Martlet Capital

Martlet Capital is a venture capital investment firm based in Cambridge, United Kingdom, established in 2011. The firm specializes in providing early-stage funding to startups in the deep technology and life sciences sectors, focusing on business-to-business applications. Martlet Capital aims to offer more than just financial support; it seeks to assist entrepreneurs in scaling their companies from initial funding rounds through to successful exits. With a commitment to fostering high growth potential, Martlet Capital is dedicated to nurturing innovative companies that can make significant impacts in their respective industries.

Ilian Iliev Ph.D

Executive Director

38 past transactions

Semarion

Seed Round in 2022
Semarion is a spin-out company from the Cavendish Laboratory at the University of Cambridge, operating at the edge of the physical and life sciences. Semarion combines microchip industry materials and techniques engineering and cell biology to tackle unmet drug screening needs.

Porotech

Venture Round in 2021
Porotech is a spin-out from the University of Cambridge. It mainly focuses on the development of wide-bandgap compound GaN semiconductors by applying material technologies and solutions to unleash the full potential of GaN to revolutionize the electronics industry. The company was co-founded by Dr. Tongtong Zhu, Dr. Yingjun Liu, and Prof. Rachel Oliver.

Cambridge GaN Devices

Series A in 2021
Cambridge GaN Devices is a developer of semiconductors focused on designing, creating, and commercializing gallium nitride-based power devices. The company's transistors offer higher speed, significantly lower power loss, and reduced size compared to traditional silicon alternatives. These advancements result in lower energy consumption and enhanced power storage and conversion capabilities. As a result, Cambridge GaN Devices provides industries with compact semiconductors tailored for critical applications across various market segments.

Nu Quantum

Seed Round in 2020
Nu Quantum Ltd is a Cambridge-based company that specializes in the development of quantum photonics hardware, including photon sources and detectors, as well as quantum cryptography systems. Founded in 2018, the company focuses on creating nano-engineered materials that facilitate light generation at the quantum level and enable ultra-sensitive light detection. It also develops fundamental algorithms and protocols for generating secure cryptographic keys and offers quantum encryption links for secure communications. By integrating novel materials and semiconductor technology, Nu Quantum aims to provide end-to-end quantum cryptography solutions that secure communications over urban and satellite free-space optical links, thereby supporting the future of information processing and quantum networking infrastructure.

Spotta

Seed Round in 2020
Spotta Ltd specializes in smart pest detection systems tailored for the hospitality industry, focusing on early identification of bed bugs. The company's flagship product, the Bed Pod, is designed to monitor and detect bed bugs in hotels and other multi-room accommodations before they can spread or be noticed by guests. Founded in 2018 and headquartered in Cambridge, United Kingdom, Spotta aims to enhance the pest management strategies of lodging providers, ensuring a more comfortable and hygienic experience for guests.

Qkine

Series A in 2020
Qkine Ltd, founded in 2016 and based in Cambridge, United Kingdom, specializes in the manufacturing of high-purity, animal-derived component-free (ADCF) growth factors and cytokines. The company emerged from Cambridge University and focuses on providing proteins for stem cell growth, differentiation, and regenerative medicine applications. Utilizing advanced protein engineering and optimized production platforms, Qkine addresses supply chain challenges in stem cell science by delivering novel, animal-free proteins. Their products support life science research, particularly in stem cell and organoid culture, enabling scientists to advance their work with high-quality, bioactive proteins.

Flusso

Series A in 2020
Flusso Ltd, established in 2016 and located in Cambridge, United Kingdom, specializes in the development of advanced flow sensors. Currently operating in stealth mode, the company is focused on creating the world's smallest flow sensor, utilizing fabless semiconductor technology to blend hardware, software, and mechanical components. Flusso's innovative sensors are designed to be significantly smaller and more cost-effective, while also enhancing functionality without sacrificing performance. This approach allows the flow sensing industry to benefit from lower power consumption, ultra-fast response times, on-chip multisensory integration, embedded intelligence, and the capability for high-volume production at reduced unit costs.

