A London early-stage venture firm founded in 2015 that makes high-conviction pre-seed and seed investments and gives backed founders a share of the fund's carry through its equitable-venture model.
Founded —
Type Venture capital 3 Fund III 2023-04-20 2023-04-20 $130M Closed fund reported by institutional LP; LP individual commitment not extra fund. Announcement date, not invented legal close date.
Fund II 2020-09-21 2020-09-21 £81M Closed fund reported by institutional LP; LP individual commitment not extra fund. Announcement date, not invented legal close date.
Fund I 2018-02-28 2018-02-28 £80M Closed fund reported by institutional LP; LP individual commitment not extra fund. Announcement date, not invented legal close date.
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$2M $500K – $5M London $1M $500K – $5M Israel $1M $100K – $5M London $1M $500K – $2M United Kingdom $0 $0 – $0 — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – — — — – —
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team@apexlogos.ai · 2 hours ago
Investment-fund research reviewed 2026-10-06. Publicly identified funds, dates, amounts and fundraising status are below. Undisclosed commitments remain unknown; this is not a complete register of private SPVs or parallel entities.
Fund sizes
| Fund | Amount and status | Announcement / source |
|---|---|---|
| First seed fund / Fund I | **£80m closed**, not a target; British Business Investments committed £20m | [British Business Bank press release](https://www.british-business-bank.co.uk/news-and-events/news/british-business-investment-commits-20m-new-venture-capital-model-kindred-capital ), 2018-02-28 |
| Fund II / Kindred Capital II SCSp | **£81m closed**; British Patient Capital committed £20m | [British Business Bank press release](https://www.british-business-bank.co.uk/news-and-events/news/british-patient-capital-commits-20m-to-kindred-capitals-second-fund ), 2020-09-21 |
| Fund III | **US$130m closed**; British Patient Capital committed US$26.7m | [British Business Bank press release](https://www.british-business-bank.co.uk/news-and-events/news/british-patient-capital-announces-267m-commitment-kindred-capitals-third-fund ), 2023-04-20 |
TechCrunch independently reported the £81m Fund II close: [report](https://techcrunch.com/2020/09/20/kindred-capital-ii/ ), 2020-09-20. The 2020 Bank release states £161m under management **at that time**; do not enter that historical figure as current AUM. Commitments by a single LP are components of the fund, not additional fund sizes. No verified current AUM, Fund IV close, or main-fund target was established by the newer-fund search.
A newer [SEC filing index for Kindred Capital Co-Invest III LP](https://www.sec.gov/Archives/edgar/data/2117975/000211797526000001/0002117975-26-000001-index.htm ), filed **2026-03-09**, was found. It concerns a co-invest vehicle, not evidence that a new flagship fund replaced Fund III. Offering amount and final closing status were not verified in this research; keep it separate.
Funds recorded in Adex after this review:
| Fund | Disclosed amount | Announcement / filing date |
| --- | --- | --- |
| Fund I | GBP 80000000 | 2018-02-28 |
| Fund II | GBP 81000000 | 2020-09-21 |
| Fund III | USD 130000000 | 2023-04-20 | SHOW MORE
team@apexlogos.ai · 3 hours ago
Match research 2026-10-06 / KindredCapital / sha256:135ba9a81b1f44e7c4fcdc6c31bdc57a6028f9a752c439647227bbfdabfb534c / part 2 of 2
Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats.
| **Five AI / FiveAI** | Autonomous vehicle software, advanced perception/autonomy | [Official portfolio](https://kindredcapital.vc/portfolio ) records first backing 2016; [Bank Fund II release](https://www.british-business-bank.co.uk/news-and-events/news/british-patient-capital-commits-20m-to-kindred-capitals-second-fund ), 2020-09-21, confirms Five as an inaugural-fund investment. Round amount not verified. |
Additional official-portfolio deep-tech candidates for later round-level verification include **LabGenius** (biotechnology), **Animal Dynamics** (robotics), **Beit** (quantum computing), **Ori Biotech** (cell/gene-therapy manufacturing), **PurAffinity** (advanced materials/water purification) and **Shift Bioscience** (cellular rejuvenation). Their baseline round dates and amounts were not independently checked; do not promote them into verified financing records from this note alone.
