Oxford Science Enterprises (OSE) (Previously known as Oxford Sciences Innovation) is a British early-stage venture capital firm with over $800M in AUM based in Oxford, UK.[1][2] 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.[3][4]
 | |
| Formerly | Oxford Sciences Innovation (OSI) |
|---|---|
| Company type | Private company |
| Industry | Venture Capital |
| Predecessor | IP Group |
| Founded | 2015 |
| Founder | David Norwood and Oxford University |
| Headquarters | , |
Area served | Oxford |
Key people |
|
| AUM | $800M (2022) |
| Website | oxfordscienceenterprises |
The firm uses academic research from the university's science departments to form commercial businesses, also known as spin-outs.[5][6][7]
History
editThe company was founded as Oxford Sciences Innovation (OSI) 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.[8] Oxford Sciences Enterprises initially raised £600m from investors, which included Lansdowne Partners and Google Ventures.[9][10][11][12] 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.[9][13]
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.[8] 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[14]
In July 2019, The company announced an investment from Chinese telecommunications company Huawei of £4.1m in OSI shares (approximately 0.7% of the total fund).[15]
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.[16][17][18][19]
Structure
editOSE is structured differently from other venture capital firms, being an evergreen patient capital, privately held company and not bound by a limited partnership agreement.[20][21][22] As such, the company holds long-term investments, pursuing a patient capital model. OSE differentiates itself from classic venture firms because of its relationship with the university.[23] Unlike most university-linked venture firms, Oxford University is a shareholder in the company, with OSE receiving half of the university's stake in the intellectual property of a spinout.[24]
OSE works with the university's technology transfer office, Oxford University Innovation, which helps manage the intellectual property and patent estate of the university.[25]
References
edit- ^ "Oxford University spinouts chief leaves months after £250m share sale". Sky News. 15 December 2022.
- ^ "$474M Fund Will Support Oxford University Spinouts". TechCrunch. 14 May 2015. Retrieved 10 June 2020.
- ^ "Backing from Google Ventures drives Oxford Uni spinout fund past £300M target". FierceBiotech. Retrieved 13 September 2019.
- ^ Walker, Owen (19 January 2020). "Oxford Sciences Innovation parts ways with chief executive". Financial Times.
- ^ "The Valley of Death: the students vying to be millionaires". The Telegraph. 18 March 2018. ISSN 0307-1235. Retrieved 13 September 2019.
- ^ "UK universities getting better at commercialising research". www.newelectronics.co.uk. Retrieved 13 September 2019.
- ^ "City tycoon Spencer backs £70m blood-testing start-up Osler". Sky News. Retrieved 13 September 2019.
- ^ a b "Oxford Sciences Innovation Plc appoints new CEO and Chairman; prepares for next phase of growth | University of Oxford". www.ox.ac.uk. 28 February 2019. Retrieved 13 September 2019.
- ^ a b Burn-Callander, Rebecca (19 June 2015). "Google and Charles Dunstone back Oxford University spin-out fund". Daily Telegraph. ISSN 0307-1235. Retrieved 13 September 2019.
- ^ "Metaboards secures $5 million in funding led by Oxford Sciences Enterprises". Business Matters. 13 June 2018. Retrieved 13 September 2019.
- ^ McKee, Selina (3 September 2018). "Evox raises £35m for exosome therapeutics". PharmaTimes. Retrieved 13 September 2019.
- ^ Ward, Andrew (10 May 2016). "Oxford biotech deals highlight stature of UK university spinouts". Financial Times. Retrieved 13 September 2019.
- ^ Price, Rob. "Google's European venture capital fund just made its second investment". Business Insider. Retrieved 13 September 2019.
- ^ "Oxford Sciences Innovation Plc appoints Alexis Dormandy As CEO".
- ^ Fildes, Nic (October 2019). "Huawei buys access to UK innovation with Oxford stake". Financial Times. Retrieved 8 October 2019.
- ^ "New CEO vows to lead OSE into next phase of growth" Insider Media
- ^ "Oxford Science Enterprises announces new CEO" The Business Magazine
- ^ "OSE brings in Bussey as CEO" Global University Venturing
- ^ "Oxford Science Enterprises names new CEO, first CIO" Biocentury
- ^ "The missing ingredient in innovation: patience". World Economic Forum. Retrieved 13 September 2019.
- ^ Ahmed, Murad (1 November 2015). "Patient capital overtakes VC for UK tech groups". Financial Times. Retrieved 13 September 2019.
- ^ Ahmed, Murad (November 2015). "Patient capital overtakes VC for UK tech groups". Financial Times. Retrieved 13 September 2019.
- ^ "Big deal: OSI grows to $730m - Global University Venturing". globaluniversityventuring.com. 12 December 2016. Retrieved 13 September 2019.
- ^ Ghosh, Shona. "An Oxford University artificial intelligence startup has raised £17 million to check code for errors". Business Insider. Retrieved 13 September 2019.
- ^ Sansom, Clare (21 March 2019). "Nurturing the next biotech generation". Chemistry World. Retrieved 13 September 2019.