Innovation fund raises £4.5m

Up to £4.5 million has been earmarked for the Strathclyde Innovation Fund, which has the exclusive right of first refusal to finance any intellectual property from the university that could lead to commercial development.

The Strathclyde Innovation Fund is unique and represents a new way of providing capital to commercialise university intellectual property

Geoffrey Thomson

Chief Executive

Braveheart

Among those investing in the fund are the university itself, Strathclyde alumni, Scottish Enterprise's Scottish Co-investment Fund and technology commercialisation firm Braveheart.

Geoffrey Thomson, Chief Executive of Braveheart, commented: "The Strathclyde Innovation Fund is unique and represents a new way of providing capital to commercialise university intellectual property.

Professor Andrew Hamnett, Principal of the university, highlighted the company's record in bringing emerging technologies and university spin-outs to the market.

Four firms from the university have previously received investment from Braveheart - Cascade Technologies, Vibration Technology, PSI Electronics and Appshare.

Last month, University of Strathclyde spin-out Smarter Grid Solutions won a £500,000 investment from Scottish & Southern Energy and Scottish Enterprise's Scottish Co-investment Fund.

The company will use the financing to develop electricity network management technology which can be used to increase the amount of renewable energy used by a grid.