## Neurotech and adjacent investments
**No verified neurotech investment found in the sources checked.** The review covered the Adex baseline, NFX Signal, official firm portfolio, and targeted searches combining Kindred Capital with neurotech, neuroscience, brain-computer, brain and neural. Neither general AI nor protein design was counted as direct neurotechnology. This is a bounded negative finding, not a statement that the firm has never invested in neurotech; stealth holdings and undisclosed mandates remain unknown.
**Sohar Health is adjacent healthcare administration, not neurotech.** Its software verifies insurance eligibility/benefits and serves behavioral-health providers; it does not establish brain interfaces, neural sensing or neuromodulation. Kindred led its **US$3.8m seed announced 2025-03-28**, supported by [official Sohar article](https://www.soharhealth.com/articles/sohar-health-secures-3-8m-seed-funding-to-accelerate-ai-driven-verification ) and [company-issued announcement](https://www.prnewswire.com/news-releases/sohar-health-lands-3-8m-to-open-the-front-door-to-faster-fairer-care-302414445.html ), both 2025-03-28. This transaction is later than Adex’s 2023 portfolio entry and should be reviewed separately.
## Review notes, uncertainties and future Adex work
- The exact identity and fund closes are well supported. Preserve individual fund currency/vintage and closed status. Fund III is **latest verified here**, not guaranteed the most recent vehicle as of 2026-10-06.
- Current institutional check size is missing. Do not fill null Adex fields with NFX individual ranges without confirmation.
- Several Adex precise dates look like imported portfolio dates. For example, Fractile’s baseline 2024-06-10 is not the verified public seed announcement of 2024-07-26. Cradle’s baseline 2021-12-24 differs from its 2022-11-17 public seed announcement. A first-investment year, transaction closing date and announcement date can differ; reconcile rather than blindly overwrite.
- Review the Adex role entries for both Chrys Chrysanthou and Chrysanthos Chrysanthou as a possible duplicate person. Signal team affiliations appear older than the official roster, which names Leila Zegna, Chrys Chrysanthou, John Cassidy and Mark Evans as general partners. This research does not authorize role mutations.
- Portfolio backing alone does not identify round stage or lead status. Company releases above provide stronger evidence for future review. Confirm firm identity and each round before changing Adex.
- Deep-tech examples are substantive but not an exhaustive verification of every portfolio company. Stealth holdings are intentionally unresolved; neurotech classification needs company-specific evidence.
- No Adex changes were performed or authorized during this task. SHOW MORE
team@apexlogos.ai · 3 hours ago
Match research 2026-10-06 / KindredCapital / sha256:135ba9a81b1f44e7c4fcdc6c31bdc57a6028f9a752c439647227bbfdabfb534c / part 1 of 2
Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats.
# Kindred Capital
- **Exact Adex ID:** `KindredCapital`
- **Canonical Adex URL:** https://adex.page/firms/KindredCapital
- **Research date:** 2026-10-06
- **Scope/status:** Completed focused research handoff; research only, no Adex mutations. All web sources accessed 2026-10-06. Dates below are source publication/announcement dates where stated.
Kindred Capital is a London venture investor with an established pre-seed/seed strategy and substantial deep-tech exposure. Its latest main fund close verified here is **Fund III, US$130 million, announced 20 April 2023**. Verified investments include AI semiconductor company Fractile, industrial robotics company RobCo, quantum-resistant cryptography company PQShield, and protein-design companies Cradle and Latent Labs. **No verified neurotech investment found in the sources checked.** Do not confuse this firm with US-based Kindred Ventures, home-swapping company Kindred, or Kindred Group.
