Endomag

Stage at initial investment: Stage (Series A & B)

Co‑investment breakdown: PLC £7m | VCT £2.1m 

Why we backed them: Endomag is a medical technology company devoted to improving the global standard of care in breast cancer. Endomag’s Sentimag technology has been used in 500,000+ procedures to date.

Molten first invested in Endomag in July 2018 and further follow-on funding was provided to support Endomag’s continued growth in 2020. At the time of investment it was clear that there was a need in the market for Endomag’s solution, with proven direct sales and two key channel partners, and that further funding would accelerate the growth of the business. 

Riverlane

Stage at initial investment: Early stage (Series A)

Co‑investment breakdown: PLC £12.3m | VCT £2.7m 

Why we backed them: Riverlane is building critical technology for the future of quantum computing. Led by Founder and CEO Dr Steve Brierley, the company brings together world-class academic and technical talent from Cambridge, Oxford and the wider quantum ecosystem.

Our investment thesis was clear: whatever hardware architecture leads the quantum race, every platform will need powerful error correction to work at scale. Riverlane is focused on building that essential layer.

Form3

Stage at initial investment: Growth (Series B)

Co‑investment breakdown: PLC £10.5m | VCT £1.4m

Why we backed them: Form3 provides mission-critical infrastructure for financial institutions. The company was founded by former banking executives who understood the operational challenges of payments infrastructure first-hand. That insight helped Form3 build technology for a market with high barriers to entry, strong network effects and long-term customer relationships.

At the time of investment, Form3 had already secured commercial contracts with tier-one institutions including Lloyds Banking Group and Barclays, supporting a recurring revenue model built around multi-year contracts.

Thought Machine

Stage at initial investment: Growth (Series C)

Co‑investment breakdown: PLC £15.0m | VCT £2.4m

Why we backed them: Thought Machine is helping banks move beyond legacy core infrastructure.

Led by former senior Google engineer Paul Taylor, the company had the technical depth needed to tackle one of the most complex challenges in enterprise financial technology: modernising the systems that sit at the heart of banking.

When Molten backed Thought Machine, the company had already secured major customer wins with global institutions including Standard Chartered and Intesa Sanpaolo. By investing alongside Molten Ventures plc, the VCT secured exposure to a high-growth UK technology company operating in a large and complex global market.