Scottish investment group Braveheart is to run a £10.3 million seed fund for research commercialisation projects at eight universities in the East Midlands.

The Aim-listed group won the contract to run the Lachesis fund, which was set up in 2002 as part of the government’s University Challenge Seed Fund Scheme. The Lachesis fund invests in early-stage technology from the De Montfort, Derby, Leicester, Loughborough, Lincoln, Northampton, Nottingham and Nottingham Trent universities.

The contract is for a minimum of two years, with Braveheart’s fee partly dependent on results. The fund was formerly managed by Spark Ventures.

Geoffrey Thomson (pictured), chief executive at Braveheart, said: “We are delighted that the universities have selected us as their preferred partner for this role.

“Over the years we have worked with many university spin-outs and we look forward to assisting the Lachesis portfolio companies with their growth aspirations whilst providing the required governance for the fund.”

The Lachesis fund has 18 portfolio companies, and its investments range in size from £25,000 to £250,000.