Bristol Entrepreneur Launches Deep-Tech Incubator & VC Fund

Harry Destecroix established Ziylo during his doctoral studies at the University of Bristol. This university-originated company created a novel synthetic molecule capable of binding to glucose present in blood. Subsequently, after completing his PhD, Destecroix sold Ziylo to Novo Nordisk, a leading Danish pharmaceutical company specializing in diabetes treatments, who recognized the molecule’s potential for developing an advanced ‘smart’ insulin. The transaction is estimated to have a value exceeding $800 million.

Destecroix is now initiating a new venture, named “Science Creates,” with the goal of replicating the success of building sophisticated, science-driven startups, and it will again be centered in Bristol.

To cultivate this advanced technology environment, the initiative will provide dedicated incubator facilities equipped with Wet Labs, a £15 million investment fund, and a network of strategic alliances to support the growth of science and engineering startups and spin-off companies.

The Science Creates hub, developed in collaboration with the University of Bristol and situated in the city center, aims to become a prominent innovation center for England, drawing parallels to the early days of Silicon Valley.

The original Bay Area offered advantages such as lower costs compared to the US East Coast, a strong university presence, access to funding, and a skilled workforce. Bristol possesses all of these qualities, and benefits from convenient access to London, which is less than 90 minutes away by train for capital acquisition. However, until recently, it lacked the concentrated environment and dedicated organizational support for startups, an area Destecroix intends to address.

In a statement released with the launch, he stated: “The location where a scientific breakthrough occurs significantly impacts its successful commercialization. Through my experience founding Ziylo, I observed numerous promising discoveries failing to leave the laboratories in Bristol. Regardless of the research quality, a supportive ecosystem is crucial to overcome the 90% failure rate commonly seen in science startups and foster more successful businesses.”

Science Creates is evolving from Unit DX, the initial incubator Destecroix co-founded with the University of Bristol in 2017 to facilitate the commercialization of companies like his own.

The ‘Science Creates ecosystem’ will consist of:

Science Creates Incubators: Unit DX currently supports 37 scientific and engineering companies focused on health technology, environmental solutions, and improving quality of life. The addition of Unit DY, near Bristol Temple Meads station, will increase capacity to 100 companies and an estimated 450 employees. The combined physical space of the two units will total 45,000 square feet.

Science Creates Ventures: This £15 million venture capital fund, structured as an Enterprise Investment Scheme (EIS), is supported by entrepreneurs from the South-West who have previously achieved significant exits in the deep tech sector.

Science Creates Network: This will be a curated collection of strategic partners, mentors, and advisors specifically designed to meet the needs of science and engineering startups.

Destecroix emphasizes that the startups within the hub will receive more than just basic amenities like internet access and coffee; they will also have access to fully-equipped laboratory facilities and specialized business support tailored to their industries.

He believes that Bristol, with its established history of academic and industrial research and its world-class research capabilities centered around the University of Bristol, is well-positioned to overcome the typical obstacles to commercializing deep tech and science-based startups.

Professor Hugh Brady, Vice-Chancellor and President of the University of Bristol, stated: “We are pleased to endorse this vision and assist Science Creates in establishing a thriving deep tech ecosystem within our city. While brilliant scientists may not inherently possess entrepreneurial skills, we have witnessed the positive impact of specialized support in providing them with the necessary funding, connections, expertise, and investment opportunities. By collaborating with Science Creates, we aim to facilitate the progression of even more groundbreaking discoveries beyond the university and enable their success as commercial ventures that benefit society.”

Current ventures housed in Unit DX include:
– Imophoron (a vaccine technology company pioneering new approaches to vaccine development and currently working on a COVID vaccine)
– Cytoseek (a biotech firm in the discovery phase, focused on cell therapy for cancer treatment)
– Anaphite (a materials science company utilizing graphene for next-generation battery technology).

In an exclusive interview with TechCrunch, Destecroix explained: “Following the sale of my startup, I became deeply interested in the idea that the location of a discovery significantly influences its chances of successful commercialization. The pandemic has underscored the vast amount of undiscovered potential, particularly in the life and environmental sciences. Current vaccine technologies are relatively old and require considerable development time.”

“Throughout this process, I began analyzing the economic factors involved. How can we encourage the emergence of more startups and reduce the barriers to entry? I believe there is a cultural issue, particularly within academically-focused universities, where entrepreneurship is sometimes discouraged. I faced resistance from some colleagues when I initially pursued a spin-out, and universities retain ownership of intellectual property, requiring navigation of the technology transfer office, which varies significantly between institutions like Imperial, Cambridge, and Oxford. I attribute the previous lack of deep tech startups in Bristol to the absence of incubator space and insufficient investment.”

“I have since made approximately 14 angel investments. Bristol has risen from 20th to 6th in national rankings for life sciences in the last three years, largely due to the efforts we have been supporting. We have streamlined licensing procedures for the university and I have helped secure funding for many of these deals, resulting in a surge of technology startups. ”

“I believe now is the right time to professionalize this effort and launch a reputable Bristol-based venture capital firm specializing in deep technologies.”