CIC Annual Report 2022 Lite by Jones and Palmer

Annual Review 2022

CAMBRIDGE INNOVATION CAPITAL

Welcome to Cambridge Innovation Capital Cambridge Innovation Capital (CIC) is a leading venture capital investor backing and building category‑leading deep tech and life sciences companies.

0.5bn

>£

Our focus on the Cambridge ecosystem, and unique relationship with the University of Cambridge, provides us with access to excellent investment opportunities.

OF ASSETS UNDER MANAGEMENT

We have now raised in excess of £0.5 billion from a geographically diverse range of institutional and strategic investors and currently manage a portfolio of more than 30 deep tech and life science companies in fields as diverse as surgical robotics, flexible electronics, microbiome science, genomic diagnosis, quantum computing software, peptide technology and AI decision-making software.

>35 INVESTED IN

With our knowledge, experience and connections we support our portfolio and community to positively impact society, whilst remaining focused on our commercial objective to optimise value for our stakeholders.

PORTFOLIO COMPANIES

2.1bn

ATTRACTED

>£

OUR VALUE PROPOSITION

OF CO-INVESTMENTS1

WORLD-CLASS INTELLECTUAL PROPERTY GENERATED BY THE CAMBRIDGE ECOSYSTEM

READ MORE ON PAGES 18 AND 19

Private investment in our portfolio companies by third parties.

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LONG TERM SOLUTIONS TO GLOBAL CHALLENGES We have the team and resources to help our portfolio weather short-term market turbulence, and the long-term vision to build sustained growth for our investors. EDWARD BENTHALL CHAIRPERSON

CIC was established eight years ago to match the long terms aspirations of the extraordinary community of innovators and entrepreneurs in Cambridge with the expectations of our investors. In a period of volatility in the listed markets, and following two years of pandemic, this remains our aim. In the last year we increased shareholder value by over 15%, including distributions to investors of £65 million. We also raised our first Limited Partner fund (Fund II), oversubscribed at £225 million, which together with £275 million of balance sheet capital (Fund I) means we have more than £500 million of assets under management. Fund II has already made six investments including Riverlane (quantum computing software), Pretzel Therapeutics (mitochondrial therapeutics), Salience Labs (photonics) and Epitopea (cancer immunotherapy).

The prospects for our business remain strong. Technology innovation is required to meet the demands of society for improved health, productivity and sustainability and Cambridge continues to be a powerhouse of innovation. Our immediate pipeline of investment opportunities has never been stronger and we have £200 million of capital under management available to invest.

CONTENTS How we create value

Delivering strong performance

Europe's leading innovation hub

Our value proposition

Selected portfolio companies

We work closely with the community to ensure that Cambridge remains a world-leading source of solutions to global challenges. We support our two accelerators, Start Codon and Deeptech Labs, and we collaborate with the University and others to build local capacity. We work with LSX Female Founders to support female entrepreneurship and with Cambridge Science Centre to improve science education in schools.

Our Fund I portfolio includes several businesses that are already fulfilling their founders’ expectations. CMR Surgical’s Versius® robotic system is being used in 11 countries and has performed more than a thousand successful minimal access operations. PragmatIC Semiconductor’s low-cost flexible electronics manufacturing process is disrupting the silicon chip market and enabling a whole new class of electronics. Inivata, a liquid biopsy business, was sold to Neogenomics and Gyroscope Therapeutics, whose cell therapy technology is set to tackle agerelated macular degeneration, was sold to Novartis.

The production of this report supports the work of the Woodland Trust, the UK’s leading woodland conservation charity. Each tree planted will grow into a vital carbon store, helping to reduce environmental impact as well as creating natural havens for wildlife and people.

CAMBRIDGE INNOVATION CAPITAL

HOW WE CREATE VALUE... Our focus on the Cambridge ecosystem and unique position, as a preferred investor for the University of Cambridge and co-founders of two accelerators, provides us with unparalleled access to emerging opportunities in one of Europe’s leading innovation hubs.

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CO-FOUNDERS OF TWO CAMBRIDGE ACCELERATORS

DEEP CONNECTIONS WITH LEADING RESEARCH INSTITUTIONS

OUR UNIQUE ACCESS HELPS US TO SOURCE OPPORTUNITIES

WE CREATE SUSTAINABLE VALUE FOR OUR STAKEHOLDERS

WE SELECT THE BUSINESSES WITH THE BEST POTENTIAL

WE BUILD GLOBAL, CATEGORY-LEADING COMPANIES

CAMBRIDGE INNOVATION CAPITAL

...Through a clear strategic FOCUS...

OUR AIMS

OUR PRIORITIES

We have maintained our position and reputation as the leading investor in the Cambridge ecosystem, allowing us to select companies with the potential for superior returns for the benefit of our stakeholders.

BE THE FIRST CHOICE FOR ENTREPRENEURS, START‑UPS AND INVESTORS WHO WANT TO BUILD A BUSINESS IN CAMBRIDGE Consolidate our position as a leading investor in the Cambridge ecosystem Strengthen our reputation for deep domain and operational expertise Continue to recruit and retain a world-class team with a unique set of skills Strive to add value to every interaction

SELECT AND NURTURE COMPANIES THAT HAVE THE POTENTIAL TO DELIVER SUPERIOR RETURNS Identify knowledge intensive and intellectual property rich companies with a clear path to commercialisation Execute our rigorous screening and approval process Invest in companies that have the potential to disrupt whole markets and sectors Optimise each investment by taking a hands-on approach and adding value

DRIVE GROWTH AND REALISE VALUE FOR OUR STAKEHOLDERS

Influence corporate strategy and business development Implement management changes and incentives Facilitate access to capital markets and M&A advisers Expedite realisations, as and when appropriate

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SOFTWARE PLATFORMS

SOFTWARE APPLICATIONS

HARDWARE APPLICATIONS

THERAPEUTICS

Next-generation AI technologies

Internet of Things, RFID, NFC

Robotics

Small and large molecules

Edge and cloud computing

AI for audio, speech and business intelligence

Medical devices

Gene therapies

Liquid biopsy

Cell therapies

Quantum computing

Digital therapeutics and pathology

...And a balanced and diverse portfolio... 05

CAMBRIDGE INNOVATION CAPITAL

...Delivering strong performance...

