Innovation Investment Capital Limited Partnership (IIC), the Cardiff Capital Region (CCR) backed fund, and the Development Bank of Wales have announced a joint equity investment in Antiverse Limited, the Cardiff-based artificial intelligence-driven TechBio company, alongside other international investors, as part of its $9.3 million Series A funding round.
Headquartered in Cardiff’s Social Science Research Park (sbarc|spark), Antiverse applies advanced generative AI and machine learning to predict, design and optimise antibody-based drugs. By dramatically reducing the time and cost of traditional discovery methods, Antiverse enables pharmaceutical and biotechnology partners to bring life-changing treatments to patients faster and more efficiently. Antiverse’s platform already supports programmes across oncology, immunology and infectious diseases, positioning the company at the forefront of next-generation therapeutics.
This is the third investment in Antiverse by the Development Bank since it first provided early-stage seed capital in 2020. This funding further strengthens Wales’s position as a centre of excellence for applied life sciences innovation and helps to commercialise the existing platform, accelerate Antiverse’s new intellectual property and expand its local team, with five new jobs created, and a further 19 highly skilled jobs safeguarded in Wales.
Murat Tunaboylu, Antiverse’s Co-Founder and CEO, said:
“Innovation Investment Capital’s backing is a powerful endorsement of both our technology and our roots in Cardiff. This investment not only enables us to scale our platform, grow our team and deepen partnerships with pharma and biotech leaders worldwide, but also positions Antiverse strongly for our next phase of growth. By strengthening our foundations at Series A, we are laying the groundwork for a successful Series B and the opportunity to bring our technology to an even broader global market.”
Kellie Beirne, CCR’s Chief Executive, said:
“Antiverse is a great example of the kind of cutting-edge innovation we want to see growing in our region. By combining AI with life sciences, the team is tackling some of the most important challenges in healthcare today. CCR is committed to investing in medical tech innovators and we are proud to support a business like Antiverse that is creating global impact from Cardiff.”
Rhian Elston, Wales Investment Director for the Development Bank of Wales, said:
“Antiverse represents a compelling life sciences opportunity with the potential to build a business of genuine global scale. By combining deep biological expertise with advanced AI led design in a proprietary platform, the company is redefining how antibody therapeutics are developed. We’re pleased to be working alongside Innovation Investment Capital to continue our support for this Welsh based tech business as it continues to scale and strengthen its foundations for long term growth.”
Lynda Stoelker, Capricorn Fund Managers’ COO and Chair of the IIC Investment Committee, added:
“Antiverse is building a category-defining platform in drug discovery. The strength of the team, the sophistication of the technology and the scale of the opportunity make this a compelling investment for IIC. We’re proud to support their next phase of growth from Cardiff to the world.”
Rob Asplin, PwC Partner, said:
“Antiverse demonstrates how cutting-edge AI can be applied to real-world problems at scale. This technology has the potential to reshape drug discovery across multiple therapeutic areas, perfectly aligning with the fund’s objective to back high-growth, transformative businesses within the CCR.”
IIC was launched in November 2022 with an initial £50 million from UK Government funds and Cardiff Capital Region (CCR) to provide long-term capital for innovative and sustainable growth opportunities across CCR’s ten unitary authorities. Capricorn Fund Managers (CFM) serves as the Alternative Investment Fund Manager (AIFM), overseeing portfolio and risk management, with PwC advising on investment research and sourcing, on behalf of CFM.
The investment by the Development Bank of Wales came from the £20 million Wales Technology Seed Fund II. It is financed by the Welsh Government and offers equity investments between £100,000 and £350,000 for Welsh tech businesses and those relocating to Wales at proof of concept stage. Since 2017, the Development Bank of Wales has funded more than 300 innovative tech ventures with over £97 million, unlocking over £210 million in co-investment.