## Adex and NFX Signal starting evidence
Research began with the exact-ID record returned through the read-only Adex MCP Search, retrieved 2026-10-06T19:28:54Z and preserved at `data/research/_sources/KindredCapital.adex.json`. The record describes a London investor founded in 2015 making pre-seed/seed investments and sharing fund carry with founders. Its checkMin/checkMax/sweetSpot fields are null. It contains 72 investment participation entries, mostly citing https://kindredcapital.vc/portfolio with research evidence dated 2026-09-14. Relevant names include Fractile, RobCo, Dexory, PQShield, Cradle Bio, Latent Labs, LabGenius, Animal Dynamics, FiveAI, Beit, Ori Biotech, PurAffinity and Shift Bioscience. These baseline entries are leads, not independent round verification; the original portfolio generally supports first-investment years rather than precise announcement dates.
[NFX Signal firm page](https://signal.nfx.com/firms/kindred-capital-vc ), undated, was **directly readable**. It identifies London and lists investor-level pre-seed/seed DeepTech/BioTech tags. Chrys Chrysanthou’s displayed range is US$500k–US$5m, sweet spot US$2m; Leila Rastegar Zegna’s range US$500k–US$5m, sweet spot US$1.5m. These are individual profile claims, not verified institutional check policy or fund size. Other profiles include Tracy Doree, Maria Palma and Richard Fearn; current affiliations require review against the official team. Public profile content was accessible, while introduction paths required login. Signal supplies no verified fund close evidence used here.
## Fund sizes
| Fund | Amount and status | Announcement / source |
|---|---|---|
| First seed fund / Fund I | **£80m closed**, not a target; British Business Investments committed £20m | [British Business Bank press release](https://www.british-business-bank.co.uk/news-and-events/news/british-business-investment-commits-20m-new-venture-capital-model-kindred-capital ), 2018-02-28 |
| Fund II / Kindred Capital II SCSp | **£81m closed**; British Patient Capital committed £20m | [British Business Bank press release](https://www.british-business-bank.co.uk/news-and-events/news/british-patient-capital-commits-20m-to-kindred-capitals-second-fund ), 2020-09-21 |
| Fund III | **US$130m closed**; British Patient Capital committed US$26.7m | [British Business Bank press release](https://www.british-business-bank.co.uk/news-and-events/news/british-patient-capital-announces-267m-commitment-kindred-capitals-third-fund ), 2023-04-20 |
TechCrunch independently reported the £81m Fund II close: [report](https://techcrunch.com/2020/09/20/kindred-capital-ii/ ), 2020-09-20. The 2020 Bank release states £161m under management **at that time**; do not enter that historical figure as current AUM. Commitments by a single LP are components of the fund, not additional fund sizes. No verified current AUM, Fund IV close, or main-fund target was established by the newer-fund search.
A newer [SEC filing index for Kindred Capital Co-Invest III LP](https://www.sec.gov/Archives/edgar/data/2117975/000211797526000001/0002117975-26-000001-index.htm ), filed **2026-03-09**, was found. It concerns a co-invest vehicle, not evidence that a new flagship fund replaced Fund III. Offering amount and final closing status were not verified in this research; keep it separate.
## Investment stages and approach
The [official homepage](https://kindredcapital.vc/ ), undated, supports early-stage investing and an equitable-venture model sharing fund upside with backed founders. Its first fund launched in 2016; that does not conflict with the Bank’s 2015 firm launch date. The [official portfolio](https://kindredcapital.vc/portfolio ), undated, describes 6–8 early-stage investments per year since 2016.
