Imperial College's ‘incubator’ for science and tech start-ups hatches £750m investment

 
'Business incubator': Imperial College London (Picture: PA)
PA

A successful “incubator” for companies that have emerged from science and technology research at Imperial College is today celebrating attracting more than $1.2 billion (£750 million) of investment.

More than 60 businesses have been created by academics and students at the South Kensington campus since it was set up in 2006 with three sold to other companies and two floated on the stock market. They have supported more than 200 jobs.

The two-storey incubator space, a complex of laboratories, offices and meeting rooms, started specialising in bio-tech but has since been broadened to include other scientific fields such as chemistry and computing.

Tonight several of the businesses that are moving on to bigger premises are being recognised at the incubator’s Graduation Awards.

They include image recognition specialist Cortexica, which developed the FindSimilar software used by retailers such as Macy’s and Net a Porter; allergy tester Microtext Dx; zero emission cold technology transport refrigeration system Dearman; student-founded smart watch maker Blocks; and lung disease drug developer RespiVert.

The arrival of three new Imperial Incubator tenants is also being marked. They are oil and gas industry seismic imaging business Sub-Salt Solutions; data processing software firm Mentat Innovations; and pain and inflammation therapeutics specialists Canchan.

Professor David Gann, vice president (development and innovation) of Imperial College London, said: “It is extraordinary to see how much value has been created in the Imperial Incubator. The products conceived, jobs created and investment attracted are great news for Imperial, London and the world. The Imperial Incubator community is marked by its creative, collaborative and courageous nature. We are proud of our graduating firms, inspired by their leadership and excited to see what they do next.”

The graduation awards come as new figures show the number of new business start-ups in London has increased by nearly a quarter in the past year.

Analysis of Companies House data by the online work space broker Instant Offices revealed that the growth has been driven by the tech sector with a 200 per cent rise. Other sectors in London that have seen good growth are taxi operators, up by 117 per cent, property firms (71 per cent) and temporary employment agencies (87 per cent).

Tim Rodber, chief executive of Instant Offices, said: “Since the start of the New Year we have seen considerable demand for office space across the UK, but space requirement has really accelerated post-election. Of particular note is the role technology and creative services industries are playing in driving growth in the capital. Areas such as Southwark and the City Fringe are benefiting from high demand.”

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