Venture capital firm MTI Ventures opens largest unlisted fund aimed at university spin-outs
Orion Fund is partnering the University of Edinburgh, University College London and the University of Manchester in the venture.
The fund will work with the Technology Transfer Offices of each of the universities, specialising in commercialising technology research.
Jim McFarlane, managing director of operations at Scottish Enterprise, said: "This new fund not only has the potential to significantly increase venture capital activity and presence in Scotland, but will build on existing efforts to bridge the gap between industry and world-class research."
MTI will also be looking to make later stage investments from the fund which will be the UK's largest unlisted vehicle backing university technology firms.
London-based MTI has previously raised a s32 million exclusive fund for Manchester University.
In its new fund, MTI will also look to bring in partners, including other venture capital funds, to invest along side them.
Managing partner at MTI, David Ward, said: "I'm delighted that we are able to formally announce the Orion Fund alongside the enhancement of the MTI team.
"Our new Partners are all highly experienced operators who add substantially to the MTI skill base in terms of investor networks, strategic consulting backgrounds as well as being well versed in the MTI core value of building technology businesses."
MTI specialises in funding spin-outs focused on medical technology, engineering and information and communication technology.