatens 30% of global production and this figure is expected to increase by 70% in 2045 (~$2.8 Trillion value). When farmers lose income due to heat-related stress and other vulnerabilities (pathogens, pests, wilt, sunburn) they use more biocides, fertilizers, and water to try and restore yields. To effectively break this counterproductive cycle, we need to address heat stress, not just its symptoms.

Light is at the basis of the problem and also the key to the solution — light is essential for plant photosynthesis but it also transfers heat and harmful UV radiation. Lilliput's technology transforms light in ways that protect crops from heat stress and helps farms adapt to global warming and enhance their productivity. Lilliput Shield costs $25/ha/yr, achieves Yield Increase > %30 and represents a return on $ Invested: ~ 35x-71x. It works by protecting crops from excessive radiation, andf increasing water-use efficiency. The technology can be applied to a variety of crops is easy to apply, water soluble and has a long shelf-life.

Unnecessary data movements between processor (CPU) and memory (e.g. DRAM) uses over 60% of execution time and energy utilisation such that even if we achieved infinite compute acceleration, it would only represent a 20% overall saving of both time and energy.

HyperCIM’s approach allows a 150x improvement in Power/Performance through the creation of an application-specific compute in-memory co-processor.

74% of cancer patients experience cumulative adverse events with combination therapies. 80% of solid tumour patients are unresponsive to a monotherapy approach due to multiple resistance mechanisms.

OligoTune’s Technology is an siRNA conjugate platform designed for optimal pharmacodynamics, long lasting effects and immune activation. The platform will allow enhanced stability, improved potency and specificity and reduced immunogenicity.

Decaying biomass represents 10% of CO2 and 20% of CH4 emissions. Around 10Gt of biomass is produced annually as waste, of which ~80% is landfilled or burned. We often have little choice - biomass is rarely readily recyclable - it’s often wet, contaminated or already decaying by the time it is collected. Putting biomass into landfill or onto farmland or incinerating it is ever-less viable - nobody wants landfill or incineration sites near where they live, leaching into their water systems and polluting the air their children breath.

Kairos uses supercritical water oxidation in order to enable permanent ‘biotic’ carbon removal. This approach approach can <$50 /tCO2t by leveraging the efficiencies of natural CDR and the quality of engineered CDR, is extremely energy efficient (<100kWh/t and potential to be energy positive), can recover 100% of carbon, works with wet biomass of any water content, produces clean water, destroys toxic ‘forever’ pollutants like PFAS and recovers valuable inorganics like phosphorous

Gene therapies currently in development focus on local lung delivery. For example, Cystic Fibrosis is caused by mutations in a single gene (CFTR), which results in thick sticky mucus that blocks the lung, the pancreas, the GI tract and other organs. Current treatments only allow local, temporary delivery, leaving diseases like CF untreated in the test of the body.

Panthura is developing a gene therapy for systemic cDNA delivery to target multiple organs, starting with Cystic Fibrosis.

Cell therapies offer huge promise in an array of diseases. However, there are three major challenges to bring pluripotent stem cells to market: tumorigenicity, immunogenicity, and heterogeneity.

Plurify is a disruptive platform to generate pure PSC-derived use of molecular logic to eliminate unwanted cells and a data-driven approach to understand culture composition and impurities, allowing oh purification and amplification in a single protocol within 3 months and ultimately an all-in-one solution to go directly from stem cells to pure cell products.

We could shut down every fossil power plant, every gas-powered vehicle, every refinery, every cement plant, and every smelter and the planet will continue to warm–albeit at a slower rate–from the carbon we’ve already put into the atmosphere. And we’re nowhere near eliminating emissions, especially in hard to decarbonize sectors like chemical manufacturing or steelmaking. Carbon capture and sequestration is no longer a choice: it’s a necessity.

Aquarry will remove 1GtCO2 from the atmosphere and permanently store it by 2040, with costs <$70/tCO2. They apply ocean carbon capture techniques in flooded open-pit mines, turning these environmental hazards into carbon sinks. They’re optimizing their process using a GIS platform which maps pit lakes, geology, materials sources, roads, and rail lines to maximise efficiency and minimize associated emissions. They work directly with pit lake owners to reduce their remediation costs and help them decarbonize.

As you'll have read in the descriptions for our other DAC companies: it's not enough to slow the rate at which we're filling the bathtub: we need to pull the plug too. Almost all realistic pathways to 1.5C warming over pre-industrial levels or less require carbon to be removed from the atmosphere. And if we're removing it, we should be remove it on the same terms as which carbon dioxide is being added: we should remove it permanently.