ANNUAL REVIEW 2022

EXPANDING OUR PORTFOLIO

During the year we participated in the £10.3 million ($13.6 million) seed financing of Epitopea, a business that is set to transform cancer care through the development of cancer vaccines and other novel therapeutics. Epitopea aims to bring transformative benefits to cancer patients by uncovering a new class of untapped tumour-specific antigens (TSAs), to create immunotherapies that target broad cancer patient populations in both solid and haematological cancers. The seed funding will be used to build the company’s executive team, advance further research on this new class of antigens, and catalyse their translation into novel cancer immunotherapeutics, including therapeutic vaccines, cell therapies, and TCR-based biologics.

In June 2021 we invested in Pretzel Therapeutics, which is developing treatments to address the genetic roots of mitochondrial dysfunction.

SUPPORTING OUR EXISTING PORTFOLIO CMR SURGICAL, a global surgical robotics business, completed a £425 million ($600 million) Series D financing, the largest ever MedTech private financing round worldwide, to support the accelerated global expansion and commercial scale up of the business. CIC was an early investor in CMR, having first invested in the company’s Series A round in 2016, and we have supported each of the subsequent rounds and provided guidance, enabling the realisation of the potential of Versius®. CMR works with surgeons and hospitals to provide an optimal tool to make robotic keyhole surgery universally accessible and affordable. The size, portability and versatility of Versius® have made it very popular with hospitals and surgeons around the world. As part of CMR’s ongoing international expansion, Versius® has been successfully launched in multiple geographies across Europe, Australia,

Proceeds from the round will support a number of discovery and development programmes seeking to address specific rare mitochondrial diseases with potential against a range of broader chronic conditions, and to continue exploring the potential of other therapeutics in oncology, metabolic, and common mitochondrial diseases. If successful, Pretzel could offer the world’s first ever treatments for mitochondrial diseases. Further details on Pretzel are provided on pages 28 and 29.

The technology is highly scalable, capable of stacking up to 64 vectors into a beam of light. By using a broad bandwidth of light to execute operations, Salience Labs delivers massively parallel processing performance within a given power envelope. Further details on Salience Labs are provided on pages 32 and 33.

CUMULATIVE NUMBER OF PORTFOLIOS COMPANIES 35 30

More recently we co-led Salience Labs’ $11.5 million seed funding round, to support the company’s development of a new breed of ultra-high-speed multi-chip processor for AI applications. Salience Labs participated in Deeptech Labs’ accelerator programme, having originally spun-out of the University of Oxford and the University of Münster in 2021 to commercialise an ultrahigh-speed multi-chip processor that packages a photonics chip together with standard electronics.

25 20 15 10 5 0

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2019

Current Exited

2020

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2022

Exited

India and the Middle East. Global demand for CMR’s surgical robot continues to grow with significant further momentum anticipated.

to other indications. The company’s pioneering technology has the potential to deliver a new era of personalised medicine based on the microbiome.

The Series D secures the financing to fully execute CMR’s strategy to rapidly accelerate its geographical expansion and build upon the framework the company has established to grow a long-term independent global business. The new funds also support the continued development of the system’s digital framework, including new technological developments, such as Versius Connect, an app for surgeons using the Versius® surgical robotic system.

Microbiotica, which was spun out of the Wellcome Sanger Institute in 2016, has taken microbiome analysis and patient stratification from clinical data to a new level of precision, and translates this into new therapeutics and biomarkers. The company’s proprietary technology is based on comprehensive gut bacterial isolation, its leading database of gut bacterial reference genomes, and advanced bioinformatic and machine learning tools. Over the last five years, Microbiotica has partnered with leading organisations, such as Cancer Research UK, Cambridge University Hospitals, University of Adelaide and Genentech.

MICROBIOTICA, a global leader in gut bacterial culturing, completed a £50 million ($67 million) Series B financing, the largest microbiome‑related financing in Europe to date. The round will fund Phase 1b clinical trials in immuno-oncology and ulcerative colitis, and the expansion of the company’s microbiome-based product pipeline

Further details on Microbiotica are provided on pages 26 and 27.

CAMBRIDGE INNOVATION CAPITAL

ORIGAMI ENERGY raised £21 million to enable it to enhance its products, serve a growing customer base and scale up for international markets. Origami is on a mission to build a green energy world, powered by smart technology. As ambitious climate targets drive a transition to renewables, energy systems are becoming more distributed, complex, and volatile. Smart digital solutions are required to manage our power grid better as more and more renewable assets are added. Powerful real-time solutions are critical to coordinate networks of renewables, flexible demand, and energy storage, to build a green energy system that is efficient, profitable, and sustainable for the long term. Origami’s trading and automation software provides power traders with real-time data and machine-learning decision support tools to reduce risk, improve visibility and capture valuable opportunities within new and rapidly evolving energy markets. PETMEDIX, a biopharmaceutical company developing antibody-based therapeutics for companion animals, announced an oversubscribed £27 million ($37 million) Series B financing round that will be used to advance its innovative pipeline through clinical development. This investment enables PetMedix to take its next step towards becoming a truly global animal health company, and the first to bring fully species-specific therapeutic antibodies to veterinary medicine.

This financing round will propel PetMedix from an R&D-stage, UK-focused biotech company, into a clinical-stage international organisation. PetMedix’s internal discovery programmes will continue to advance through development, on the way to regulatory approval. PRAGMATIC SEMICONDUCTOR, a world leader in flexible electronics, secured $80 million of Series C funding. This scale-up investment will be used to build a second FlexLogIC® fab in the North East of England, to meet the growing demand for ultra-low-cost flexible integrated circuits (FlexICs) for the Internet of Everything, and helping the UK in its ambition to be a leading designer and manufacturer of next generation semiconductors. PragmatIC’s development over the past few years has seen the launch of its flagship ConnectIC® product line of ultra-low-cost RFID FlexICs, as well as its FlexIC Foundry® service enabling innovative designers to create more pioneering products and advance them rapidly from concept to reality. In the last year, it has demonstrated an order-of-magnitude improvement in complexity and compute capability for non-silicon chips by producing flexible microprocessors. These include the iconic 6502 and PlasticArm, an ultra-minimalist Arm® Cortex®-M0 based system-on-a-chip, which is 12 times more complex than previous state-of-the-art flexible electronics.

