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Oxford Technology is the specialist
in the start-up and early stage technology sector
Tax Shelter Report, Allenbridge
Oxford Technology is the specialist
in the start-up and early stage technology sector
Tax Shelter Report, Allenbridge
Oxford Technology is the specialist
in the start-up and early stage technology sector
Tax Shelter Report, Allenbridge

OT(S)EIS Fund

"I have been thoroughly impressed with the portfolio of investments you have created for me. As well as showing some extremely positive early successes, these investments are also well distributed and in technologies that I would not normally be able to access." - Current Investor in OT(S)EIS


OT(S)EIS is a technology fund that seeks to make full use of the tax advantages offered by the new SEIS and modified EIS investment schemes. It remains open for investment. The Information Memorandum and Application Pack can be downloaded here:

OT(S)EIS Information Memorandum

OT(S)EIS Application pack

Please note that the SEIS tax reliefs have changed slightly since the Information Memorandum was published - Capital Gains relief is now 50%.


For information on the fund's most recent activities, please read our latest Quarterly report:

Latest Quarterly Report - OT(S)EIS 31 December 2016

N.B. June 2015 update - the fund's custodians have recently moved their bank account again. Please consult the application pack for their up to date details. Earlier versions of these files may list their previous bank details.


For further information about the SEIS scheme, please consult:

HMRC's website - HMRC - SEIS Scheme

Our Summary - SEIS Scheme Information



Portfolio

Run3D

Run3D

Run3D uses a motion capture technology that it uses to analyse the gaits of runners. By filming the runner using infra-red cameras, it creates a 3-dimensional model of the runner's biomechanics, and then compares it to a large database of healthy runners. This allows the user to see where their gait differs from the norm, and thus allows them to take any necessary action to adjust their gait, in order to prevent future injuries, or as part of physiotherapy for current injuries.

Previous approaches relied on 2-dimensional videos, giving a significantly less accurate analysis, very dependent on the eyes of the physiotherapist. Run3D's cameras film at 200 frames per second (faster than the human eye can process), to a sub-millimetre accuracy, giving a precise, scientific analysis, and picking up on minute details previously undetectable.


Recent Developments

The are now five Run3D clinics in operation, the company's own clinic in Oxford and four franchisees, three in London and one in Yorkshire.


Run3D - Investment Information for OT(S)EIS
Date of First Investment Dec 2012
Total Investment to Date £125,000
Last Updated: Wednesday, October 28, 2015

BioMoti

BioMoti

BioMoti have developed a new class of microparticles that are able to target and gain entry to the interior of cancer cells. This allows them to then slowly release drugs to the cancer, while avoiding dosing nearby healthy tissue. This high degree of targeting dramatically increases the efficacy of the drugs, while at the same time reducing the devastating side effects associated with cancer treatments.

Early preclinical studies of a lead ovarian cancer candidate compared to the current clinical standard of care have shown remarkably good results including 65-fold reductions in tumour burden, doubling of median survival and decreases in toxicity.


Recent Developments

Third-party researchers have confirmed that the target for the microparticles is found in tumor vasculature and therefore an intravenous method of delivery is being investigated. Discussions with a UK based company regarding trials of this method are ongoing.


BioMoti - Investment Information for OT(S)EIS
Date of First Investment Jan 2013
Total Investment to Date £115,000
Last Updated: Wednesday, October 28, 2015

Combat Medical

Combat Medical

Combat Medical are a Spanish company that have developed a new treatment for bladder cancer, and are planning to start the business in the UK.

The current treatment for bladder cancer involves surgery to cut the tumours out. This treatment results in a 78% recurrence rate, and so calls for more and more surgery. Combat Medical's treatment involves heating up chemotherapy chemicals and circulating them around the bladder. It currently boasts a recurrence rate of less than 20% - a marked improvement. It also offers great cost savings, as there is less of a chance of having to perform additional surgeries.


Recent Developments

Combat has expanded across Europe and is now providing roughly 600 treatments each month. On going trials continue to show very promising results.


Combat Medical - Investment Information for OT(S)EIS
Date of First Investment April 2013
Total Investment to Date £194,250
Last Updated: Wednesday, October 28, 2015

Message Missile

Message Missile

Message Missile is a software company seeking to provide a new feature to existing mobile phone software - Geolocation Push Notifications

This software is installed into a pre-existing mobile phone app, and allows the owner of the app to then target phones based on their position, using GPS. Using this information, they can then message their app's users selectively. For instance, one could message anyone within 1 mile of Oxford to tell them of a special offer, or anyone who walks within 200m of a shop's door. This allows for significantly better, targeted advertising, whereas without Message Missile's software, one could only blindly message every app user - an action likely to annoy the vast majority, for whom the advert is irrelevant, and so do as much harm as good.


