According to information obtained by News, University College London (UCL), Kings College London, and Queen Mary University are in discussions to create a jointly held company that would support spinout businesses in industries like cybersecurity and healthcare.
According to a person close to one of the organizations, London Atrium plans to look for outside investors to help finance at least £500 million.
If the initiative’s fundraising efforts are successful, worries regarding the challenges academic start-ups in the UK experience in obtaining funding may be allayed.
According to an insider, Lord O’Neill, the former Treasury minister and mastermind of the Northern Powerhouse, chairs the Northern Gritstone fund, which is analogous to the new car.Numerous spinouts established by professors from universities in Leeds, Sheffield, Manchester, and other locations have received funding from Northern Gritstone.
It’s understood that London Atrium is looking for a chair and chief executive.
“UCL is currently exploring options for a successor to its two previous Technology Investment Funds, which have already supported a wide range of highly successful spinout businesses emerging from UCL’s world-class research and innovation,” a UCL spokeswoman said in a statement to News.