A **March 2025 UKRI investor profile** explicitly describes pre-seed and seed investments, without requiring an existing product or revenue: [UKRI investor profiles PDF](https://www.ukri.org/wp-content/uploads/2023/03/080525_UKRI_Investor-Profiles-Document_March-2025_TW_D3_Part2.pdf ). This supports the Adex early-stage description. Reporting on the 2023 fund says Fund III planned greater emphasis on pre-seed than Fund II: [Tech Funding News](https://techfundingnews.com/kindred-fund-iii-130m-fund-to-back-tech-startups-looking-to-raise-pre-seed/ ), 2023-04-21. Treat this as a Fund III launch-era statement. Later rounds, including RobCo’s Series C, establish follow-on participation rather than a general Series C entry mandate.
## Previous deep-tech investments
The technology classification below is an analytical assessment based on each company’s described product, rather than an assumption that all AI/SaaS is deep tech. Round amounts are total company financings, **not Kindred’s check amounts**.
| Company | Technology and Kindred attribution | Verified financing / dates / supporting sources |
|---|---|---|
| **Fractile** | AI inference semiconductor and system architecture; Kindred co-led its seed | **US$15m seed**. [Goodwin, counsel to Fractile](https://www.goodwinlaw.com/en/news-and-events/news/2024/07/announcements-technology-fractile-raises-15-million-in-seed-funding ), 2024-07-29; [company announcement reproduced by Design & Reuse](https://us.design-reuse.com/news/?id=56569&print=yes ), 2024-07-26. Co-leads: Kindred, NATO Innovation Fund, Oxford Science Enterprises. A newer [official announcement](https://www.fractile.ai/news/fractile-raises-220m-to-build-the-next-generation-of-inference-hardware ), May 2026, states US$220m raised, but refers collectively to existing backers; do not infer Kindred’s specific participation in that round. |
| **RobCo** | Autonomous industrial robots, integrated hardware, perception, planning and learning; confirmed Kindred participation | **US$100m Series C**, 2026-01-29. [Official RobCo release](https://www.rob.co/resources/news/press/robco-series-c ) names Kindred among investors. Official firm portfolio records first backing in 2022, distinct from this follow-on. |
| **PQShield** | Post-quantum cryptography implemented in hardware/software/cloud; historical Kindred backing explicitly confirmed by company | [PQShield-issued release](https://www.prnewswire.com/news-releases/pqshield-raises-37m-in-series-b-funding-to-deliver-the-widespread-commercial-adoption-of-quantum-resistant-cryptography-302175607.html ), 2024-06-20, lists Kindred in its backer roster. The US$37m Series B participant list does **not** name Kindred, so historical backing must not be turned into a Series B participation claim. Seed round details were found in reporting but not independently resolved here. |
| **Cradle / Cradle Bio** | Generative machine learning for protein engineering and synthetic biology; Kindred co-led seed | **€5.5m seed**, 2022-11-17, co-led with Index Ventures: [official Cradle announcement](https://www.cradle.bio/blog/cradle-raises-5m ). Headline says US$5.5m while body says €5.5m / US$5.4m; prefer the explicit euro-denominated body and preserve conversion discrepancy. Official Kindred portfolio’s first-backing year is 2021, not the announcement date. |
| **Latent Labs** | Foundation models generating/designing proteins and therapeutic molecules; Kindred is a named existing investor participating in Series A | **US$40m Series A within US$50m total funding**, 2025-02-13. [Official launch archive](https://www.latentlabs.com/press-category/launch/ ) names Kindred with existing investors 8VC and Pillar VC. Do not label US$50m as a single round. |
| **Dexory** | Autonomous warehouse robotics | [Official Kindred portfolio](https://kindredcapital.vc/portfolio ), undated, records backing from 2020; the Bank’s 2020 Fund II announcement identifies investment in **BotsAndUs**, its earlier name. Specific financing terms not verified here. | SHOW MORE
team@apexlogos.ai · 22 days ago
MATCH 
Kindred Ventures
Sohar Health$3M · 2025-03-28
Latent Labs$40M · 2025-02-13
8VC
Lightspeed
RobCo$100M · 2026-01-29
Radical Ventures
Y Combinator
