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Written question asked by Carol Monaghan (Scottish National Party) on Tuesday, 10 January 2023, in the House of Commons. It was due for an answer on Monday, 16 January 2023 (named day). It was answered by Nusrat Ghani (Conservative) on Monday, 16 January 2023 on behalf of the Department for Business, Energy and Industrial Strategy.

Technology: Investment

Question

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to encourage more UK-based late-stage investment in (a) semiconductor manufacturing and (b) other deep technology.

Answer

The Government recognises the importance of scale-up finance for breakthrough technology firms. Since launch in 2018, British Patient Capital (BPC) has committed more than £1.6bn into innovative later stage firms, with a further £9.1bn invested alongside it by private investors.

Future Fund: Breakthrough, launched by BPC in 2021, is a £375m programme enabling direct co-investment into promising later stage R&D-intensive UK businesses. The programme has made twelve investments totalling over £80m, including six investments into deeptech companies, making BPC the UK’s most active late-stage investor in deeptech in rounds above £30m. BPC recently invested £10m in Cambridge-based manufacturer PragmatIC Semiconductor.

Secondary information

Type
Written question
Reference
120084
Session
2022-23
Subjects
Investment Technology
Link
View this Written question on www.parliament.uk