Yama use process integration of scalable heat sources to reduce the energy required for direct air capture. Their hybrid thermal and electrochemical CO2 desorption reduces energy consumption by 40% and capex by 25%. Yama requires 20% of the land required by other DAC processes, with 80% less water. Yama are targeting deployment of a 1Mt per year plant by 2030, on the path to 1Gt by 2045.

The bio-economy holds enormous potential: everything from fuel to therapeutics and food can be produced in modified bacteria, algae and yeast. The existing challenge is the unscalable, energy-intensive separation process, with high up-front capital costs of centrifuges and operational expense of liquid particle separation (often more than a third of total cost of production).

uFraction8 provides massively scalable bioprocessing without pre-concentration steps, filters, membranes or flocculants. It does not clog, does not have a theoretical size limit and significantly reduces energy costs, which currently represent the highest proportion of costs for producers.

Antibody-based therapeutics are a cornerstone of modern-day medicine, forming 60% of all therapeutics. Traditional drug discovery processes are largely based on trial and error, rendering them inefficient and ineffective for challenging drug targets – like G-protein coupled receptors (GPCRs) and ion channels – that are vital for treating a wide range of disorders. These discovery methods also often take years and cost hundreds of thousands of pounds, all whilst patients wait for treatment.

Harnessing the structural and sequence data of the drug targets, Antiverse’s generative AI platform designs “antibody libraries" with high predictive accuracy. By increasing the likelihood of finding successful binders for the most challenging drug targets, Antiverse’s platform reduces the antibody discovery process from years to six months – helping their partners bring novel antibody therapies to patients faster.

Patient safety in surgery is a serious global public health concern. Approximately 42.7 million adverse events occur in patients annually, with at least 7 million people a year experiencing disabling surgical complications and each OR delay costing $7000-$8000 per operating room day. There is an urgent need to upgrade current operating theatres.

Scalpel integrates data from healthcare records, AI-based analytics, sensors within the operating room and clinical actions to improve patient safety and operating theatre efficiency.

In high volume, low margin manufacturing processes such as the production of engineered wood, steel and high value chemicals, any problem that arises represents direct impact on bottom line. The complexity of these processes, combined with the right timeframes required to correct issues, means that human production managers are forced to react suboptimally and are rarely able to pre-empt issues.

MaterializeX have developed “Leon.x AI”, a tool to guide decision making processes in real time in manufacturing plants, started with the engineered wood industry. The system uses dynamic predictive analytics based on reinforcement learning, which for the first time, enables their customers to predict and optimise in real time.

Engineering design is one of the most expensive, slow moving processes in the development of new technology, dependent on top down direction from senior engineering leads and implementation and iteration by a large cohort of junior engineers. Despite work often being similar across tasks and industries, each must be done manually in the precise engineering context.

Flow automates the majority of manual execution work within an engineering company: 30x cheaper, 12x faster and with an 8x smaller team. They’re backed by senior figures at NASA, ESA and BAE Systems.

Downtime from roller chain breakages is often the single largest source of unexpected expense for manufacturers. The “roller chain” has not been re-designed in more than 300 years and suffers from a number of limitations: wear means they must be made out of high density metal, lubricated regularly and cannot be reduced beyond a certain size.

New Motion Labs are re-designing power transmissions with a re-designed chain that is compatible with existing systems, but lasts ten times longer before breaking, can be made of materials other than metal (carbon fibre, plastic, reducing weight), does not need to be lubricated (reducing maintenance costs) and can be miniaturised.

As a growing global middle-class demands more meat, existing livestock feed supply chains are struggling to keep up. Insects, 150x more space efficient than soy, are a great replacement. Insect farms are growing at 100% CAGR but all rely on the use of “wild type” insect strains.

Beta Bugs evolve better insects, using their world-first protocol for insect evolution to breed black soldier flies which are rich in Omega 3 for the aquaculture feed market. They have also designed modular, scalable breeding units that are 100x more space efficient than the trait development technology used in academia.

Despite advancements in precision agriculture, we are in the midst of a global decline in crop yields. The root cause is a lack of soil health data availability for farmers to make effective soil management decisions: from which fertiliser to use to whether they ought to employ “no till” strategies.

