We are pleased to have advised Innovation Investment Capital (IIC), the Cardiff Capital Region-backed fund, on its investment into Antiverse, the Cardiff-based artificial intelligence-driven TechBio company, alongside other international investors, as part of its $9.3 million Series A funding round. The round was led by Soulmates Ventures with DOMiNO Ventures, Development Bank of Wales, Kadmos Capital Ltd and I&I Biotech Fund also participating.

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.

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.

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, commented: “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.”

The Lewis Silkin team was led by Corporate Partner Geraint Tilsley and Senior Associate James Bowen who worked alongside Associate Gabriella Jack; Digital Commerce and Creative Senior Associate David Cakebread; Employment Associate Harry Orbell; and Real Estate Senior Associate Aimee White and Associate Bremner Fountain-White.