Recent Devlopments

The Apple version of NotifU, the local offers app, is working and the Android version is being worked on but is not yet finished. Lancaster University is supporting Message Missile and will use the software to promote university-owned businesses on campus. However, progress has been slow so far and the business has exhausted its cash, the business remains in existence for the time being.


Message Missile - Investment Information for OT(S)EIS
Date of First Investment May 2013
Total Investment to Date £41,000
Last Updated: Wednesday, October 28, 2015

Ibexis Technologies

Ibexis

Ibexis Technologies was established to manufacture and sell a low-cost, low-power data logger which collects data from up to 75 different sensors and sends this data back to base either via a mobile network or via a satellite link, where it can be displayed on a website.

Ibexis Technologies was formed to take on the business of an earlier company which had got into financial difficulties and which had not been able to raise the extra capital required to get to breakeven. Two of the three founders of the original business had left. But the third then teamed up with two others who worked unpaid for several months to solve the technical problems which had beset the original company. Ultimately, when the old company was unable to raise additional capital, it failed, and Ibexis Technologies was started as a new company with investment of £50,000 from OT(S)EIS.

An idea for the potential may be gained from examples of the current applications; note the wide diversity of applications and the geographical spread.

US – 28 devices for monitoring the sale of ice from ice-vending machines on garage forecourts.

Indonesia - 60 devices for reporting data from remote weather stations.

Sweden – 8 demonstrator devices for monitoring water levels in Norway and Sweden.

Norway - 43 devices in use measuring snowfall and water levels in remote mountain regions.

US - 10 devices fore measuring rainfall.

Holland - 3 trial devices for collecting data from weather stations.

UK - 5 trial devices to monitor conditions in Housing Association houses for a company which has the contract to maintain the houses

Austria - 10 devices monitoring the second by second power consumption of large telecom infrastructure.

UK – 2 devices to report on fuel levels at rail depots. There are 50 such depots in the UK.


Recent Developments

Progress has been very slow and, while there is interest from potential customers, the company may not survive in it's current form.


Ibexis Technologies - Investment Information for OT(S)EIS
Date of First Investment May 2013
Total Investment to Date £50,000
Last Updated: Wednesday, October 28, 2015

Lightpoint Medical

Lightpoint Medical

Lightpoint Medical is developing a new device to aid surgeons performing breast cancer surgery. It detects a distinctive form of light - Cerenkov radiation - emitted by cells when they absorb standard radioactive isotopes. As cancerous cells have a far higher level of activity than healthy cells, they will absorb more radioactive material, and emit far more Cerenkov radiation, and will be thus be visible to a well calibrated camera.

The huge benefit of this is that a surgeon can use this device to see the cancer cells in real time, during the operation, and so can immediately see any areas of cancer that he/she would otherwise miss, and so can ensure a perfect operation. Typically, one quarter of breast cancer surgeries require a follow up operation to remove small pieces of cancerous tissue, as a surgeon is often unable to visually distinguish between healthy and cancerous tissue, Further operations are both costly, and have a severe impact on the patient's health.


Recent Developments

Prostrate cancer trials have started and are showing promising results. The breast cancer trials continue and patient recruitment has accelerated. CLinical interest remains high and CE-mark approval has been granted. Lightpoint have won a 2.4 million euro grant to partially fund the pivotal breast cancer study in Europe and a Series B funding round has been launched.


Lightpoint Medical - Investment Information for OT(S)EIS
Date of First Investment June 2013
Total Investment to Date £285,000
Last Updated: Wednesday, October 28, 2015

Metal Powders & Process

Metal Powders & Process is seeking to build an atomiser that will produce metal powders is high volumes, with no impurities. The hope is that this will allow more industries to begin using metal powders to craft their components. Currently, contaminants in metal powders cause weak points in components, which are negligible for most purposes, but unusable under high stress in environments such as Aerospace.


Recent Developments

The first sales were achieved in Q1 2015. The atomiser is now in regular use and many technical problems have been overcome.


Metal Powders & Process - Investment Information for OT(S)EIS
Date of First Investment August 2013
Total Investment to Date £150,000
Last Updated: Wednesday, October 28, 2015

Power OLEDs

Power OLEDs is run by Professor PK Karthirgamanathan, one of the world's leading experts on OLEDs (Organic Light Emitting Diodes). The company aims to develop and market new and improved materials for use in the next generation of OLEDs, providing brighter, more efficient screens.


Recent Developments

Power OLED has had requests for material to test from 8 of the major manufacturers. The first batches of materials have been delivered and production is being scaled up. Further development of the device structure is being carried out to increase performance.