PES Technologies have developed an ultra-portable device capable of measuring microbial activity in soil. In contrast to sequencing, PES’s technology identifies what bacteria are doing, rather than which bacteria are present, by assessing emissions of volatile organic compounds, finally allowing farmers to gain a clear understanding of their soil health.

A significant component of biotech is manual preparation and growth of cells. This is expanding exponentially as therapeutics themselves become cell-based, most notably in cancer treatment. This is not just a significant time sink, it often involves significant waste, scope for human error and limits reproducibility.

Mytos have developed a system to fully automate cell manufacturing. Each machine completes the work of 10 scientists, whilst also reducing wastage and improving consistency.

Treatment resistance is responsible for 90% of cancer related deaths and consumes approximately 30% of the total cancer care spend.

ConcR combines cutting edge machine learning techniques and knowledge of tumour progression. Concr’s software provides drug developers with insights on appropriate in vivo models, patient populations and stratification biomarkers, as well as giving clinicians evidence-based outputs of patient-specific cancer progression, enabling therapy adaptation before treatment resistance arises.

Studies have shown that long-term exposure to traffic noise affects human blood biochemistry, causes cognitive impairment and behavioural issues in children and The World Health Organization calculating that at least 1m healthy life-years are lost every year in western European countries. In today’s urban world, it is crucial that we insulate ourselves from noise exposure.

DeNoize have developed Harmony Glass, an active noise-cancelling kit, that fits onto any existing window frame and capable of cancelling up to 90% of outside noise, while still allowing light to pass through unimpeded.

Trees are highly reliant on symbiosis with local mycorrhizal fungi strains. Reforesting clear-felled or ex-agricultural sites is challenging, with slower growth rates, higher tree mortality and lost potential for carbon sequestration.

Rhizocore Technologies produces locally-adapted mycorrhizal fungi to enhance tree planting success. By working with native fungi, we offer a sustainable solution to accelerate woodland regeneration, improve forest productivity, and increase natural capital benefits.

Decarbonisation of heating systems has proven more challenging than providing electricity from clean energy sources: heating buildings, largely with natural gas, accounts for nearly a quarter of UK emissions. More effective insulation can reduce the energy required to heat these buildings but this has traditionally come at the expense of fire-safety and price.

Thermulon develops aerogels for building insulation. Aerogels are the most insulating materials known to man. Thermulon's aerogels are the first to beat the tradeoff between fire-safety, thermal performance and price.

Current microbiome companies view the microbiome as either healthy or diseased but this is not reflective of the fact that microbiome diseases occur gradually over time.

CC Bio are using synthetic biology to sense the presence of harmful bacteria and produce targeted therapeutic products to neutralise them. Their automated discovery platform enables rapid identification and prototyping of similar technologies for multiple other disease indications (<4 weeks), including skin health, gut health and dental health, as well as drug metabolism.

The gut microbiome has been implicated in a number of chronic diseases. Bacterial therapies offer promise to restore the healthy composition of the gut and treat disease, but many of these therapies do not effectively populate the gut. One hypothesis is that this consistent failure is due to native bacteriophage that prey on live bacterial therapeutics introduced to the gut.

Ancilia are developing a new class of engineered bacterial therapies, resistant to pathological phages, that effectively alter the human to treat the growing number of diseases linked to the microbiome.

Immunotherapy offers the potential to eradicate cancer, however today, only around 20% of patients with solid tumours can benefit from these cutting-edge treatments. Multiple factors contribute to this low level of efficacy, but chief among them is the existence of physical matrix barriers around the tumour that lead to the generation of an immune "excluded" microenvironment.

Neobe Therapeutics are harnessing the synthetic biology toolkit to engineer tumour-colonising bacteria that locally disrupt this microenvironment and enable the success of immunotherapies in current non-responders.

CAR-T therapy is a form of cancer treatment. These therapies currently only work well in blood cancers (less than 4% of total cases) and require therapeutic cells to be modified and grown outside the body. This highly complex and expensive process doesn’t work for everyone, results in cells of variable quality, and treatments that costs hundreds of thousands of pounds.

ImmTune Therapies is developing therapies that allow the patient’s body to develop these therapeutic cells themselves; which is considerably cheaper, and produces more effective products.

While big data analytics has become ubiquitous across modern data-driven businesses, today's proprietary data platforms are exceedingly intrusive; requiring customers to surrender data to monolithic systems designed to tax data movements in and out of closed ecosystems under the pretence that optimization can only be achieved through complete vendor lock-in.