Porotech

Seed Round in 2020
Porotech is a spin-out from the University of Cambridge. It mainly focuses on the development of wide-bandgap compound GaN semiconductors by applying material technologies and solutions to unleash the full potential of GaN to revolutionize the electronics industry. The company was co-founded by Dr. Tongtong Zhu, Dr. Yingjun Liu, and Prof. Rachel Oliver.

Kalium Health

Seed Round in 2020
Kalium Health Ltd is a company based in Cambridge, United Kingdom, that specializes in the design, development, and manufacturing of a finger-prick blood test for measuring blood potassium concentration. This innovative testing method allows patients to seek treatment proactively, avoiding the inconveniences, costs, and delays associated with traditional testing methods. Established in 2018 and formerly known as Kalium Diagnostics Ltd, the company focuses on personalized electrolyte diagnostics aimed at enhancing kidney care. By utilizing advanced electrolyte sensing technology, Kalium Health provides accurate and real-time testing that delivers clinically actionable health insights related to cardiorenal diseases, enabling patients to obtain precise blood electrolyte data for better health management.

Nu Quantum

Pre Seed Round in 2019
Nu Quantum Ltd is a Cambridge-based company that specializes in the development of quantum photonics hardware, including photon sources and detectors, as well as quantum cryptography systems. Founded in 2018, the company focuses on creating nano-engineered materials that facilitate light generation at the quantum level and enable ultra-sensitive light detection. It also develops fundamental algorithms and protocols for generating secure cryptographic keys and offers quantum encryption links for secure communications. By integrating novel materials and semiconductor technology, Nu Quantum aims to provide end-to-end quantum cryptography solutions that secure communications over urban and satellite free-space optical links, thereby supporting the future of information processing and quantum networking infrastructure.

Closed Loop Medicine

Seed Round in 2019
Closed Loop Medicine Ltd is a healthcare technology company based in Cambridge, United Kingdom, founded in 2017. The company focuses on developing innovative therapeutic solutions that combine established medications with proprietary digital therapeutics. By digitizing and capturing data throughout the entire care continuum, Closed Loop Medicine seeks to create dynamic, personalized treatment regimens tailored to individual patient needs. Their pipeline includes integrated approaches that address significant health challenges such as sleep disorders, hypertension, chronic pain, and diabetes. Through real-time feedback and advanced care pathways, Closed Loop Medicine aims to enhance patient outcomes and improve the overall efficiency of healthcare delivery.

PervasID

Series A in 2018
PervasID Limited, founded in 2011 and based in Cambridge, United Kingdom, specializes in the development of wide area passive RFID systems. The company emerged from research conducted at the University of Cambridge and focuses on providing location capabilities based on the EPC Class1 Gen2 standard. PervasID's technology employs fixed ultra-high frequency RFID to accurately detect passive tags over long distances, facilitating enhanced visibility into goods, assets, and people. Its innovative systems are designed to serve various industries, including retail, healthcare, supply chain and logistics, and aviation. The technology has been successfully deployed in multiple field trials, demonstrating its reliability and effectiveness in streamlining processes across diverse markets.

Undo

Series B in 2018
Undo Ltd. develops innovative debugging tools tailored for software developers, architects, product managers, and application engineers. The company offers a live recorder that captures and replays software execution, enabling users to identify programming errors and debug them effectively. Its flagship product, UndoDB, serves as an interactive reversible debugger specifically for C/C++ on Linux and Android platforms. Undo's technologies are utilized by major software companies across various industries, including data management, networking, electronic design automation, and finance, allowing developers to address complex challenges efficiently. By employing its unique record, rewind, and replay capabilities, Undo helps developers quickly diagnose and resolve issues in both production and testing environments, enhancing productivity and improving software quality. Founded in 2005, Undo is headquartered in Cambridge, United Kingdom, with an additional office in San Francisco, California.

