Oxford Sciences Enterprises Explained

Oxford Science Enterprises
Type:Venture Capital
Industry:Venture Capital
Predecessor:IP Group
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Hq Location City:Oxford
Hq Location Country:UK
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Oxford Sciences Enterprises is an early-stage venture capital firm with over $800M in AUM based in Oxford, UK.[1] It operates in partnership with the University of Oxford, as the university's preferred investor, several prominent financiers back the firm, including Google Ventures, Sequoia Capital, Tencent, Huawei and Invesco.[2] [3] The firm uses academic research from the university's science departments to form commercial businesses, also known as spin-outs.[4] [5] [6]

Founding & Management

The company was founded in 2015 by David Norwood, who was previously the founder of the IP Group, which initially invested only in spinoffs from the university's chemistry department.[7] Oxford Sciences Enterprises initially raised £600m from investors, which included Lansdowne Partners and Google Ventures.[8] [9] [10] Google Ventures partners Tom Hulme and Dr Krishna Yeshwant also joined OSI's advisory board, along with Google AI researcher Demis Hassabis, founder of DeepMind.[11] [12]

Charles Conn, previously CEO of the Rhodes Trust and former McKinsey partner, was appointed CEO in March 2019. Former Google CFO Patrick Pichette joined him as Chair of the board. However, Conn departed in November 2019 and Pichette shortly after. OSI's CFO became acting CEO until the appointment of Alexis Dormandy, another former McKinsey partner, in October 2020[13]

In September 2023 Ed Bussey was named CEO of the company, and at the same time Jack Edmondson was appointed to the newly created role of CIO.[14] [15] [16] [17]

Structure

OSE is structured differently from other venture capital firms, being an evergreen patient capital, privately held company and not bound by a limited partnership agreement.[18] [19] [20] As such, the company holds long-term investments, pursuing a patient capital model. OSI differentiates itself from classic venture firms because of its relationship with the university.[21] Unlike most university-linked venture firms, Oxford University is a shareholder in the company, with OSI receiving half of the university's stake in the intellectual property of a spinout.[22]

OSE works with the university's technology transfer office, Oxford University Innovation, which helps manage the intellectual property and patent estate of the university.[23]

In July 2019, The company announced an investment from Chinese telecommunications company Huawei owns £4.1m in OSI shares (approximately 0.7% of the total fund).[24]

References

  1. Web site: $474M Fund Will Support Oxford University Spinouts. 2020-06-10. TechCrunch. en-US.
  2. Web site: Backing from Google Ventures drives Oxford Uni spinout fund past £300M target. FierceBiotech. en. 2019-09-13.
  3. News: Oxford Sciences Innovation parts ways with chief executive. Financial Times. 19 January 2020. Walker. Owen.
  4. News: The Valley of Death: the students vying to be millionaires. 2018-03-18. The Telegraph. 2019-09-13. en-GB. 0307-1235.
  5. Web site: UK universities getting better at commercialising research. www.newelectronics.co.uk. 2019-09-13.
  6. Web site: City tycoon Spencer backs £70m blood-testing start-up Osler. Sky News. en. 2019-09-13.
  7. Web site: Oxford Sciences Innovation Plc appoints new CEO and Chairman; prepares for next phase of growth University of Oxford. www.ox.ac.uk . 2019-09-13.
  8. Metaboards secures $5 million in funding led by Oxford Sciences Enterprises . 2018-06-13 . Business Matters . 2019-09-13.
  9. Web site: Evox raises £35m for exosome therapeutics. McKee. Selina. 2018-09-03. PharmaTimes . 2019-09-13.
  10. Web site: Oxford biotech deals highlight stature of UK university spinouts. Ward. Andrew. May 10, 2016. Financial Times . 2019-09-13.
  11. News: Google and Charles Dunstone back Oxford University spin-out fund. Burn-Callander. Rebecca. Daily Telegraph. 2015-06-19. 2019-09-13 . 0307-1235.
  12. Web site: Google's European venture capital fund just made its second investment. Price. Rob. Business Insider. 2019-09-13.
  13. News: Oxford Sciences Innovation Plc appoints Alexis Dormandy As CEO.
  14. https://www.insidermedia.com/news/south-east/new-ceo-vows-to-lead-ose-into-next-phase-of-growth "New CEO vows to lead OSE into next phase of growth
  15. https://thebusinessmagazine.co.uk/recruitment-careers-hr/oxford-science-enterprises-announces-new-ceo/ "Oxford Science Enterprises announces new CEO"
  16. https://globalventuring.com/university/ose-brings-in-bussey-as-ceo/ "OSE brings in Bussey as CEO"
  17. https://www.biocentury.com/article/649105/oxford-science-enterprises-names-new-ceo-first-cio "Oxford Science Enterprises names new CEO, first CIO"
  18. Web site: The missing ingredient in innovation: patience. World Economic Forum. 2019-09-13.
  19. Web site: Patient capital overtakes VC for UK tech groups. Ahmed. Murad. November 1, 2015. Financial Times. en-GB. 2019-09-13.
  20. News: Patient capital overtakes VC for UK tech groups. Financial Times. November 2015. en-GB. 2019-09-13. Ahmed. Murad.
  21. Web site: Big deal: OSI grows to $730m - Global University Venturing. globaluniversityventuring.com. 12 December 2016. 2019-09-13.
  22. Web site: An Oxford University artificial intelligence startup has raised £17 million to check code for errors. UK. Shona Ghosh, Business Insider. Business Insider. 2019-09-13.
  23. Web site: Nurturing the next biotech generation. March 2019. Clare Sansom20. Chemistry World. en. 2019-09-13.
  24. Web site: Huawei buys access to UK innovation with Oxford stake. Fildes. Nic. October 2019. Financial Times. en-GB. 2019-10-08.

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