Without changing a client’s underlying data infrastructure, XONAI seamlessly adapts to both existing and emerging hardware accelerators to power data analytics and AI computing; offering instant end-to-end optimization, seamless integration and scalable technology, with no risk of getting locked-in to a particular ecosystem or exposed to undue taxation

CO2 is not only an environmental issue: it is also a commodity, however today is produced exclusively as a waste product of other processes. This makes supply of CO2 inelastic to volume and location of demands.

Inspired by how the human body distributes CO2 from tissues to the lungs, Mission Zero produces high-grade CO2 continuously, on-demand and on-site. It is entirely electrically powered, consumes 3-4x less energy than existing thermal regeneration approaches, and leverages existing, scaled, mature technologies such as cooling towers and electrochemical water purification.

Therapeutic viruses offer huge potential to treat solid tumours but are typically destroyed rapidly by the patient’s immune system. Being limited to intratumoral injection, researchers have struggled for decades to safely and effectively harness this power, restricting their clinical use.

Stratosvir is developing improved viral immunotherapy, engineered to allow systemic delivery by avoiding immune clearance. This allows their cancer-killing virus to deliver medicinal payloads within the tumour to stimulate and reprogram the immune system to attack and destroy cancer.

Every cancer undergoes an evolutionary process which generates millions of mutationally and biologically diverse cells. As a result, synthetic lethality therapeutics raised against specific driver mutations only work in a limited subset of patients and only work until the cancer evolution strikes again, with drug resistance arising within a few months.

Enedra harnesses the power of Synthetic Lethality and Advanced Computational Systems Biology, to discover the first therapeutics that work against the complexity, biological and mutational heterogeneity of cancer.

Direct air capture (DAC) systems are needed to limit warming to 1.5C, but DAC in development today uses vast amounts of energy and rare materials,often requiring fossil fuels to run.

Parallel Carbon has developed renewable mineral looping for scalable direct air capture at rock-bottom costs, a virtually limitless low energy DAC solution. Once constructed, no further inputs are required. Sunshine, wind and minerals are combined in a renewable loop to remove CO2 from the atmosphere.

Green hydrogen is necessary for our energy transition, but current approaches to generate green hydrogen are not economic and subsidy-dependent. The biomass in wastewater is a great source for green hydrogen which remains untouched today. Current wastewater treatment processes primarily convert biomass to sludge, CO2 and methane, contributing 3% of global greenhouse gas emissions.

Aquature generates green hydrogen by treating wastewater and removing 99% of organics in it, by splitting it into energy, CO2, nutrients and clean water. Energy is recovered as hydrogen at 85% efficiency and nutrients and CO2 are converted into green chemicals and treated water. Customers gain access to green hydrogen from £2/kg with a service fee 40% lower than average.

The development of viable catalysts is the critical bottleneck in key net zero technologies, holding back new carbon neutral processes in everything from chemicals to mineral extraction. Today, catalyst development takes 20 years and up to $30m per candidate, with search spaces of up to 10^60 possible combinations for each process.

Dunia is developing the world’s 1st self-driving lab for CO2 Utilisation Catalysis, reducing time &amp; cost to market by up to 90%. They are targeting critical chemical pathways such as CO2-to-Ethylene first, where no viable process exists and potential savings for the customer run into the hundreds of millions.

Hydrogen is critical for the decarbonisation of hard to abate sectors such as fertiliser, steel and cement. Currently the production of hydrogen is reliant on steam methane reforming or electrolysers that deliver gas at low pressure, requiring further compression to be useful, whether that’s for storage, transport or usage.

Supercritical is developing the world’s first high pressure, ultra-efficient electrolyser, for the production of hydrogen and oxygen from water, with zero emissions. By using heat and pressure, their proprietary design exploits the benefits of supercritical water and delivers gases at over 200 bar of pressure, without the expense or challenges of hydrogen compressors.

Marine fish and shrimps require proteins to grow. However, natural sources like forage fish and zooplankton are limited and fully exploited. 90% of marine protein supply is already overexploited, while the performance of plant based marine aquaculture is not providing enough protein for optimal marine fish and shrimp performance.

Aquanzo is pioneering the first scalable Zooplankton farming system. The process uses aquaculture recirculating systems and agricultural byproducts to produce zooplankton biomass and process it to a high-quality protein-rich powder to sell to marine aquafeed manufacturers. This will allow the aquaculture industry to access the first ocean-independent sustainable marine ingredient.