Sorex Sensors

Seed Round in 2018
Sorex Sensors Limited specializes in the design and manufacturing of film bulk acoustic resonator (FBAR) technology-based micro-electro-mechanical system (MEMS) mass sensors for both industrial and consumer applications. The sensors are constructed on silicon wafers and utilize a thin film of piezoelectric material, enabling them to measure mass by detecting changes in resonant frequency when mass is applied to their surface. These sensors are characterized by their dual-mode capability, allowing simultaneous measurement of mass and temperature, with mass sensitivity reaching the femtogram range and temperature resolution down to 0.2 °C. Their compact size and low power consumption make them suitable for various applications, including thin film metrology, particulate monitoring, and gas detection. Sorex Sensors was incorporated in 2017 and is headquartered in the United Kingdom.

Paragraf

Seed Round in 2018
Paragraf Ltd. is a graphene technology development company based in Somersham, United Kingdom, established in 2015. The company specializes in the production of two-dimensional materials, particularly graphene, and focuses on developing graphene-based electronic devices, green energy generation devices such as solar photovoltaic cells, and various sensors. By leveraging innovative methods, Paragraf aims to unlock the full potential of graphene and advance its applications across multiple technology sectors. The company's commitment to driving the adoption of this versatile material positions it as a key player in the field of advanced materials and their transformative capabilities.

Rovco

Pre Seed Round in 2017
Rovco designs an autonomous underwater vehicle or AUV and remotely operated underwater vehicle or ROV technologies and support services that optimizes how people manage and inspect subsea assets. Its technology offers the process of 3D photogrammetry that involves using high-resolution photos of a static object or site area taken from multiple angles and processed to generate a 3D vector model from point cloud data, enabling oil, gas, and renewables industry clients to evaluate their subsea assets for damage, corrosion or determining levels of marine growth and benefit from inspection related cost savings.

Closed Loop Medicine

Pre Seed Round in 2017
Closed Loop Medicine Ltd is a healthcare technology company based in Cambridge, United Kingdom, founded in 2017. The company focuses on developing innovative therapeutic solutions that combine established medications with proprietary digital therapeutics. By digitizing and capturing data throughout the entire care continuum, Closed Loop Medicine seeks to create dynamic, personalized treatment regimens tailored to individual patient needs. Their pipeline includes integrated approaches that address significant health challenges such as sleep disorders, hypertension, chronic pain, and diabetes. Through real-time feedback and advanced care pathways, Closed Loop Medicine aims to enhance patient outcomes and improve the overall efficiency of healthcare delivery.

Audio Analytic

Series A in 2017
Audio Analytic Ltd. specializes in sound recognition software aimed at enhancing the contextual awareness of consumer technology. The company offers a range of products, including its ai3TM analytics software, which classifies and recognizes various sounds, and AuditoryNET, which utilizes a dedicated machine learning pipeline for optimized sound recognition. Their offerings enable devices such as smart speakers, video doorbells, smartphones, and true wireless earbuds to detect and interpret sounds beyond speech and music, contributing to applications in safety, security, wellbeing, health, entertainment, and communication. Established in 2008 and based in Cambridge, UK, with an additional office in San Francisco, Audio Analytic serves original equipment manufacturers and chip providers across multiple industries, including consumer electronics and acoustics.

Techspert

Seed Round in 2016
Techspert.io Ltd operates an online platform that connects companies with specialists across various sectors, including healthcare. Founded in 2015 and based in Cambridge, United Kingdom, the company initially focused on the healthcare industry, where its co-founders recognized the challenges of finding the right experts efficiently. By leveraging artificial intelligence, Techspert.io indexes, qualifies, and sources specialist knowledge, streamlining the process of primary research and business intelligence. The team, which includes experts in computer science and client relations, has expanded its services to cater to large consultancies and private equity firms, demonstrating the versatility of its technology across diverse industries. Techspert.io aims to democratize access to expertise, driven by values of curiosity, empathy, commitment, and ambition, as it seeks to revolutionize knowledge exchange on a global scale.