SWIM, an edge intelligence software firm that combines local data processing with analytics and machine learning to deliver real-time business insights, completed a funding round to support the continued growth of the business. Edge computing is an emerging technology for processing data on sensors and control devices in a network closest to where that data is generated. Processing data at the edge, where it is captured, rather than transmitting that data to the cloud, reduces latency and bandwidth, and reduces cloud storage and computing costs. Swim delivers Swim Continuum, the first open core, enterprise-grade platform for building, managing and operating continuous intelligence applications on-premises, in the cloud or at the edge. Built on the open source SwimOS core, Swim Continuum provides unprecedented performance and efficiency for operationalising high-frequency, contextual data analytics and real-time visualisations of massive amounts of streaming and batch data. Fortune 100 companies in telecommunications, energy, industrial automation and other innovative sectors of the market use Swim Continuum to monitor diverse data streams, anticipate disruption, and rapidly respond to global changes in their industries.

CUMULATIVE CAPITAL INVESTED £m 300 250 200 150 100 50 0

2018

2019

2020

2021

2022

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Key Unealised Realised

AT 31 MARCH 2022, OUR CUMULATIVE PORTFOLIO HAD A VALUE OF:

Listed

>£0.5bn

OTHER

DRIVING COMMERCIAL PROGRESS BICYCLE THERAPEUTICS (NASDAQ: BCYC), a biotechnology company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology, announced that Ionis Pharmaceuticals has exercised its option and entered into an exclusive worldwide license and collaboration agreement for tissue-targeted delivery of oligonucleotide therapeutics using Bicycles with high affinity to the transferrin receptor (TfR1). Bicycle receives a total of $45 million upfront, which includes a license fee, an option fee and an $11 million equity investment. Bicycle is also eligible to receive development, regulatory and commercial milestone payments and royalties for each program developed under the collaboration.

CMR SURGICAL announced further expansion with its Versius® robotic system now being used in 11 countries and having achieved regulatory approval in more than 30 territories. Other achievements in the year included: •

breaking ground for the building of a new manufacturing site in Ely, Cambridgeshire. The new site is expected to become operational in the first half of 2023;

•

becoming the official medical device partner of ParalympicsGB in support of Team GB at the Tokyo Olympics;

•

extending the use of Versius® into thoracic surgery with operations performed in the lungs, thymus and oesophagus;

•

increasing revenues three-fold compared with the previous year;

•

expanding the team to more than 800 employees in six continents; and

•

becoming the first soft-tissue surgical robotics system to offer virtual reality training.

CONGENICA, the digital health company enabling rapid and accurate analysis of complex genomic data to transform people’s lives, announced that its genomic interpretation software is now CE Marked under the In Vitro Diagnostics Directive (98/79/EC). With the In Vitro Diagnostic (IVD) designation, Congenica’s clinical decision support platform can make the transition from research to clinical use and be applied to the clinical diagnosis of patients with rare hereditary genomic disorders. The platform is the only CE Marked IVD software for genomic diagnostics that is available either on a local infrastructure or via the cloud, and can be fully integrated with existing medical records and laboratory management systems. Medical devices require the CE Mark designation for use in clinical applications in several key territories including the UK and the EU.

CAMBRIDGE INNOVATION CAPITAL

PETMEDIX, a research and development stage biopharmaceutical company, is collaborating with Zoetis to develop novel, fully species-specific companion animal monoclonal antibody therapeutics (mAbs) using PetMedix’s proprietary transgenic platforms. As part of the collaboration, PetMedix will undertake discovery activities against a number of key targets, and Zoetis has an exclusive option to develop and bring these therapies to market. PRAGMATIC SEMICONDUCTOR, a world leader in flexible electronics, is working on an Innovate UK, Manufacturing Made Smarter project to increase the quality of plastic recyclate. In the project, code-named SORT‑IT, packaging will be given unique digital IDs to facilitate the tracking and separation of packaging waste in a Materials Recovery Facility. As part of the project, PragmatIC is collaborating with a range of companies who believe intelligent labels offer interesting possibilities in sorting. RIVERLANE, a quantum software company, was awarded the first contract to supply quantum software to the UK’s National Quantum Computing Centre (NQCC). The NQCC, funded through UK Research and Innovation, is dedicated to accelerating the development of quantum computing in the UK. Quantum computing has the potential to benefit many industries, including those focused on drug development, finance and materials design. Under the contract, Riverlane’s quantum scientists and engineers will deliver a benchmarking software suite that will allow comparison of the performance of different quantum computing resources. It will also provide significant insights into hardware architectures,

latency and other factors related to the practical implementation of error correction. Further details on Riverlane are provided on pages 30 and 31. SECONDMIND, the machine learning pioneer, announced that Mazda Motor Corporation had licensed its active learning platform to increase engine calibration efficiency and help manage the increasing complexity of powertrain design and development. Mazda is initially using Secondmind to calibrate electronic control units that control the company’s next-generation SKYACTIV engine technology, and expects Secondmind advanced machine learning to more than double the efficiency of its conventional engine calibration process. SENSE BIODETECTION, the global molecular diagnostics innovator, announced receipt of CE Marking for Veros COVID-19, the first and only fully integrated, easy-to-use molecular diagnostic test that provides laboratory-quality results in 15 minutes. Unconstrained by an instrument or reader and using a patient-friendly anterior nasal swab, Veros COVID-19 was designed for use in near-patient

environments, such as hospital emergency departments, pharmacies, care homes, and urgent care, providing accurate results and streamlining clinical decision making. STORM THERAPEUTICS entered into an exclusive collaboration and licence agreement with Exelixis to discover and develop inhibitors of novel RNA modifying enzymes. Under the terms of the agreement, Exelixis will pay Storm an upfront fee of $17 million in exchange for licensing two of Storm’s discovery programs targeting RNA modifying enzymes, including ADAR1, as well as provide funding for discovery research activities conducted or managed by Storm. Storm will also be eligible for development, regulatory and commercialisation milestones, as well as tiered royalties on the annual net sales of any compounds that are successfully commercialised under the collaboration.

