Brunel and CVM in [pounds sterling]4.5m spin-out funding deal

Engineer, The, October, 2004

BRUNEL UNIVERSITY has signed a 10-year deal with a major venture capital group to provide [pounds sterling]4.5m worth of funding for engineering and technology spin-out companies.

Close Venture Management (CVM)--a division of City heavyweight Close Brothers that specialises in venture capital trusts--will invest 10 per cent of a projected [pounds sterling]45m trust in Brunel spin-outs.

The funding will be used to support early stage ventures emerging from Brunel's School of Engineering and Design, and from the Wolfson Centre for Materials Processing.

Brunel said its spin-out success rate of 25 per cent, compared to an industry average of 10 per cent, proved engineering and technology innovations emerging from its laboratories are worth backing....