The British Business Bank has announced a £10 million commitment to Odyssey Ventures, a transatlantic venture capital firm, to support UK founders building companies at the intersection of artificial intelligence and Deeptech. The investment is directed towards the Odyssey Discovery I fund, a $50 million seed and pre-seed fund designed to help ambitious startups scale internationally.
This funding initiative aims to bridge the transatlantic funding gap, empowering London-based Odyssey Ventures to take the boldest UK founders global from day one. By combining institutional seed capital with strong links to San Francisco, the fund provides crucial capital, market connectivity, and operator-led support, allowing UK founders to access US markets without needing to relocate their headquarters.
Targeting Key Innovation Sectors
The Odyssey Discovery I fund specifically targets UK founders operating in high-growth, transformative sectors. These include applied AI and automation, energy and sustainable industry, and human and planetary health. The fund’s focus underscores the UK’s position as a powerhouse for AI and Deeptech innovation, while addressing the historical challenge of losing homegrown talent to better-capitalised US competitors.
Currently, the Odyssey Discovery I fund is 50% closed, having secured investments from Thema and other blue-chip limited partners. It is on track for a final close after the summer of 2026. The £10 million commitment from the British Business Bank is made through its Regional Angels Programme, an initiative launched in 2019 to address imbalances in access to early-stage equity finance.
Leadership and Strategy
Odyssey Ventures is led by former founder-operators Ali Mitchell and Michelle Robson. The firm operates from locations in London and San Francisco, managing a total of $87 million in Assets under Management (AuM) across two strategies: Access and Discovery. This dual-location strategy is central to their mission of connecting UK innovation with global opportunities.
Mark Barry, Senior Investment Director at the British Business Bank, highlighted the importance of this investment. “We are pleased to commit £10 million to Odyssey Ventures. The Odyssey team have built a differentiated fund designed to help ambitious UK AI and Deeptech founders access the capital, market connectivity and operator-led support needed to scale internationally,” he said.
Barry further noted that by combining institutional seed capital with strong San Francisco links, Odyssey is helping convert UK innovation into globally competitive businesses. “This commitment will help ensure the UK’s most promising founders have the backing required to build category-leading companies from a UK base,” he added.
Empowering UK Founders
The backing from the British Business Bank comes at a critical moment for the UK tech sector. Ali Mitchell, Managing Partner at Odyssey Ventures, emphasised the significance of the partnership. “The British Business Bank has been an exceptional partner from the outset, and this commitment is a powerful endorsement of Odyssey’s strategy,” Mitchell stated.
Mitchell pointed out that while the UK is producing some of the world’s most extraordinary AI and Deeptech founders, too many lose ground to better-capitalised US competitors before they have the chance to compete. “Odyssey was built to close that gap — taking the boldest UK founders global from day one with the capital, customers and operating support they need to win,” Mitchell explained.
The partnership aims to capitalise on what Mitchell describes as a once-in-a-generation opportunity to build the next wave of category-defining AI and Deeptech companies. “We are proud to have the British Business Bank alongside us on that journey,” Mitchell concluded.
London’s Role in Global Tech
For London’s thriving tech ecosystem, this £10 million commitment is a significant boost. It reinforces the city’s status as a launchpad for global AI and Deeptech leaders. By enabling UK founders to access crucial US capital and markets while remaining based in the UK, the initiative helps retain talent and innovation within the country.
This development aligns with broader trends in the UK tech landscape, where London AI startups are securing significant funding to drive innovation across various sectors. The focus on AI and Deeptech also reflects the growing importance of these technologies in shaping the future of industries worldwide.
As the Odyssey Discovery I fund progresses towards its final close, the impact of this £10 million commitment will likely be felt across the UK’s tech sector, providing a vital lifeline for ambitious founders looking to make their mark on the global stage. For more information on the fund and its objectives, visit Odyssey Ventures or read the full details on the British Business Bank.
