U.K.-based venture capital (VC) firm IQ Capital has announced a new £125 million ($165 million) fund to invest in transformative startups that focus on artificial intelligence (AI) and other forms of disruptive “deeptech.”
Cambridge-headquartered IQ Capital launched in 2006 with an inaugural £25 million ($33 million) fund, followed nearly a decade later by a £50 million ($66 million) second fund. The company has more than 30 investments to its name, including a handful of exits — one of those was Grapeshot, which Oracle acquired a few months back, repaying IQ Capital’s entire second fund twice over, according to the VC firm.
IQ Capital is targeting £125 million for its third fund, but its first close sits at just £92 million ($121 million), and it will focus on seed to series A startups across the U.K.
