The fund, called Stephenson LP, reflects the IMechE’s original purpose set out by founder George Stephenson in 1847 to “give an impulse to invention likely to be useful to the world”. It is the first investment fund of this kind by the Institution.
The Stephenson LP Fund, which is independently managed by specialist venture capital company Midven has already made five investments – into blade compressor company Lontra, fuel cell catalyst developer Amalyst, sensor company Oxsensis, fusion energy company Tokamak Energy and space technology business Oxford Space Systems.
Stephen Tetlow, the Institution's chief executive, said: “These investments by the Institution are not just about providing monetary investment, but about connecting these and other companies to the vast resources and network of the Institution and its membership.
“The Fund fulfills the Institution’s original purpose to give an impulse to invention and also help companies overcome the investment hurdle between Research and Development and bringing a product to market.”
