British Business Bank invests £180 million in AI and deeptech funds
The state-owned investor is backing six venture capital funds, with allocations ranging from £20 million to £55 million.
The British Business Bank has announced investments totalling £180 million in six venture capital funds targeting artificial intelligence and deeptech, covering strategies from backing new founders to growth-stage investment.
The bank set out the following allocations:
- £35 million for Crane III, a fund run by London-based Crane Ventures Partners that supports founders from inception through the seed stage.
- £20 million for Connect V, the pre-seed fund of London-based Connect Ventures.
- £22 million for the early-stage fund of Matt Clifford’s Entrepreneurs First.
- £55 million for Intrepid Growth Partners’ Fund I, which specialises in growth investment in AI.
- £26 million for global investor Headline’s EU VIII fund.
- £22 million for Matt Miller’s Evantic Fund I.
Leandros Kalisperas, the bank’s chief investment officer, said the commitments were intended to expand funding available throughout companies’ development. He said the strategy aimed to give businesses access to more domestic capital and help the UK retain more economic value from its innovations.
The allocations follow an earlier announcement of a £10 million investment in Salience Labs. The bank received greater spending capacity following a government review.