Power OLEDs - Investment Information for OT(S)EIS
Date of First Investment December 2013
Total Investment to Date £160,000
Last Updated: Wednesday, October 28, 2015

Abgentis

The rise of anti-biotic resistance is a serious concern. Existing anti-biotics will soon no longer be effective enough to fight infections. Abgentis seeks to re-engineer and optimize existing anti-biotic compounds, which are already not effective enough, and so solve this urgent need.


Recent Developments

Abgentis continues to make progress towards the goal of developing antibiotics which are less likely to allow antibiotic resistance to develop in bacteria.


Abgentis - Investment Information for OT(S)EIS
Date of First Investment March 2014
Total Investment to Date £42,000
Last Updated: Wednesday, October 28, 2015

Designer Carbon Materials

Designer Carbon Materials is a spin-out from the Materials Department of Oxford University. It has developed a new method of creating endo-hedral fullerenes - molecules that consist of a hollow sphere of carbon atoms, with a single atom of another element trapped inside (currently Gadolinium, Yttrium or Nitrogen). These novel materials have all sorts of unique properties, and potentially have uses in MRI scanning, solar panels, and quantum computing, amongst other fields.


Recent Developments

Production of the materials and research has continued in the lab. The first order was achieved in Q3 2014, and will be used for research into producing an atomic clock on a chip.


Designer Carbon Materials - Investment Information for OT(S)EIS
Date of First Investment April 2014
Total Investment to Date £75,000
Last Updated: Wednesday, October 28, 2015

Sasets

Sasets provides software as a service for the construction industry. This means that rather than purchase the software outright companies will simply decide how many people should be using it and sign the appropriate number of people up. It lowers the threshold for companies wanting to try the software. The software runs on smartphones and tablets, and enables the construction industry get rid of most of their paperwork and speed up its processes. All information is automatically filed away and stored on cloud servers, making retrieval easy from anywhere, leading to great savings for the business. For example, when resurfacing a road, if a hole is found under the surface the company will need approval from the client to fix the hole and cannot progress until they know whether to proceed or not. By taking a photograph with his phone (with Sasets software installed) the info is time and location stamped and sent to the client who can then OK the work. All the information is then stored away and several hours of chasing paper have been saved. On a large job the cumulative savings can be enormous.

By using the cloud the site manager does not need to drive to the office to drop off/pick up paperwork, it’s always available. Another use is for health and safety – a foreman on a building site is required by law to file paperwork, detailing the safety precautions he has taken on the site each day. With Sasets software, he can simply walk around the site and photograph the safety equipment. Sasets are preparing a full suite of tools which are easily integrated by the construction companies.


Recent Developments

The first major contract went live during Q1 2015 and the roll-out programme continues. A second customer began using the product in Q3 2015 and it is expected that the number of users will increase in new and existing customer businesses.


Sasets - Investment Information for OT(S)EIS
Date of First Investment July 2014
Total Investment to Date £75,000
Last Updated: Wednesday, October 28, 2015

Diagnostic Company - In stealth mode


Diagnostic Company in stealth mode - Investment Information for OT(S)EIS
Date of First Investment September 2014
Total Investment to Date £75,000
Last Updated: Wednesday, October 28, 2015

Curoo

Curoo is developing Expend, a payment card and associated software to deal with the headache of expenses. The debit card can be controlled tightly by the company with strict spending limits and controls and the associated app ensures that all the required information is collected at the time of purchase so that the expenses process can be automated from there on. For example, when a user makes a purchase, the card will only allow a purchase to be made if it is within the limits set for it (value, geography, category of sales outlet). The user will be alerted that they have made a purchase and will be asked to take a picture of the receipt with the phone. If necessary the phone will ask additional questions so that all the required info is captured. The accounts are automatically updated and all the information is available for easy review.

The Curoo founders are two developers who have worked in the field of financial and payment systems for many years. They are assembling an expert team to cover all areas of product development.


Recent Developments

The app has been launched and has gone through many iterations which we feel are getting very good now. Curoo is now focussing on getting approval for the card. Several accountancy and financial companies have expressed an interest in partnering with the platform. With many asking for white labelled products they could offer their clients. This will make both the accountants and their clients' lives easier.