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REALISATIONS AND IPOS In May 2021 we announced that NeoGenomics, a leading provider of cancer-focused genetic testing services and global oncology contract research services, had acquired INIVATA, our liquid biopsy company. The acquisition followed a $25 million investment by NeoGenomics in Inivata that completed in May 2020, at which time NeoGenomics also secured a fixed price option to purchase the shares it did not own for $390 million. Inivata, with its leading liquid biopsy technology platform, will remain a separate business division alongside NeoGenomics’ growing clinical, pharma and informatics divisions. We first invested in Inivata at the seed round and have participated in every round since, validating our differentiated strategy of gaining early access to the most innovative life sciences and technology companies in the Cambridge ecosystem and supporting them through their lifecycles. Inivata’s InVision® platform unlocks essential genomic information from a simple blood draw to guide and personalise cancer treatment, monitor response and detect relapse. We are thrilled that this acquisition will accelerate patients’ access to Inivata’s groundbreaking technology that is based on the pioneering work of Dr Nitzan Rosenfeld from the Cancer Research UK Cambridge Institute. CENTESSA PHARMACEUTICALS, a clinical-stage company employing its innovative asset-centric business model to discover, develop and ultimately deliver impactful medicines to patients, announced its IPO on Nasdaq. The gross proceeds to Centessa from the offering, before deducting underwriting discounts, commissions and other estimated offering expenses, were quoted to be approximately $330 million.

More recently, we announced that an agreement has been reached to sell GYROSCOPE THERAPEUTICS to Novartis, a leading global medicines company, for up to $1.5 billion on a cash and debt free basis, with an upfront payment of $800 million and up to $700 million potentially due upon the achievement of certain customary milestones related to clinical development, regulatory approvals and reimbursement. Gyroscope, a global leader in ocular gene therapies, aims to address significant areas of unmet medical need based on correcting dysfunction in the complement cascade. The company was supported, in part, by the academic research and IP generated by the late Cambridge academic, Professor Sir Peter Lachmann, a leading researcher into the complement system. We first backed Gyroscope in its Series A round in February 2019, as a follow-on investor to Cambridge Enterprise Seed Funds, and are delighted that the Novartis acquisition will accelerate patient access to its ocular gene therapies.

CUMULATIVE VALUE £m 600 500 400 300 200 100 0

2018

2019

2020

Unrealised Unrealised Realised

2021

Realised

2022

CAMBRIDGE INNOVATION CAPITAL

...In Europe’s leading innovation hub...

CIC CONTRIBUTES TO THE CAMBRIDGE ECOSYSTEM

THE CAMBRIDGE ECOSYSTEM HELPS TO SUSTAIN CIC

A RESPONSIBLE APPROACH TO INVESTMENT

WORLD-CLASS ACADEMIC AND COMMERCIAL RESEARCH

KNOWLEDGEABLE AND EXPERIENCED TEAM WITH AN EXTENSIVE GLOBAL NETWORK

RICH POOL OF EXCEPTIONAL TALENT

SIGNIFICANT SEED CAPITAL ACTIVITY

SUBSTANTIAL SERIES A AND FOLLOW-ON CAPITAL

DEEP HERITAGE AND PROVEN ECOSYSTEM TO HELP SCALE KNOWLEDGE INTENSIVE START-UPS

CO-INVESTMENT FURTHER IMPROVES JOB CREATION AND LOCAL ECONOMY

A STRONG TRACK RECORD AND GROWING PORTFOLIO

GLOBAL TECH COMPANIES OFFER POTENTIAL FOR STRATEGIC PARTNERSHIPS AND CHANNELS TO MARKET

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We have chosen to focus on the Cambridge ecosystem due to its growing importance as one of Europe’s largest and fastest growing deep tech ecosystems. Cambridge is also the European location of choice for numerous global technology companies including Amazon, Apple, Arm, AstraZeneca, GlaxoSmithKline, Microsoft and Samsung. The foundation for innovation is the steady supply of excellent ideas, of which there is an abundance in Cambridge. Ingenuity and creativity, alongside the fundamental research that underpins these ideas, combined with the constant exchange of ideas between academics and companies, governments and NGOs, has provided the recipe for this success. This combination of commercial and

scientific expertise, working in tandem, has promoted the propagation of a wide range of intellectual property rich businesses. Our focus enables us to be uniquely connected and deeply embedded within the community. We have established our reputation based on the strength of our relationships, our deep domain and operational expertise, and the mutual trust with the people with whom we work. This strategy ensures that we are not only the most active Series A investor in the Cambridge ecosystem, but we also participate in the biggest deals.

37,000

5,000+

121

£1.5BN

3RD

4 UNICORNS

PEOPLE WORKING AT UNIVERSITY OR RESEARCH ORIENTED ORGANISATIONS IN THE AREA

NOBEL PRIZES AWARDED TO UNIVERSITY OF CAMBRIDGE AFFILIATES, AND ALUMNI HAVE FOUNDED MORE UNICORNS THAN ANY OTHER UNIVERSITY

CAMBRIDGE IS THE THIRD MOST ACTIVE UNIVERSITY INNOVATION ECOSYSTEM, AFTER MIT AND STANFORD

KNOWLEDGE INTENSIVE COMPANIES EMPLOYING 68,000 HIGHLY SKILLED EMPLOYEES AND GENERATING £18 BILLION IN TURNOVER

VENTURE INVESTMENT IN CAMBRIDGE IN 2021, DOUBLING IN THE LAST TWO YEARS

IN 2021. CAMBRIDGE IS CREATING DEEPTECH AND LIFE SCIENCES UNICORNS AT AN ACCELERATING PACE

CREATED 24 UNICORNS INCLUDING

CAMBRIDGE INNOVATION CAPITAL

...Demonstrating our value proposition...

WE ARE FOCUSED ON ONE OF EUROPE’S LEADING INNOVATION HUBS Cambridge’s global reputation, unique heritage and commercial expansion, combined with the deep scientific expertise, highly educated workforce and established networks for early-stage funding, make Cambridge a particularly attractive place to establish, nurture and cultivate intellectual property rich businesses. We work hard to develop the ecosystem and invest our time generously in coaching, mentoring, sponsoring and participating in a wide range of entrepreneurial and impact activities.

WE ARE A PREFERRED INVESTOR FOR THE UNIVERSITY OF CAMBRIDGE We benefit from a long-term partnership with, and permanent link to, the University. We have unique access to Cambridge Enterprise and its information systems, investment meetings and potential spin-out pipeline. We can exercise co‑investment and pre‑emption rights to existing and future University equity stakes.

WE ARE CO‑FOUNDERS OF TWO CAMBRIDGE ACCELERATORS We have co-founded two accelerators, Start Codon and Deeptech Labs, which will provide hands-on support to bridge the gap between translational research and Series A ready businesses. We benefit from the pre‑emption rights of companies participating in the accelerator programmes. READ MORE ABOUT OUR ACCELERATORS ON PAGES 16 AND 17

READ MORE ABOUT CAMBRIDGE ON PAGES 12 AND 13

WE ARE A LEADING INVESTOR Our reputation is based on the strength of our relationships, our deep domain and operational expertise, and the mutual trust with the people with whom we work. We are the most active Series A investor in the Cambridge ecosystem and participate in the biggest deals.

