UCL has launched a £50-million Technology Fund to help drive commercialisation of its multidisciplinary research discoveries over the next five years.
The University will use the Fund to support academics in all areas - including life sciences, engineering and information communication technology - whose research has commercial potential, with funding for early stage proof of concept, licensing projects and new spinout companies.
It is hoped that the move will build on the success of UCL Business (UCLB), the University’s technology transfer company, in commercialising its research, by increasing the number of projects that can be supported and improving the financial return.
UCL has secured funding from the European Investment Fund, one of the largest providers of venture investment in Europe, and from Imperial Innovations, a leading UK public technology commercialisation company, which have each committed £24.75 million to the Fund.
“The quality of research at UCL means that there is already a wealth of opportunities to be exploited and this will provide even greater level of resources to UCLB to increase throughput,” said Russ Cummings, Imperial Innovations’ chief executive. “We expect our participation in this new fund will lead to a significant increase in our rate of investment in UCL related spinouts to which we will have access via our role in this new fund”.