Cambridge techies raise £75 million to find the next ARM

Deal: Cambridge-based ARM has been bought by Japan's SoftBank, run by Masayoshi Son (above) for £24 billion

REUTERS

Jamie Nimmo19 August 2016

A Cambridge-based technology start-up fund backed by ARM Holdings has raised £75 million in a bid to spawn the next UK tech giant.

“If it’s going to happen anywhere in the UK, it’s got the highest chance of happening out of Cambridge,” said Victor Christou, chief executive of Cambridge Innovation Capital.

“With SoftBank focusing attention on ARM because of the internet of things applications, it’s really exciting for Cambridge that it might be a global leader in the internet of things over the next decade.”

ARM, which designs the chips that power Apple’s iPhones, agreed to a £24 billion takeover by Japan’s SoftBank last month.

Its chief technology officer Mike Muller is a non-executive director at CIC.

The University of Cambridge investor is eyeing a listing on the LSE in the next 12 to 18 months, following in the footsteps of Imperial Innovations and IP Group, two other university commercialisation businesses which turn ideas into companies.

Neil Woodford’s firm invested in CIC’s latest funding round.