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WE ARE A VALUE‑ADDING PARTNER We meet hundreds of entrepreneurs and co-investors each year and strive to add value in every interaction. We are focused on growing the value of our investments by taking a hands-on approach including board participation, business planning and development, executive recruitment, commercialisation and scale-up.

WE ARE SECTOR EXPERTS We have built a team with a unique set of skills and experiences that are well suited to the Cambridge ecosystem and supporting the companies we are building within it. We bring deep domain and operational expertise developed through our past experiences as investors, entrepreneurs, scientists and operators. READ MORE ABOUT OUR PEOPLE ON PAGES 18 AND 19

CAMBRIDGE INNOVATION CAPITAL

...For Entrepreneurs... We have worked closely with key stakeholders in the Cambridge ecosystem to establish two accelerators: Start Codon and Deeptech Labs. The goal of these accelerators is to speed up the process of going from “bench to product” by compressing years of learning for many companies and researchers into structured and intensive programmes, ending in a demo day.

OUR STRATEGIC RATIONALE The Cambridge ecosystem is globally recognised as a centre of academic excellence and innovation, with an incredible track record for building category-leading life sciences and technology businesses. However, we identified an important gap in the ecosystem: dedicated hands-on support to bridge the gap between translational research and Series A ready businesses. As a limited partner in the accelerator funds, we benefit from the pre-emption rights of companies participating in the accelerator programmes.

THE PROGRAMME AND SUPPORT OFFERED TO ENTREPRENEURS The accelerators support early stage businesses in multiple ways, including providing: •

seed funding;

•

state-of-the-art lab and office space;

•

access to expert and hands on practitioners to support business model development and product‑directed discovery;

•

integration into the Cambridge ecosystem; and

•

access to a global network of investors and corporate partners.

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Deeptech Labs invests in post-seed deeptech companies with an established technology, an extraordinary team and strong initial traction.

THE CATALYST FOR DEEPTECH SUCCESS

Start Codon leverages the unique resources of the Cambridge Cluster to identify, seed-fund and drive the success of truly disruptive healthcare start-ups.

START SOMETHING AMAZING

CAMBRIDGE INNOVATION CAPITAL

...Through great people... Venture capital is a people business and our people are our greatest strength. We are constantly working hard to ensure we maintain an inclusive and collaborative culture – which we see as critical to our success. We have built a team with a unique set of skills and experiences that are well suited to the Cambridge ecosystem and supporting the companies we are building within it. Our team has variously created, backed and sold university spin-out businesses in both Europe and North America and several have a PhD from one of the Universities of Cambridge or Oxford. The individual and collective experiences of the team helps them to understand, and empathise with, the challenges facing an entrepreneur striving to build a deeptech or life sciences business. We also have access through our wider network to some of the ecosystem’s world-leading academics and entrepreneurs.

ach member of our team is E passionate about building the Cambridge ecosystem, drawing on their knowledge and experience to make a positive difference to the community in which we live and work.

As we continue to grow, we strive to attract and retain the best talent, with a strong focus on excellence and integrity. During the year, we were delighted to welcome Anne Horgan and Ian Lane as Partners, and Ed Inns, as an Associate, to our investment team. Anne joined us from a Partner role at Advent France Biotechnology, a Paris-based venture capital firm specialising in life sciences seed investments. Anne brings 17 years of experience acquired as a Senior Associate at Sofinnova Partners, Business Development Executive at Cancer Research Technology and Senior Medicinal Chemist at Cambridge Biotechnology (now part of Benevolent AI). Anne’s experience includes equity financing (seed and series A), technology transfer and scouting, business development and biotech R&D. Prior to her commercial career, Anne carried out postdoctoral research at Yale University after her PhD in synthetic organic chemistry from the University of Bristol. She also holds a diplôme d’ingénieur (Chemistry) from the Institut National des Sciences Appliquées de Rouen, has authored several peer-reviewed papers and is an inventor on eight patent families.

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Ian focuses on technology investments having previously been a Director at Unilever Ventures in London, where he led all B2B/Technology investments. Over 11 years, he was responsible for numerous transactions across Europe and North America, including investments into Olapic (acquired by Monotype Inc), Mirakl, Aera Technology, Skupos, WeGift, Celtra, CreatorIQ, Mirriad (listed on AIM) and Blis Global. Prior to Unilever Ventures, Ian worked at L.E.K. Consulting in London and Australia, working on strategy consulting and private equity due‑diligence projects. Ian has a PhD in Physical Chemistry from the University of Cambridge and an MSci in Chemistry from Bristol University.

We also welcomed Professor Anne Ferguson-Smith, Pro-Vice-Chancellor for Research and the Arthur Balfour Professor of Genetics at the University of Cambridge, as she succeeded Professor Ian Leslie as a University-nominated Director. Ian was instrumental in the origination of CIC and has served as a Director from the outset of the business. We thank him for his unwavering support and considerable contribution during the last eight years and wish him well for the future.

Ed joined us from Williams Advanced Engineering, where he was an Investment Manager focused on investing in hardware and industrial software start-ups through the Foresight Williams Technology investment funds. Over four years, he helped to build the fund’s first portfolio of 30 companies across semiconductors, robotics and AI. Previously, he was an Investment Analyst at Oxford Technology Management, an early-stage deep tech fund. Ed holds a PhD in Biomaterials from the University of Cambridge and an MEng in Materials Science from the University of Oxford.

CAMBRIDGE INNOVATION CAPITAL

...Living our values... How we conduct ourselves and how we do business is extremely important to everyone at CIC. We strive to be good citizens and successful business partners, whilst achieving the best results. We believe our values will help us build a prosperous and sustainable future, enhance financial returns and have a positive impact on our stakeholders. These values were developed by our amazing team and truly characterise what it means to be part of CIC.