Exonate

Angel Round in 2016
Exonate Limited is a private biotech company based in Duxford, United Kingdom, specializing in the discovery and development of small molecule drugs aimed at modulating alternative messenger RNA splicing for ophthalmological applications. Founded in 2013, the company emerged from the University of Nottingham and is focused on addressing retinal vascular diseases, particularly diabetic macular oedema (DMO) and wet age-related macular degeneration (wAMD). Exonate's lead program utilizes small molecule inhibitors that selectively target serine/threonine-protein kinase 1 to inhibit the production of pro-angiogenic vascular endothelial growth factor (VEGF) splice variants. This innovative approach aims to improve therapeutic outcomes and offers a potential alternative to current treatment methods, such as anti-VEGF injections and laser surgery. With a preclinical candidate drug already nominated, Exonate is advancing its research through regulatory toxicology and safety pharmacology studies to facilitate clinical evaluation. The company is backed by an experienced management team with expertise in medicine and drug development.

Undo

Series A in 2016
Undo Ltd. develops innovative debugging tools tailored for software developers, architects, product managers, and application engineers. The company offers a live recorder that captures and replays software execution, enabling users to identify programming errors and debug them effectively. Its flagship product, UndoDB, serves as an interactive reversible debugger specifically for C/C++ on Linux and Android platforms. Undo's technologies are utilized by major software companies across various industries, including data management, networking, electronic design automation, and finance, allowing developers to address complex challenges efficiently. By employing its unique record, rewind, and replay capabilities, Undo helps developers quickly diagnose and resolve issues in both production and testing environments, enhancing productivity and improving software quality. Founded in 2005, Undo is headquartered in Cambridge, United Kingdom, with an additional office in San Francisco, California.

Psyomics

Series A in 2016
PsyOmics develops proteomic diagnostics to improve early diagnosis and treatment outcomes for those with neuropsychiatric disorders.

Plumis

Angel Round in 2016
Plumis has developed a series of multi-award-winning watermist fire sprinklers. Our systems are installed in over 1,500 homes in the UK and have saved multiple lives. We are in the process of bringing our patented technology to the US. Utilising US Building Codes new section (904.11) that allows a watermist system to replace a mandatory residential sprinkler. Our flagship product Automist Smartscan is IOT enabled, more efficient, applicable in more homes, and leaves less water damage than was possible with traditional approaches. Utilising a dry pipe when on standby, 10% of the water (when compared to sprinklers) to extinguish fires, and connectivity to monitor status, it can enable tighter insurance product offerings, produce valuable data and better risk management.

Spectral Edge

Seed Round in 2016
Spectral Edge Ltd is a technology company based in Cambridge, United Kingdom, specializing in image enhancement and video personalization technologies. Founded in 2011, the company has developed patented image fusion technology that utilizes deep learning to improve image quality and visibility, particularly for color-blind individuals. Its flagship products include Phusion, which enhances images and videos by leveraging information beyond the normal visible spectrum, Eyeteq, designed to make television content more accessible to those with color vision deficiencies, and Nighteq, which reduces blue light to enhance sleep quality while maintaining visual contrast. These innovations find applications in various sectors, including computational photography, security, and consumer electronics, serving manufacturers and service providers in enhancing the viewing experience. As of December 2019, Spectral Edge operates as a subsidiary of Apple Inc.

Repositive

Seed Round in 2016
Repositive Ltd is a company based in Cambridge, United Kingdom, that operates an online platform for accessing and sharing human genomic data. The platform aggregates metadata from diverse genomic datasets globally, facilitating data discovery and collaboration among researchers. It offers features that enhance the visibility of users' data, manage data sources, and initiate collaborative projects, while ensuring secure and privacy-preserving data sharing. Additionally, Repositive provides various data services, including data scouting, access applications, policy reviews, and catalog setup, catering to both small and large organizations. Established in 2013 and previously known as Nucleobase Limited, Repositive aims to support the research community by organizing datasets and enhancing collaborative efforts in genomic research.

Axol

Seed Round in 2015
Axol Bioscience Ltd. is a biotechnology company based in Little Chesterford, United Kingdom, specializing in human cell culture systems for medical research, disease modeling, and drug discovery. The company produces a variety of human cells, including iPSC-derived cells like cardiomyocytes and neural stem cells, as well as primary cells such as endothelial and muscle cells. Axol also offers essential media and reagents, including cell culture media and growth supplements, to support researchers in their work. Additionally, the company provides custom services such as cell and tissue sourcing, iPSC reprogramming, differentiation into various cell types, and genome editing. Axol's products and services are utilized by pharmaceutical companies and research institutions worldwide, with distribution channels spanning multiple countries. Established in 2012, Axol is located in a notable innovation hub, Chesterford Research Park, in Cambridge, UK.

