Harry Destecroix co-founded biotech startup Ziylo while studying for his PhD at the University of Bristol. Ziylo, a university spin-out, developed a synthetic molecule that binds to glucose in blood.
But to do this he decided he wanted to be surrounded by like-minded ‘SciTech’ companies. So, in 2017 he launched Unit DX, an incubator, in collaboration with the University of Bristol, to commercialize companies like his own.
Three years later, in 2020, Destecroix exited Ziylo to Danish firm Novo Nordisk — which had realized it could use Ziylo’s molecule to unlock a ‘smart’ insulin — in a deal estimated to be be worth over $800m .
Destecroix used his exit to to repeat the exercise of creating deep-tech, science-based startups, again, in Bristol. He launched ‘tech ecosystem’ “Science Creates” consisting of the UnitX and Unit DY wet labs, and a £15 million investment fund with the University and a network of strategic partners.
Fast foward to today, and Destecroix has now taken that journey further with the launch of SCVC, which is now aiming to be a $100 VC million fund, and claims to have reached its first close (at an undisclosed amount). The Bristol-based firm will invest in deeptech around health and climate.
Over a call Destecroix told me: “It’s been two years and I feel like the more I’ve invested, the more I’ve got addicted to it. It’s been a wonderful journey. And I also feel there’s not enough founders in the UK that ended up going into venture. So we want to build we want to build a venture fund that’s really founder-led.”
SCVC’s first $17 million Seed fund (prior to the switch to full-blown VC) backed 12 companies ranging from therapeutics and diagnostics to quantum sensors and semiconductors.
Recent investments include ‘Delta g’ (quantum gravity sensors) and Isomab (biotech), and Scarlet Therapeutics (red blood cell-based therapeutics).
The new fund will invest at pre-seed and seed stage with initial cheque sizes of $500k up to $3m. It will also provide follow-on funding of Series A tickets up to $7m.
The fund’s first investment is VyperCore, RISC-V start-up developing modified processors.
Destecroix is joined by SCVC cofounder Jon Craton, an Angle investor and former co-founder of Zynstra which was was acquired by NCR Corporation.
Bristol-based founder John Williams, co-funder of the floated Kudan (artificial perception technologies) joins as the firm’s first Venture Partner.
Destecroix explained: “What we do is we specialise in the 1% of startups that come from science, that seem crazy to the outside world. What do you mean you need to raise millions of pounds? What do you mean you don’t even know what your product is like? This. This type of startup is crazy to most people who run conventional businesses. So of course you need to wrap around them a very unique and specific set of skill sets.”
Prior to the recent news t