WE WANT TO ACHIEVE THE EXTRAORDINARY

BUT NOT AT ANY COST

We think big and believe anything is possible

We are committed to doing the right thing, even when no one else is looking

We seek to be the best at what we do

We speak with honesty, think with sincerity, act with integrity

We are pioneers, we are bold

WE HAVE A PASSION FOR LEARNING AND KNOWLEDGE

AND KNOW WE ARE STRONGER TOGETHER We use our combined resources, internally and in the Cambridge ecosystem, to get the best results

We are a people business and our success is built on enabling the growth and development of our team

We pride ourselves on our ability to collaborate across sectors and markets

We seek to ensure all members of our team are effective and fulfilled in their work

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WE WANT A CULTURE WHERE EVERYONE CAN BE THEMSELVES

AND TAKE PRIDE IN GIVING SOMETHING BACK

We celebrate different views and seek to avoid hierarchies

As individuals and an organisation, we can make a real difference to the future, our community and the environment

Each person on our team matters and plays an important role in our organisation’s success

We contribute positively to the Cambridge ecosystem, making it a great place to work, live and thrive

READ OUR IMPACT REPORT: WWW.CIC.VC/ABOUT-US/ OUR-VALUES-ESG-AND-IMPACT/

CAMBRIDGE INNOVATION CAPITAL

...through our actions...

Cambridge Science Centre (CSC) is an educational charity based in Cambridge that wants every young person to enjoy and explore STEM (Science, Technology, Engineering and Mathematics). CSC provides unique hands-on, interactive experiences, shows and activities, which are delivered by professional science communicators.

We are delighted to support CSC in the important work they do for young people in Cambridge and beyond. Our sponsorship has helped them to return to full capacity following the strains of the pandemic on their workforce, and to continue to thrive and develop the innovators of the future – people who will one day have the potential to change lives and make their mark on the world.

4/10

UK EMPLOYERS HAVE PROBLEMS RECRUITING STAFF WITH STEM SKILLS, BUT BY AGE 11 MOST YOUNG PEOPLE ARE ALREADY TURNED OFF SCIENCE

+300,000 YOUNG PEOPLE HAVE BEEN EXCITED ABOUT SCIENCE BY CSC IN THE LAST 10 YEARS

ANNUAL REVIEW 2022

The Investing in Women Code is a commitment by financial services firms to the advancement of female entrepreneurship through improving female entrepreneurs’ access to tools, resources and finance. LSX Female Founders was founded to connect women entrepreneurs in the health and life science field with investors as well as offer mentorship from relevant industry professionals.

We are committed to supporting diversity within the industry. Our ESG initiatives emphasise our own targets in advancing equality and inclusion within CIC, particularly through recruitment where gender and ethnic diversity is part of all shortlisted positions. As a founding partner of LSX Female Founders, we are pleased to have the opportunity to make a greater impact on diversity in the industry at a much larger scale. Together with our fellow founding partners, we can offer a combined network of over 10,000 investors to support the progression of new businesses.

less than 1/3

WOMEN ACCOUNT FOR LESS THAN A THIRD OF ENTREPRENEURS AND YET DELIVER TWICE AS MUCH REVENUE PER DOLLAR INVESTED THAN THEIR MALE PEERS1

1% of investment

WOMEN ARE PARTICULARLY UNDERREPRESENTED IN VENTURE CAPITAL. EVEN WHEN THEY DO CREATE A START-UP, WOMEN FIND IT CHALLENGING TO SECURE FUNDING. EUROPEAN FEMALE ENTREPRENEURS PULLED IN JUST 1% OF VENTURE CAPITAL INVESTMENT IN 20211

European Investment Bank, March 2022.

CAMBRIDGE INNOVATION CAPITAL

As a Series A investor, we are often the first institutional investor to invest in a company. This provides us with an ideal opportunity to instil best practices at an early stage. OUR THEORY OF CHANGE Our theory of change shows how we seek to: support the development of innovation and entrepreneurship in the Cambridge ecosystem; invest in entrepreneurial founders building category-leading, global businesses; and achieve enhanced financial returns for our investors by investing in best-in-class companies and supporting the growth of those companies with

the resources available. Beyond that, it shows how we seek to have a positive impact on society. We have selected the United Nations Sustainable Development Goals (SDGs) as a framework to consider the potential impact of our investment and also to encourage certain behaviours in our portfolio companies.

...and focusing on positive impact. THE SDGS THAT WE ASPIRE TO FULFIL THROUGH OUR CORE INVESTMENT ACTIVITIES ARE

WE ALSO AIM TO ENCOURAGE CERTAIN BEHAVIOURS WITHIN OUR PORTFOLIO COMPANIES BY FOCUSING ON

To ensure healthy lives and promote well-being

To ensure inclusive and equitable quality education and promote learning opportunities

To promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work

To achieve gender equality

To build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

To reduce inequality

To make cities and human settlements inclusive, safe, resilient and sustainable

To ensure responsible consumption and production

ANNUAL REVIEW 2022

CHALLENGES

ACTIVITIES

Insufficient support for entrepreneurial innovation

Deep engagement with the Cambridge ecosystem

Insufficient funding for early stage companies

Early stage assessment of potential reach and depth of impact

Low success rate for early stage companies Innovations that can deliver value to society may not find a way to scale Lack of diversity in entrepreneurs and employees may result in missed opportunities

OUTPUTS Development and commercialisation of impactful innovations

Enable visionaries to build global, category-leading companies Deliver enhanced financial return for our investors

Maintain a balanced and diversified portfolio

Investment and other support for entrepreneurs and their businesses

Facilitate access to capital through building investment syndicates

Strategic support to help build sustainable businesses

Opportunities identified for impact enhancement aligned with commercial goals

Encourage wider diversity in entrepreneurs and employees of portfolio companies

OUTCOMES

Attract more investment into our portfolio companies Cross-fertilise ideas and people within the portfolio to enhance outcomes Share and promote best practice within the portfolio

Identify best practices within the portfolio

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SDGs

Impact

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B he en al e t

Crea tion of em pl oy m

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ti o ca u e d i ng ved earn o r p l Im and

CAMBRIDGE INNOVATION CAPITAL

MICROBIOTICA

CIC has been a great partner! In particular, I have really appreciated the personal touch. This has been a new area for me, and I have valued the opportunity to talk through the process about what to expect as an academic starting a new business and to talk through the challenges and pitfalls with someone that I trust. CIC has been with us through the good and the bad and I have really valued their support.

WHAT IS YOUR VISION? WHAT IS THE PROBLEM YOU ARE TRYING TO SOLVE?

WHAT IS UNIQUE ABOUT YOUR PRODUCT/TECHNOLOGY?

