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At a glance

Cambridge Innovation Capital was established as an independent entity in 2013 by the University of Cambridge to create a trusted local firm that would provide early stage capital to promising life science and technology businesses emerging from the University and the Cambridge ecosystem.

The Cambridge ecosystem holds one of the richest seams of scientific knowledge and technological innovation in the world. Since our foundation, we have raised more than £300 million from a geographically diverse range of institutional and strategic investors, with the University of Cambridge and its Endowment Fund providing approximately 25% of these funds.

We have committed £193 million of funds raised and now have 30 deep tech and life science portfolio companies in fields as diverse as surgical robotics, flexible electronics, microbiome science, genomic diagnosis, quantum computing software, peptide technology and edge intelligence and AI decision-making software.

Our ambition is to build these businesses into global, category leading companies, thereby creating sustainable value for our stakeholders.

This continually evolving community is like a perpetual motion engine attracting fresh, bright people inspired to do things differently.

CHARLES COTTON

FOUNDER OF CAMBRIDGE PHENOMENON AND A MEMBER OF CIC’S ADVISORY PANEL

OUR PORTFOLIO We have a balanced and diverse portfolio of companies.

SOFTWARE PLATFORMS SOFTWARE APPLICATIONS HARDWARE APPLICATIONS THERAPEUTICS

• Next-generation AI technologies • Edge and Cloud computing • Quantum computing • Internet of Things,

RFID, NFC • AI for Audio, speech, business intelligence • Digital therapeutics and pathology • Robotics • Medical devices • Liquid biopsy • Small and large molecules • Gene therapies • Cell therapies

AT A GLANCE CONTINUED

OUR PERFORMANCE We have continued to make good progress and have grown the value of our portfolio, despite the challenging market conditions.

GROUP FINANCIALS

PROFIT

£65M

2020: £53m PORTFOLIO COMPANIES UNDER MANAGEMENT

CARRYING VALUE £399M 2020: £292m

NET ASSETS

£410M

2020: £302m

CASH RESOURCES* £61M

2020: £92m CAPITAL INVESTED IN THE YEAR £29M 2020: £36m

FAIR VALUE CHANGES IN THE YEAR £78M 2020: £70m

NET ASSETS PER SHARE

129P

2020: 110p NUMBER OF COMPANIES 30 2020: 30

* Comprising cash and deposits of £36 million (2020: £23 million) and capital available for drawdown from shareholders of £25 million (2020: £69 million).

PORTFOLIO COMPANIES UNDER MANAGEMENT HAVE A CARRYING VALUE OF

£399M

Other

Graphic represents carrying value at 31 March 2021

AT A GLANCE CONTINUED

KEY COMPONENTS TO OUR SUCCESS

Our business model, our relationship with the University and the Cambridge ecosystem and our people form the foundation of our success which is ultimately measured by the returns from exiting our portfolio companies under management.

OUR BUSINESS MODEL

Our sole focus on the Cambridge ecosystem and unique position, as a preferred investor for the University of Cambridge and founders and co-owners of two accelerators, provides us with unparalleled access to emerging opportunities in one of Europe’s leading innovation hubs.

We apply our financial and people resources to invest in and support businesses with the potential to become global, category-leading companies to the benefit of the wider society.

We aspire, through constructing a balanced and diversified portfolio of such companies, to create a prosperous and sustainable business.

OUR RELATIONSHIP WITH THE UNIVERSITY AND CAMBRIDGE ECOSYSTEM

Our business model is underpinned by our relationship with the University of Cambridge and our connections in the Cambridge ecosystem. We are a co-founder and investor in two Cambridge-based accelerators and have established invaluable relationships with research institutes, angel and network groups and intellectual property rich companies within the Cambridge ecosystem.

We are a preferred investor for the University and have a unique relationship with Cambridge Enterprise, the commercialisation arm of the University, the terms of which are governed by a Collaboration Agreement.

The Collaboration Agreement provides us with: • privileged access to Cambridge Enterprise and its information systems, investment meetings and potential spin-out pipeline; • co-investment rights alongside Cambridge Enterprise at inception/seed stage; and • pre-emption rights of existing and future University equity stakes as a University affiliate.

The University of Cambridge is the top source of founders of European venture-backed start-ups.

The State of European Tech 2018, Atomico

OUR PEOPLE

Venture capital is a people business and our people are our greatest strength. We have built a team with a unique set of skills and experiences that are well suited to the Cambridge ecosystem and supporting the companies we are building within it. We bring deep domain and operational expertise developed through our past experiences as entrepreneurs, scientists, operators and investors.

As we continue to grow as an organisation, we strive to attract and retain the best talent, with a strong focus on excellence and integrity. We are constantly working hard to ensure we maintain an inclusive and collaborative culture – which we see as critical to our success.

Each member of our team is passionate about building the Cambridge ecosystem, drawing on his or her knowledge and experience to make a positive difference to the community in which we live and work.

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