Google backs Oxford Sciences Innovation
pharmafile | June 22, 2015 | News story | Medical Communications, Sales and Marketing | Oxford, Oxford Sciences Innovation, google, ventures
Google has invested into a company that funds spinoffs from Oxford University’s technology and science departments called Oxford Sciences Innovation (OSI).
Launched in May with the aim of converting more of the University’s academic innovations into commercial successes, now both Google Ventures and Carphone Warehouse founder Charles Dunstone are partnering to complete funding of the initiative.
The original target figure of £300m has now been bested by £20m, which makes OSI one of the largest fund of its kind in the world. Other investors include Invesco, Lansdowne Partners, The Wellcome Trust and Woodford Investment Management.
“We are now in a position to combine Oxford University’s proud history, with cornerstone investors and board-level advice from some of the best minds in the tech industry to turn world-leading science into market-leading companies,” says OSI chairman David Norwood.
The agreement will run for at least 15 years and working with Oxford University and Isis Innovation – the university’s own technology commercialisation subsidiary – OSI will invest in and develop spin-out companies at the seed-funding stage and beyond.
Oxford University has won a total of 32 Nobel prizes across chemistry, physics and medicine, which has naturally prompted interest from funds seeking to turn science into hard cash.
Isis has established over 100 spinout companies based on technology developed by University of Oxford researchers since 2000, including eight in the last year.
In 2000 the IP Group which also seeks to commercialise inventions, signed a ground-breaking 15-year partnership with Oxford’s chemistry department. It raised a fresh £128m to fund its investments earlier this year.
This is Google’s latest foray into healthcare which over the last year or so has invested greatly in various deals with pharma firms and academia. A collaboration announcement in January saw the enterprise team up with US biotech Biogen Idec to study multiple sclerosis (MS).
Brett Wells
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