IP Group PLC (LSE:IPO) portfolio company OXCCU has raised £20.75 million in an oversubscribed Series B funding round.
The Oxford University spin-out is developing a single-step process to convert waste carbon into sustainable aviation fuel.
It's expected that the injection of funds will enable OXCCU to accelerate its commercialisation efforts, expand its operations, and advance its next phase of technology scale-up.
"This round is a significant milestone, not just for the company, but for the sector - significant capital being put to work from established industry actors on a credible path to fully decarbonise aviation," said Dr Robert Trezona, IP Group partner.
"OXCCU showcases the UK's ability to lead in climate innovation, turning world-class science into global solutions, while generating jobs and lasting impact."
"We're proud to continue to support the company as it scales its compelling single-step technology."
Andrew Symes, OXCCU chief executive, meanwhile, commented: "In a market where capital is tight and investors are rightly selective, this raise is a testament to the strength of our science, the clarity of our mission, and the urgency of the problem we're solving.
"What we're seeing is that serious players with truly distinctive technologies are still getting funded."
New investors include Orlen VC, Safran Corporate Ventures, International Airlines Group and Hostplus, alongside support from existing backers such as Clean Energy Ventures, Aramco Ventures and the University of Oxford.
IP Group contributed £4 million to the funding, and now holds a 15.2% undiluted stake, with a further 3% through managed funds.