The Cambridge Innovation Hub will receive at least £15 million in government funding as part of a larger £500 million investment package aimed at supporting growth along the Oxford to Cambridge corridor. The new facility, located on Hills Road in central Cambridge, is intended to connect entrepreneurs, investors, corporations, and researchers. Its model draws inspiration from similar innovation centers such as Boston’s Lab Central and Paris’s Station F.
The announcement coincides with the Innovate Cambridge Summit, which gathers stakeholders from business, academia, and government. The investment forms part of broader efforts to provide new homes, infrastructure, and business space across the region.
A recent report by Beauhurst, Cambridge Enterprise, Innovate Cambridge and Cambridge Innovation Capital found that the Cambridge area has become the most investible science hub in the UK outside London over the past decade. Since 2015, early-stage life sciences and deep tech companies in Cambridge have raised £7.9 billion. International investors now participate in nearly 40% of deals in the region—up from 7% ten years ago.
The local innovation ecosystem has expanded by almost 80% since 2015. The number of active companies grew from 473 to 848 between 2015 and 2025. University spinouts account for more than a quarter of all equity raised locally; total spinout investment increased from £46 million in 2015 to £879 million in 2024. Life science spinouts averaged £8.4 million each in funding during 2024—the highest figure for any UK city.
Notable companies emerging from this environment include CellCentric (biotech), CuspAI (materials discovery using AI), and Featurespace (financial crime analytics).
Science Minister Lord Vallance stated: “Cambridge is one of the world's most fertile grounds for innovation to take root, and blossom into opportunities for investment, job creation, and progress in fields ranging from life sciences to deep tech.
“As impressive as these figures are, there is still more potential here for us to unleash. This is precisely why we are backing the Cambridge Innovation Hub, as part of our programme of work across Government to boost the entire Oxford to Cambridge Growth Corridor, and fulfil its promise as an economic engine the whole nation benefits from.”
Professor Deborah Prentice, Vice-Chancellor of the University of Cambridge said: “Fast-tracking the Innovation Hub will help drive UK growth. It will connect entrepreneurs, investors, corporates, and our world-class researchers. It will quickly become Europe’s leading destination for early-stage deep tech and life sciences companies, and means Cambridge will continue to be a global leader in research and innovation. The world is coming to Cambridge for science. Government support means that work will now start at pace to make the Innovation Hub a reality."
Professor Andy Neely OBE Chair of Innovate Cambridge said: “Cambridge’s science and innovation ecosystem is one of the UK’s greatest economic assets. The data shows that the world is increasingly looking to Cambridge to find the breakthrough ideas that can change lives and drive global progress.”
Dr Kathryn Chapman Executive Director Innovate Cambridge said: “The Summit is a chance to demonstrate how Cambridge continues to lead on innovation worldwide. Recognition as the fastest-growing UK hub for science investment combined with cornerstone funding for a new international innovation hub reflects the success of our unified vision and commitment to building a truly global innovation economy.”
Earlier Dealroom data indicated that per capita venture capital investment into deep tech was higher in Cambridge than anywhere else in Europe; globally only California's Bay Area had more unicorns per capita.