CE is currently putting together its second enterprise fund, allocating $2.2m for the 2013/14 tax year.
Cambridge Enterprise (CE), the commercialisation unit of UK-based Cambridge University, has hit its £1bn ($1.55bn) external fundraising target, raised over the past 18 years, bringing it into a select group of universities to crack the billion barrier.
The follow-on funding announcement came in CE’s annual report, and adds strength to Cambridge’s claim to be the most successful technology cluster in Europe.
The university has more than 1,500 technology companies with a combined turnover of £11.8bn in 2011 and employs more than 53,000 people. The cluster has generated 12 companies valued at more than $1bn over the past 15 years, with two, microprocessor manufacturer Arm and Hewlett-Packard-owned Autonomy, valued in excess of $10bn.
CE maintains an 80% three-year survival rate for companies receiving investment from the venture unit, a big increase over the UK national average of 58%.
Also revealed in CE’s report was Cambridge’s big win on biotech…
