Innovative investment

Up to £4.5m has been committed to the Strathclyde Innovation Fund for investment in new technologies developed at Strathclyde University.

The fund has the exclusive right of first refusal to fund all commercial investment opportunities that arise from the university's intellectual property, and is thought to be the first of its kind at a UK university.

Investors include the fund manager, Braveheart, the technology commercialisation and investment management company, Scottish Enterprise's Scottish Co-investment Fund, Strathclyde alumni and the university itself.

Braveheart and the University's Research and Innovation Office will pool resources and expertise to help with the commercialisation process. The university will also use Braveheart's network of experienced investors to act as non-executive directors to companies in the fund portfolio, providing them with advice on their corporate development.

The announcement follows the first closing of the fund. Investment commitments are over a five-year period and provision has been made for additional closings to bring in other potential partners over the next two years.