Our goal from the very beginning of setting up Microbiotica has been to make medicines out of poop that can improve health and cure disease. In the early days of my academic research, we saw clear potential in infectious diseases but as time has gone on the vision for potential benefit has continually expanded. Microbiotica’s lead programs in inflammatory bowel disease and improving response to immuno-oncology treatments are just two examples of how we believe defined bacteriotherapies have the potential to treat a wide range of conditions.

It was more bringing together a collection of skills and technologies that together optimises our understanding of the microbiome and how to influence it positively. My group at the Sanger Institute had particular insights around genomic sequencing, culturing, developing disease-specific algorithms and bioinformatics. Bringing these things together with a clear goal of developing novel medicines, we believe, gives us a differentiated offering.

DR TREVOR LAWLEY CSO AND CO-FOUNDER

ANNUAL REVIEW 2022

Translating precision in microbiome science into transformative medicines and biomarkers Q A

WHAT IS THE MARKET OPPORTUNITY?

We found the technology very exciting, but the opportunity for us was to help shape microbiome therapeutics based on strong science. As mentioned, our first focus was on infectious disease, but this soon widened. I remember well a meeting with Cancer Research UK, which really opened my eyes to the breadth of benefits that microbiome therapeutics could potentially bring and from then I believe my ambitions expanded.

Q A

HOW DO YOU MEASURE PROGRESS?

Microbiotica has been on a journey to the point where we now have two candidates (for inflammatory bowel disease and immuno-oncology) in pre-clinical development with plans to enter the clinic next year. For me, the meetings with the regulatory authorities was a real milestone. Hearing their positive feedback and the realisation that we have a real product was very important to me. The recent fund-raising (Microbiotica’s £50 million Series B) was also a great endorsement of the work that we are doing.

Q A

WHAT HAS BEEN THE BIGGEST CHALLENGE TO DATE?

Everything is a challenge! We are innovators in this space and a lot of what we are doing is novel and new challenges need to be constantly overcome. Meeting the rigorous specification standards in CMC (Chemistry, Manufacturing and Control) to regulatory standards for complex products with novel bugs stands out as a particular area where Microbiotica has devoted a lot of resources. For me personally, starting Microbiotica has been an enriching experience, but it has been a steep learning curve. I have learnt a lot particularly around the importance of surrounding myself with the best people, time management and delegating.

WHAT IS NEXT?

We are really excited to be entering the clinic next year with our first two products. Defined bacteriotherapies have the potential to be transformational in providing a novel approach to address a wide range of diseases. We set up the company to try and improve human health and cure disease and we now have the opportunity to try and fulfil this ambition.

CAMBRIDGE INNOVATION CAPITAL

PRETZEL THERAPEUTICS

CIC has been an important part of the whole Cambridge ecosystem which is super-supportive for early-stage companies. In the early days of spinning out my technology, Cambridge Enterprise was an invaluable source of knowledge and advice and CIC has complemented this input as the company has grown.

WHAT IS YOUR VISION? WHAT IS THE PROBLEM YOU ARE TRYING TO SOLVE?

WHAT IS UNIQUE ABOUT YOUR PRODUCT/TECHNOLOGY?

My academic research group is aiming to unravel the genetic links between mitochondrial gene regulation and human disease with the aim of using mitochondrial genome engineering to develop future therapies. Diseases associated with specific disorders within the mitochondria affect one in 5,000 people and currently there are no curative treatments. Mitochondrial disorders also impact a wide range of chronic conditions including neurodegeneration, cancer and healthy aging. The vision behind Pretzel Therapeutics is to develop novel treatments for both rare and common conditions associated with mitochondrial dysfunction.

DR MICHAL MINCZUK CO-FOUNDER

Pretzel Therapeutics is following two specific approaches. Firstly, through precision medicine technology we can find specific mutations within the mitochondrial DNA associated with disease with the aim of correcting the mutation with the aim of removing the cause of the disease. This has the potential to benefit specific rare diseases. Secondly, we have a number of small molecule discovery programmes that address validated targets associated with rare and common diseases. Our specific approach is to target very closely the source of the mitochondrial dysfunction, specifically the mitochondrial DNA rather than the downstream, secondary effects of the mitochondrial dysfunction.

ANNUAL REVIEW 2022

Developing treatments to address the genetic roots of mitochondrial dysfunction Q A

WHAT IS THE MARKET OPPORTUNITY?

One in 5,000 people in the population have specific mutations with their mitochondrial or nuclear DNA associated with specific mitochondria-related condition impacting their health and well-being. Currently, there are no treatment options for these patients; our precision approaches aim to address these conditions. More widely, with an aging population. the impact of neurodegeneration and diseases of aging affects an increasingly large number of people where there are no effective treatments.

Q A

HOW DO YOU MEASURE PROGRESS?

Q A

WHAT HAS BEEN THE BIGGEST CHALLENGE TO DATE?

Mitochondrial function is complex and dysfunction results in heterogeneous, multi-organ conditions. For both precision medicine approaches as well as small molecules effective delivery to the affected organs is a particular challenge.

WHAT IS NEXT?

We are focused on our aim of developing new medicines for conditions of unmet medical need. We have a great foundation on which to build but we are fully conscious of the challenges and the need for hard work to fulfil our vision.

All that we do at Pretzel Therapeutics is aimed at improving human health. When we see products that we develop that have a positive impact on human health, then we will know that we are making progress.

CAMBRIDGE INNOVATION CAPITAL

RIVER LANE

Successfully spinning out a company from a university (in my case Cambridge University), transitioning from a start-up to a scale‑up, and raising subsequent rounds of investment have been critical steps in our journey so far. CIC has played a fundamental role in helping us successfully navigate each of these opportunities.

WHAT IS YOUR VISION? WHAT IS THE PROBLEM YOU ARE TRYING TO SOLVE?

WHAT IS UNIQUE ABOUT YOUR PRODUCT/TECHNOLOGY?

Quantum computers do not promise an improvement over the world’s most powerful computers today. Rather, they promise a whole new computing paradigm. By mirroring the quantum mechanical properties of nature and the universe, quantum computers offer the possibility of solving complex problems in fields such as material science, clean energy and drug discovery that are unsolvable today. But quantum computers of the scale, stability and accuracy to achieve this don’t yet exist. Further breakthroughs in science, engineering and applications are still required. Our mission is to make quantum computing useful far sooner than previously imaginable, enabling an era of human progress as significant as the digital and industrial revolutions.

