UKI2S — the purpose of which is to build and grow early-stage technology companies stemming from the UK’s research base — is an evergreen fund managed by Future Planet Capital, an impact-led venture capital firm.

The fund is backed by the likes of the Department for Science, Innovation, and Technology (DSIT), the Defence Science and Technology Laboratory, and The James Hutton Institute. It also received a £37m boost last month.

Since its inception in 2002, UKI2S has invested £30m in over 90 companies. UKRI has stated that the fund’s investments have attracted a return of more than £700 million in private sector investments, and that for every £1 invested by UKI2S public partners, a return of £25 is achieved in private sector investment.

An independent assessment of UKI2S’ economic and broader benefits in 2020 revealed that 75% of companies supported by the funding wouldn’t have been created or would have ceased to operate.

In line with the UK Government’s Levelling Up agenda, 50% of total investments from UKI2S have been made outside London and the Greater Southeast of England.

One example of the type of company which the fund is distributing investment towards is SOLASTA Bio, the University of Glasgow spinout agtech company. The firm creates nature-inspired, small molecule insect control products for the global agricultural market using technology developed at the university. SOLASTA Bio received £4 million in funding earlier this year, led by Yield Lab Europe.

Another is the Oxford-based Luffy AI, a spinout from the UK Atomic Energy Authority. It develops adaptive intelligence for the control and optimised performance of robotics, machines, and industrial processes. Around this time last year, Chrysalix Venture Capital announced a new investment in Luffy AI. The deal amount was not disclosed.

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Speaking on the surpassing of the £100m figure, George Freeman, the science minister, said: “Innovation is about the seed of an idea being brought to life and I am proud that public investment is continuing to kickstart vital scientific discoveries, including new cancer treatments and technology to identify antimicrobial resistance, that can transform our society’s health and prosperity.

“This funding, reaching over £100 million with today’s investment, has so far supported more than a thousand high-quality jobs across the UK and secured more than £700 million of further private investment, in turn levelling up our country and boosting our economy.”

Andrew Muir, investment director at Future Planet Capital Group and fund principal for UKI2S, also commented, saying: “The continuous support and investments from our public sector partners solidify the Fund’s position in the early-stage ecosystem for ground-breaking ideas.

“We are thrilled to continue enabling the growth of innovative ventures that will shape the future of industries and benefit the UK economy.”