Empirical Ventures is a Bristol-based venture capital firm co-founded by Dr. Ben Miles (PhD, Physics) and Dr. Johnathan Matlock (PhD, Chemistry), two scientists who first worked together at Ziylo, a University of Bristol spinout acquired by Novo Nordisk in a deal valued at more than $800 million. The firm backs what it calls venture scientists: PhD founders with deep technical expertise navigating the transition from academic research to commercial operation.
Empirical targets pre-seed and seed rounds in UK deeptech startups building in energy, advanced materials, robotics, and life sciences. The firm's core thesis is that generalist investors are structurally ill-equipped to evaluate early-stage deep science startups due to a lack of domain knowledge, and that scientist-investors are better positioned to identify, support, and champion founders operating at the frontier of their disciplines.
In March 2026, the British Business Bank committed a further €10 million to Empirical Ventures through its Regional Angels Programme, bringing the Bank's total support to €15 million following an initial €5 million commitment in April 2024. This additional capital enables Empirical to write larger checks to early-stage science-led founders across the UK, with particular focus on regions outside London including Bristol, Manchester, and Edinburgh.
The funding is deployed alongside the firm's SEIS and EIS fund and an angel syndicate, giving the firm flexibility to back founders from the earliest stages.
Leadership
Dr. Ben Miles holds a PhD in Physics from the University of Bristol. Before co-founding Empirical, he founded Spin Up Science in 2018, a program that has supported more than 4,500 scientists in entrepreneurship and catalyzed over 200 deeptech companies across the UK. Dr. Johnathan Matlock holds a PhD in Chemistry from the University of Bristol. Together, he and Miles co-founded the Science Angel Syndicate and made more than 65 angel investments totaling over €6 million in deep science companies before launching the fund.
Investment Strategy
Empirical leads pre-seed and seed rounds using a SEIS and EIS fund structure alongside an angel syndicate. The firm deliberately backs founders outside of London, bringing capital and scientific networks to Bristol, Manchester, Edinburgh, and other UK research hubs underserved by London-centric investors. Support beyond capital draws on the Spin Up Science community, the Science Angel Syndicate, and the founders' networks in physics, chemistry, biology, and engineering.
Notable Investments
Empirical's portfolio includes deeptech companies spanning photonics, semiconductor, biotech, hardware, and energy:
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