Tripism

Seed Round in 2015
Tripism Ltd. is a travel platform based in Cambridge, United Kingdom, founded in 2014, that caters to corporate travel needs. It provides a space for business and frequent travelers to share recommendations, tips, and plans within their trusted networks. The platform allows users to contribute reviews on accommodations, dining, meeting venues, and leisure activities, facilitating the exchange of valuable travel insights among members. By focusing on corporate travel programs and information for travel managers, Tripism aims to enhance the overall travel experience for professionals, making it easier to navigate business-related travel requirements.

Dogtooth

Seed Round in 2015
Dogtooth Technologies Limited is a technology start-up based in Royston, United Kingdom, specializing in the development of intelligent robots for soft fruit picking. Founded in 2014, the company focuses on creating advanced robotic solutions that can efficiently navigate crop rows, identify ripe strawberries and raspberries, and pick them with precision. The robots are designed to grade the harvested fruit and place it directly into punnets, facilitating a more efficient and time-saving alternative to traditional hand-picking methods. By automating the harvesting process, Dogtooth aims to enhance operational efficiency for fruit harvesting businesses.

Cambridge Mask Co

Seed Round in 2015
Cambridge Mask Co specializes in the development of anti-pollution masks that utilize advanced military-grade filtration technology. These masks are designed to filter out nearly 100% of particulate pollution, gases, bacteria, and viruses, providing effective protection against air pollution. The incorporation of activated carbon cloth enhances their filtration capabilities, making the masks suitable for individuals of all ages. Cambridge Mask Co aims to promote public health by offering a practical and stylish solution to combat the adverse effects of air pollution.

Converge

Seed Round in 2014
Converge is a technology company based in London, United Kingdom, that specializes in hardware and software solutions for the collection, storage, and analysis of sensor data. The company develops wireless and cloud-based technologies designed to enhance the operational efficiency of industries, particularly in the medical and construction sectors. Converge offers transmitters that connect to both digital and analog sensors, converting them into wireless devices for real-time data transmission. Its software platform facilitates the storage, analysis, and visualization of this data, enabling healthcare providers to tailor patient treatments and optimize discharge processes. In the construction industry, Converge’s sensors are embedded in concrete slabs to monitor temperature in real-time, helping clients to streamline concrete cycles and improve project outcomes. Through these innovations, Converge aims to replace manual monitoring with automated, continuous data collection and analytics.

Oxford Space Systems

Seed Round in 2014
Oxford Space Systems Limited is a space technology company based in Harwell, United Kingdom, founded in 2013. The firm specializes in developing, manufacturing, and marketing deployable hardware structures for space applications, including deployable antennas, composite linear boom systems, and hinge systems. By employing innovative design techniques, such as origami, and utilizing novel proprietary materials, Oxford Space Systems creates products that are lighter, less complex, and more cost-effective than traditional alternatives. The company has achieved significant milestones, including a record for the fastest development of a new product, the AstroTube Boom, which was successfully deployed in orbit within 30 months. With a team of 18 professionals possessing over 100 years of combined experience in the space sector, Oxford Space Systems has engaged in various collaborations, including government-supported projects with leading European satellite manufacturers and commercial contracts in Asia and the U.S. In 2018, the company relocated to a custom facility within the Harwell Space Cluster, enhancing its capabilities to meet security standards for defense and security contracts.

PatientSource

Seed Round in 2014
PatientSource Limited provides electronic healthcare record systems. Its solutions include hospital care, community mobile health, patient administration, electronic case notes, electronic prescribing, electronic investigations, observations, electronic discharge, and diabetes management solutions. The company also offers consulting services, such as mobile health consulting, interoperability, clinician engagement, clinical safety, and clinical user interfaces. In addition, it offers an open source software that enables users to open their IT systems. It provides healthcare data solutions to NHS and private healthcare providers. The company was founded in 2010 and is based in Cambridge, United Kingdom.