STEVE BRIERLEY CEO AND FOUNDER

Every type of computer needs an operating system to manage complexity for the user. We’re building Deltaflow.OS, the operating system (OS) for quantum computers Uniquely, we’re engineering Deltaflow.OS to holistically tackle quantum computing’s defining challenge – data errors. Such errors are simply unavoidable due to the inherent instability of the quantum bits (aka qubits) that process and store information on a quantum computer. Correcting these errors at the scale and speed required is one of the most complex technical challenges mankind has ever sought to tackle. This is where we are focused and making strong progress.

ANNUAL REVIEW 2022

The operating system for error corrected quantum computers Q A

WHAT IS THE MARKET OPPORTUNITY?

The quantum computing market could create value of between $450 and $850 billion in the next 15–30 years, according to Boston Consulting Group (BCG, July 2021). By creating an operating system at the core of the whole quantum computing ecosystem, we can capture a considerable proportion of that value.

Q A

HOW DO YOU MEASURE PROGRESS?

As with any business, revenue and pipeline today are important markers of progress. On those fronts we are doing well, capturing 25% of the UK’s total commercial value in quantum computing today. And we are now starting to make similar inroads in the US too. For the medium to longer term, partnerships with quantum computer hardware companies and academic labs is our most critical metric. Today, we partner with about 30% of these globally. Our pipeline takes us to about 60%. Our long-term goal is to reach 80%.

Q A

WHAT HAS BEEN THE BIGGEST CHALLENGE TO DATE?

Talent. Acquiring, retaining, growing and blending the right mix of skills is absolutely critical for any growing technology business. In our field, it’s existential. In quantum error correction, for example, there’s a total global talent pool of no more than a few hundred physicists, mathematicians, engineers and academics in this field. So far, we’ve been successful at building teams with the right mix of these skills. This has involved both recruitment of existing talent and growth of next generation talent from within via intern, graduate and development schemes. Continued success in this area will be a key enabler of our success going forward.

WHAT IS NEXT?

The next phase for Riverlane is to internationalise our operations, customer base and culture. In 2022 and 2023, our focus is on expanding into North America.

CAMBRIDGE INNOVATION CAPITAL

SALIENCE

Q A

CIC has been tremendously supportive, not least by leading our $11.5m seed with Oxford Enterprise Sciences. The primary value-add of working with CIC has been the deep experience of the team in scaling deeptech companies like Salience and the strength of their network. It has given us a tremendous commercial jump start. I would recommend the team to any deeptech founder who wants to plug into the wider deeptech ecosystem and who is looking for investors with vision.

WHAT IS YOUR VISION? WHAT IS THE PROBLEM YOU ARE TRYING TO SOLVE?

The compute requirements of AI double every three to four months, as the world needs ever-faster chips to grow AI capability. The current semiconductor industry cannot keep pace with this demand. What is required now is not further incremental innovations on transistor technology or chip architecture. We need a paradigm shift in the way we compute – one that delivers an immediate step change in performance and speed, while also offering a long-term future roadmap of scaling improvements. That is what we aim to deliver at Salience Labs. Salience Labs was spun out of the University of Oxford and the University of Münster in 2021, to commercialise an ultra-high-speed chip for AI. We are building a multi-chip processor that packages a photonics chip together with standard electronics. By using light to execute operations, we can deliver massively parallel processing performance – bringing high-speed computes to a wide array of new and existing AI applications.

Q A

WHAT IS UNIQUE ABOUT YOUR PRODUCT/TECHNOLOGY?

While other photonic chip companies execute operations in the phase of light, we use a proprietary amplitude-based approach to photonics, resulting in dense computing chips clocking at tens of GHz. Our unique approach allows us to leverage a multi-chip design, with the photonic processing mapping directly on top of the Static Random Access Memory (SRAM). This novel “on-memory compute” architecture delivers order of magnitude performance improvement. It can also be adapted to the application-specific requirements of different market verticals, making it ideal for realising AI use-cases in communications, robotics, vision systems, healthcare and other data workloads.

VAYSH KEWADA CEO AND CO-FOUNDER

ANNUAL REVIEW 2022

The photonic computing company Q A

WHAT IS THE MARKET OPPORTUNITY?

The demand for AI compute doubles every 3.5 months. The industry is growing fast, and so the need of the market now is for a technological innovation to arise that can bring about an immediate stepchange in the way we compute. By leveraging our unique approach to multi-chip design, we are delivering to the market a huge jump in processing performance and bringing these high-speed processors to a variety of new and existing AI processes and applications.

Q A

HOW DO YOU MEASURE PROGRESS?

We originally spun-out of the University of Oxford and the University of Münster in 2021 and have just closed our seed round of $11.5 million from a number of leading VCs including Cambridge Innovation Capital and Oxford Science Enterprises, with participation from semiconductor industry leader Jala Bagherli, former CEO of Dialog Semiconductor. Since closing our seed round, our focus has been on the tape out of our next test chip, developing our software models and packaging solutions. We are also building relationships with customers across a range of market verticals.

Q A

WHAT HAS BEEN THE BIGGEST CHALLENGE TO DATE?

Attracting world-class talent is always front-of-mind for CEOs of high-growth companies. We have been able to bring on board an exemplary team, many of whom come from a distinguished semiconductor background. They’ve worked on standard electronic chips for most of their career, and this is their first role at a photonic compute company. They join Salience because we offer them the chance to work in an entirely new compute domain – photonics – while still leveraging all the experience and insight they have accumulated in their previous work. As with anything new, it is a hugely exciting opportunity but does require people to think creatively and look for new ways to solve these existing problems in the market. I anticipate many more people will make this leap into novel chip architecture as the market matures and production ramps up over the next one to two years.

Q A

WHAT IS NEXT?

We are at a very interesting point in time where the industry is recognising the potential of silicon photonic compute to solve the tremendous processing bottleneck currently hampering AI growth. We are talking to customers across a range of market verticals who are excited about the performance improvements our chips will offer and the new AI processes and applications this will enable. They are attracted by technology’s ability to adapt to their application-specific requirements and our ability to deliver the ultra-fast speed of photonics, the flexibility of electronics and the manufacturability of CMOS. Companies and analysts are updating their roadmaps because they recognise we are about to enter a new era of processing – where thanks to photonics – supercompute AI becomes truly ubiquitous.

Cambridge Innovation Capital 22 Station Road Cambridge CB1 2JD www.cic.vc +44 (0)1223 856593

CIC Annual Report 2022 Lite

Articles inside

Our value proposition

Directors’ report Statement of Directors’ responsibilities

Selected portfolio companies