The British Business Bank has committed an additional £10m to Empirical Ventures through its Regional Angels Programme, bringing total backing for the specialist DeepTech fund to £15m. The capital is earmarked for pre-seed and seed investments in what Empirical calls "venture scientists" — founders with deep domain expertise in fields such as energy generation, advanced materials, biotech, and quantum computing.
Empirical's thesis rests on a specific claim: that the most commercially significant companies of the coming decades will be built not by generalist entrepreneurs but by researchers who can bridge fundamental science and commercial application. The fund was set up to address what it sees as a structural gap in UK venture capital, where technical founders working on hard-science problems are often passed over by investors who lack the background to evaluate their work.
We are delighted to expand our commitment to Empirical Ventures. Their team has identified a powerful untapped resource in the UK economy: the 'Venture Scientist.' By backing technical founders who are solving hard problems, Empirical is helping to bridge the critical funding gap for science-led businesses outside of London.
The Regional Angels Programme is designed to increase the supply of early-stage equity finance outside London and the South East, which is where the geography becomes relevant. Empirical's remit is explicitly UK-wide, covering founders in Bristol, Manchester, Edinburgh, and elsewhere who might otherwise struggle to attract investor attention.
This £10m commitment from the British Business Bank allows us to back these Venture Scientists with the conviction they deserve. Whether they are in Bristol, Manchester, or Edinburgh, we are here to ensure that the founders capable of rewriting the rules of what's possible get the resources to do so.
The commitment aligns with the government's 2026 Modern Industrial Strategy, which has prioritised commercialising the UK's research base. Empirical is led by PhD operators from the team behind one of the largest spinout exits in UK history, though the fund is sector-agnostic within the DeepTech umbrella.
At £15m total, Empirical remains a relatively small fund by venture standards. The question is whether patient capital at this scale can meaningfully shift outcomes for hard-science founders who typically face longer development timelines and higher capital requirements than software-based startups.
