Members of SetSquared Bristol generated less funding than in 2017, though it may instead remember last year for diabetes treatment developer Ziylo's sale to Novo for up to $800m.
SetSquared Bristol, one leg of the incubator partnership between the universities of Bristol, Bath, Exeter, Southampton and Surrey, has revealed that its 80-plus member businesses raised a total of £82.1m ($105m at 2018 end) last year, Business Leader reported on Tuesday.
The result is down 41.6% in year-on-year dollar terms on the $180m captured by SetSquared Bristol affiliates in 2017. Participants generated a combined turnover of $55.5m last year and created 1,090 jobs in the Bristol city region.
Twenty-six SetSquared Bristol affiliates captured capital in 2018, including University of Bristol haptics spinout Ultrahaptics, which closed $44.8m of series C money from investors including commercialisation firm IP Group, and diabetes treatment developer Ziylo, which signed an up-to $800m sale to drug maker Novo Nordisk in August last year.
Other infusions of cash for its members included $2.5m for University College London quantum computing spinout…
