Services for Business
Spin-outs
Adopting best practices for spin-outs
The University of Leicester confirms that it has substantively adopted the recommendations of the Independent Review of University Spin-out companies.
We welcome the review findings, specifically:
- Recommendations to streamline spin-out creation process
- The best practice approach that it recommends (drawing on the USIT guide produced earlier this year)
- The creation of government policies that increase proof-of-concept and scale-up capital to unlock more investment
Importantly, the University of Leicester has reviewed and updated its equity policy and licensing practice policy in parallel with the review so that they are substantively aligned.
On Spin Out Equity, the equity in any Spin-Out Company prior to any external investment starts from a position of equity sharing of University founders (75%) and University (25%). This position can be flexed reflecting the specific circumstances of the business, such as, potentially lower university equity for software and service-based spin outs. All equity positions are dilutable upon subsequent Third-Party investment.
The University has adopted a new, streamlined process for approving new spin-out companies. A shorter process has been adopted whereby final approval for spin-out company formation is delegated to a focused sub-group of the Innovation Board, which is empowered to make rapid and flexible decisions.
We now conform to the use of the BVCA term sheet model and its guiding principles to inform the agreements with external investors in Spin Out companies.
We support the recommendation that universities should welcome competition from external venture capital providers and believe that greater support for proof-of-concept and scale-up funding will help to foster more company creation and growth in the UK. The University does note, however, a relative undersupply of venture capital investment in both the East and West Midlands. The University has recently partnered with the Midlands Innovation Universities to launch Midlands Mindforge which will add depth and quality to the co-investors who provide funding to form and scale-up companies.
Our portfolio
We have a number of spin-out companies based on commercialising research from the University of Leicester:
Perpetual Atomics
Perpetual Atomics, is built on over six decades of space sector expertise and heritage at the University of Leicester and almost two decades of radioisotope and space nuclear power technology development as part of a European Space Agency funded technology programme. It is focused on establishing a global space nuclear power capability spanning the whole value chain underpinned by advanced technology solutions and systems.
Visit the Perpetual Atomics website
EarthSense
EarthSense measures and models air quality through unique static and airborne sensors and interpretation of satellite data. The team has unparalleled expertise in quality sensor design and analysis, providing advice and support to government and industry globally.
Tozaro Ltd
Tozaro is developing a novel suite of reagents to support development and manufacture of viral vectors in cell and gene therapy. They are using smart polymer technology to deliver marked improvements to viral vector analysis and purification, contributing to making therapies more cost effective, and accessible to patients.
OCB Media
An award winning producer of online and optical (CD-ROM/DVD) based learning materials for doctors, nurses and healthcare professionals worldwide.
Museum Data Service
The Museum Data Service is a transformative digital platform designed to unite the UK’s museum collections into one accessible resource. A
collaboration between Art UK, Collections Trust, and the University of Leicester, and supported by the Arts and Humanities Research Council (AHRC), MDS aims to consolidate over 100 million object records from 1,750 accredited museums and collections nationwide. By making this data findable, accessible, interoperable, and reusable, MDS unlocks unprecedented opportunities for research, education, and innovation. Launched in 2024, the service provides museums with a secure, sustainable way to share and manage their data, while enabling users to explore millions of records across diverse collections—reshaping how we connect with the UK’s cultural heritage.
Visit the Museum Data Service website
Bioxhale
Bioxhale is a disruptive healthcare technology company dedicated to making breath-testing accessible to anyone, anywhere, anytime. Founded in Leicestershire as a spin-out from the University of Leicester, Bioxhale leverages deep expertise in breathomics, respiratory diagnostics and precision medicine to develop innovative, non-invasive breath-based diagnostic devices and analytical services.
Its flagship technology, BreathDraw, enables rapid, affordable and convenient breath sampling for both clinical and home-based testing—marking a world-first in enabling true at-home breath diagnostics at scale. These solutions address critical modern healthcare challenges including rising diagnostic demand, ageing populations and growing environmental health risks.
Bioxhale has raised over £1.5 million in funding to date, and developed its injection-moulding tools for mass manufacturing, enabling large-scale deployment of devices across multiple international clinical and research studies. The company is currently based at DOCK, part of Leicester City Council’s innovation infrastructure, with access to state-of-the-art instrumentation at Space Park Leicester to support advanced R&D and validation. Bioxhale is a key partner in major collaborative programmes including ONELab, TeamUp and EMBRACE, and is currently working with University of Edinburgh Emergency Medicine on breath-based diagnostics, as well as with the Norwegian Navy to study deep-diver health and wellbeing. These programmes reflect the company’s growing impact across healthcare, defence and environmental health sectors.
The company is led by Dr Dahlia Salman, female founder, CEO and scientist, whose vision and leadership have driven Bioxhale from university research to international clinical deployment. Bioxhale’s multidisciplinary team brings together world-class clinical, scientific, operational and commercial expertise to deliver transformative breath-based healthcare technologies. Together, the team is advancing the promise of breath analysis for improved diagnostics, precision medicine and population health—reshaping how disease detection, wellbeing assessment and environmental exposure monitoring are delivered.
Through its innovations, Bioxhale is positioning the UK at the forefront of precision healthcare innovation while transforming how breath is used as a powerful, non-invasive biological signal.