Conception X is a UK-based not-for-profit that runs the largest cross-university deeptech venture programme for PhD students across Europe.
Today it has launched a handpicked angel syndicate of leading UK scientists and engineers – including exited deeptech founders and alumni of Google and DeepMind – to back and mentor the best science founders across Europe at the earliest stage.
Turning scientists into founders
Conception X aims to turn more scientists into founders, accelerating scientific breakthroughs and building new career pathways for researchers.
I spoke to Dr Riam Kanso, CEO & Founder of Conception X to learn more.
With a DPhil in Neuroscience from Oxford University, Riam’s career spans academia, industry, and venture.
According to Kanso, starting out as a scientist, she fully intended to pursue an academic career.
“But I quickly realized how slow the research process was. By the time results were published, the data was already two years old. I wanted to make a more immediate impact.”
Upon moving to UCL to work in computational science on projects that were more fast-paced and industry-aligned, she discovered venture building. I also taught entrepreneurship at Cambridge and UCL, worked briefly in medtech, and eventually returned to UCL Engineering in 2017 to help bridge the gap between the tech transfer office (TTO) and academics. That’s when the idea for Conception X was born.
Kanso shared:
“I noticed all these incredibly talented PhD students working in labs — people with brilliant minds and cutting-edge research — who would likely just publish a thesis, maybe a few papers, and then go work for DeepMind or Google.
I thought: why not use those three funded years to build companies instead?”
Conception X helps PhD students become startup founders, without dropping out of their PhD.
£500M in Portfolio value — and counting
Since launching in 2018, Conception X has recruited eight cohorts from 70+ universities across 11 countries, built over 150 deeptech companies, and had two exits, quantum drug discovery company Rahko and energy optimisation startup Kapacity.io, with a third to be announced soon.
Its startups have developed anything from vaccines for cancer metastasis to living building materials that absorb carbon.
The Conception X portfolio is valued at £500 million.
Kanso admits that she’s been told for years, "you should launch a fund.”
“But we didn’t want to be just another fund with a program. We wanted to address a real gap: the need for early-stage, trust-based capital for PhD founders — often before they’ve even incorporated."
Founders are supported through incorporation, with a focus on fair, founder-friendly terms that set a new standard for Europe’s top technical talent.
Scientists backing scientists
The oversubscribed £600k syndicate, assembled in just a week, will make 15 investments of £40,000 this year (uncapped), selecting deeptech teams at the pre-incorporation and Pre-Seed stage.
While unable to name individual angels, Kanso shares that “we have angels from places like Google DeepMind—people who deeply understand deep tech and want to give back. They’re not here to be educated on early-stage science ventures. They’re here to help and move quickly.”
PhDs tend to join the program at different points according to their focus. According to Kanso, those working on software innovations tend to come in towards the end of their PhD, while those working on deeper tech often join earlier—because their thesis might evolve around the venture itself.
Further, the program avoids Silicon Valley clichés like “hustle” and “entrepreneur,” preferring the term “venture scientist.” These are, after all, people pursuing their life’s work through startups.
Conception X is structured as a non-profit. Kanson contends:
“The idea was always to work in close collaboration with universities. We take no equity — there’s often no company when teams join, just IP and ideas.
Being a nonprofit helped us build trust and unlock access to this incredible pipeline of research-driven innovation.”
Many university spinouts deal with complicated IP ownership. Kanso admits, “We’ve dealt with 150 unique IP conversations.”
Conception X positions itself as collaborators, not competitors, to university TTOs.
According to Kanso, in places like UCL, Cambridge, and Edinburgh, PhD students typically own their IP, unlike staff.
“That’s a huge advantage. These startups usually go through tech transfer as startups, not spinouts, which avoids equity claims. Where universities are more involved — say with patents or faculty — most are still happy because these are companies that likely wouldn’t exist otherwise.”
“We’re the bridge, not the finish line”
Kanso notes that Conception X’s teams often aren't ready for YC; they’re at an earlier stage, and many wouldn’t get in without prior commercial experience.
“We’re providing that crucial ignition capital to get them started. Once they’re further along, many go on to raise more or join programs like YC. We’re the bridge.”
For those who undertake the program, there are three common paths: they launch a startup, they take innovation roles in corporates, or they return to academia as commercially minded scientists.
“All of those are wins in our book. And 100 per cent of our teams complete their PhDs.”
The Conception X syndicate will move fast, with the first investment decisions expected by 18 June. Science founders who are interested in this opportunity can apply here.
Lead image: Agata Zborowska (COO) and Riam Kanso (founder and CEO). Photo: Karolina Heller.
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