ARMPKing’s college, Cambridge.IR_Stone | iStock Editorial | Getty Images
LONDON — U.K. chip designer Arm has co-founded a new start-up accelerator in Cambridge, England, to try and help young “deep tech” firms to grow into the next generation of tech giants.
Widely regarded as the “crown jewel” of the U.K. tech industry, Arm has co-founded the accelerator, known as Deeptech Labs, with the University of Cambridge, private equity investor Cambridge Innovation Capital and venture firm Martlet Capital.
So-called deep tech companies aim to create new intellectual property by breaking technological ground in an effort to solve complex problems.
Adam Bastin, VP of corporate development at Arm, said in a statement that Cambridge has “remained a critical hub of talent, creativity and innovation” from Arm’s earliest days in a barn just outside the city back in the early 1980s.
“In co-founding Deeptech Labs, we’re pleased to support the next generation of game-changing technology companies by helping them to access the world-class Cambridge technology ecosystem,” he said.
In exchange for a chunk of equity, typically between 5% and 20%, Deeptech Labs offers start-ups £350,000 ($495,000), access to a three-month development program and networking opportunities.
Deeptech Labs CEO Miles Kirby told CNBC on Friday: “I’ve seen a lot