MTI Partners, the UK-based hi-tech venture capital firm, has hired David Holbrook as an investment manager as the firm seeks to expand its life sciences activities within the UK market.
Prior to joining MTI, Holbrook was executive director of Onyvax, a developer of therapeutic cancer vaccines. He has also served as chief executive of Imperial College Company Maker, following posts with both Glaxo and Roche, the pharmaceuticals groups.
Paul Castle, founder and CEO of MTI, said the firm had previously made a relatively small number of investments in the life sciences sector. “As we look forward to raising our fifth venture capital fund, we expect to materially increase our activity in the life sciences arena, to complement our established positions in the IT and materials technology areas.”
The firm is currently investing from MTI4, which closed on £104m in 2000. MTI's first fund, Managed Technology Investors, raised £9m in 1983. A second fund, MTI Ventures, followed in 1990 and raised £15m. A third fund of £30m, MTI3, was raised in 1997/98. In total the firm, which makes investments in the £500,000 to £5m category, manages funds exceeding £157m.
MTI’s most recent investment was as lead investor in Eleksen, a UK-based interface technologies company which raised £6m in July from a group of investors including 3i, MVI Finance, Siemens Venture Capital and Vesta Capital Partners. MTI’s commitment to the round totalled £4m.
In addition to life sciences, the firm also invests in software and communications, materials technology and industrial products.