TransparentChoice

Seed Round in 2014
TransparentChoice Ltd. is a company based in Cambridge, United Kingdom, that specializes in online decision-making software. Established in 2013, it offers a Software as a Service (SaaS) solution known as TransparentChoice, which assists teams and organizations in setting clear and actionable priorities. The platform allows users to structure decisions into projects, gather meaningful input, and foster understanding and alignment among stakeholders. It also facilitates the analysis of data to prioritize actions and make informed decisions. By enabling organizations to measure how their projects align with strategic goals, TransparentChoice enhances decision-making regarding project and resource allocation, ultimately fostering stronger buy-in and delivering greater value from project portfolios.

Outside View

Seed Round in 2014
Outside View is a predictive analytics company that specializes in forecasting residential real estate sales. It has developed an algorithm designed to predict which homes are likely to sell within the next 180 days. By focusing on local market dynamics, the company's services help real estate agents identify potential sellers more accurately, allowing them to tailor their marketing strategies effectively. Through its innovative approach, Outside View aims to enhance the efficiency of real estate transactions by providing valuable insights into buyer behavior and market trends.

Vantage Power

Series A in 2013
Vantage Power Ltd. specializes in the design and manufacture of electric and hybrid systems for buses and heavy-duty vehicles. The company offers a range of hybrid and electric powertrain solutions, including hybrid battery systems, drive systems, range extenders, and custom battery solutions. Vantage Power focuses on retrofitting existing buses with hybrid powertrains, allowing operators to significantly reduce fuel consumption and emissions without the high costs associated with purchasing new hybrid vehicles. The company's engineering team, composed of experts from the heavy-duty vehicle, Formula 1, and aerospace industries, is dedicated to developing innovative technologies that ensure optimal performance and reliability. Established in 2011 and based in London, Vantage Power operates as a subsidiary of Allison Transmission Holdings, Inc.

Captive Media

Venture Round in 2012
Captive Media Ltd is a British company that specializes in developing and managing an interactive entertainment and digital signage system designed for washrooms. Established in 2007 and based in Chelmsford, the company offers a patented technology that features networked digital video screens mounted above men's urinals. These screens display a mix of engaging content and advertisements, while also allowing for interactivity through a unique urine-controlled gaming system. Users can participate in various games by directing their stream, with infra-red sensors translating the movement into joystick inputs. This system capitalizes on the average dwell time of 55 seconds at urinals, providing an engaging experience for men in venues such as bars, clubs, hotels, and shopping malls across the UK and EU. The installations are designed to be retrofitted into existing washroom facilities, requiring only power and internet connectivity, and are built to withstand vandalism and water exposure.

Arachnys

Series A in 2011
Arachnys Information Services Limited, founded in 2010 and based in Cambridge, United Kingdom, specializes in developing cloud-based solutions that enhance the assessment of financial crime risks and compliance with customer due diligence, know your customer, and enhanced due diligence regulations. The company offers a web crawler and deep-web search engine that enables access to hard-to-reach information, particularly from emerging markets such as India, China, Russia, and the Middle East. Arachnys addresses the challenges posed by fragmented and disorganized data in these regions by employing advanced spidering and scraping technology, which allows businesses to extract valuable insights from siloed corporate and governmental datasets. Its services cater to investment banks, hedge funds, law firms, accountants, and risk consultancies seeking growth opportunities in complex markets while minimizing associated risks.

Plumis

Angel Round in 2009
Plumis has developed a series of multi-award-winning watermist fire sprinklers. Our systems are installed in over 1,500 homes in the UK and have saved multiple lives. We are in the process of bringing our patented technology to the US. Utilising US Building Codes new section (904.11) that allows a watermist system to replace a mandatory residential sprinkler. Our flagship product Automist Smartscan is IOT enabled, more efficient, applicable in more homes, and leaves less water damage than was possible with traditional approaches. Utilising a dry pipe when on standby, 10% of the water (when compared to sprinklers) to extinguish fires, and connectivity to monitor status, it can enable tighter insurance product offerings, produce valuable data and better risk management.
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