Curoo - Investment Information for OT(S)EIS
Date of First Investment December 2014
Total Investment to Date £75,000
Last Updated: Wednesday, October 28, 2015

Molecular Warehouse

Molecular Warehouse has technology to rapidly develop and test new proteins for diagnostic and therapeutic uses. MW has developed a new type of sensor for diagnostics which yields new quantitative devices that work much like a blood glucose sensor (i.e takes a small drop of fluid and gives an numeric readout in seconds without any additional operations), but for almost any physiological analyte. There are several drugs where it is important that a patient has neither too little nor too much drug in their system. Patients need to be monitored over a period of time until the dosing is accurately determined. This can be very expensive as the patient has to either be kept in hospital or must return to the hospital daily or weekly until it is correctly dosed. Molecular Warehouse will allow patients to measure this themselves with high accuracy and communicate back to the doctors. Its first products are aimed at the transplant market and will allow accurate monitoring of drug levels outside a hospital environment (or in one but more effectively). For the development of new sensors Molecular Warehouse makes use of the services of the University of Queensland Brisbane where a large number of proprietary and commercial tools are brought together in one location allowing very rapid development of new products or leads. The company is run by CEO Siro Perez who has significant pharmaceutical and VC experience


Recent Developments

The company is in discussion with potential customers for the first products. In carrying out a contract for a biotech company, Molecular Warehouse have demonstrated their ability to rapidly engineer and express proteins using their cell free system. The development of the measurement unit is progressing well. The first prototype of the adaptor is completed and is undergoing testing. An iOS app, the Minimum Viable Product test Beta is completed and being tested and the web dashboard is near to completion.


Molecular Warehouse - Investment Information for OT(S)EIS
Date of First Investment April 2015
Total Investment to Date £75,000
Last Updated: Wednesday, October 28, 2015

Animal Dynamics

Dr Adrian Thomas is Professor of Biomechanics at Oxford University where he founded the Animal Flight research group in Zoology. He is an expert on how animals and insects move through water and air and on land. Unsurprisingly, over millions of years, they have evolved very efficient means of doing this. So the purpose of the new company, Animal Dynamics, a spin-out from Oxford University is to adapt the techniques and structures used by animals and insects to create more efficient and effective means of flying and moving through the water and over land. Alex Caccia, an entrepreneur with start-up experience in media, technology and manufacturing and a background in finance and investment banking, has been working with Adrian to develop the business opportunity, is the CEO.


Animal Dynamics - Investment Information for OT(S)EIS
Date of First Investment June 2015
Total Investment to Date £75,000
Last Updated: Wednesday, October 28, 2015

Ducentis Biotherapeutics

Ducentis was set up by Dr. Phil Huxley and Dr. Rebecca Ashfield, very experienced drug development and protein engineering experts together with Prof. Dr David Blackburn. Ducentis has identified that a naturally occurring protein has important immunoregulatory functions and could be useful in the treatment of chronic immune diseases such as arthritis. To be useful it requires better drug like properties so that it could be taken at longer intervals and smaller doses. The company will modify the protein in such a way as to achieve the improved performance. The development will go through the stages of in vitro testing, cellular testing and then in-vivo testing. Once the fundamental developments have been made, the company will be seeking partners in this very important field (2 of the top 4 drugs in the world are aimed at this class of disease).


Ducentis Biotherapeutics - Investment Information for OT(S)EIS
Date of First Investment July 2015
Total Investment to Date £80,000
Last Updated: Yhursday, January 14, 2016

Bioarchitech

BioArchitech was set up by Kevin Maskell, Lili Wang, Hannah Chen and the CEO Prof. Geoff Hale who also invested and was previously successful with an earlier Oxford Technology investment, BioAnalab. The company is developing an oncolytic virus with a difference. The company has set up its lab at the Cherwell Innovation Centre and has started developing its technology.


Bioarchitech - Investment Information for OT(S)EIS
Date of First Investment August 2015
Total Investment to Date £80,000
Last Updated: Wednesday, October 28, 2015

Orbit Discovery

Peptides are short chains of amino acids (the building blocks of proteins). They are an increasingly popular class of pharmaceuticals, sitting in between conventional small molecules and biologics such as antibodies and proteins. They can be made chemically like small molecules, but can be very specific like the biologics. The technology behind Orbit comes from Oxford University's Wetherall Institute of Molecular Medicine. It enables the rapid selection of peptides that bind onto potential drug targets and do not show unintended binding.

The approach consists of creating millions of micron sized beads each with a unique peptide and pouring them over slides with the target molecule. The beads that bind can then be identified and larger quantities produced. If necessary new beads can be made which are similar to those that bind best - an evolutionary approach. The technology has already been demonstrated 3 times to identify peptides that bind as well as existing drugs or peptides in just one single step.

The company will partner with large pharmaceutical companies wishing to develop new peptide drugs but will also develop its own portfolio. It is hoped the technology works rapidly enough to enable tens of drug discovery programmes to be run each year.

The company is being run by Alex Batchelor who has a strong background in drug development with support from founders Prof Graham Ogg and Prof Terence Rabbitts FRS and former vice-chancellor Prof Andy Hamilton.


Orbit Discovery - Investment Information for OT(S)EIS
Date of First Investment November 2015
Total Investment to Date £100,000
Last Updated: Thursday, January 14, 2016