BritChips Q&A: Kristoff Rademan, CFO, EnSilica

In this Q&A-style podcast, Kristoff Rademan, Chief Financial Officer of UK fabless semiconductor company, EnSilica, explains how EnSilica moved from design consultancy to designing and supplying its own chips, and then listing on the London Stock Exchange’s ‘junior’ market, AIM.He talks about his move from group financial controller at Oxford Biomedica, the company that made the AstraZeneca COVID vaccine, to his first CFO role in an industry he knew nothing about. Kristoff then explains why EnSilica decided to list on AIM in the middle of the pandemic and how AIM compares with the FTSE and NASDAQ. He also describes how chip economics work, how investor sentiment to chip companies has turned in the last year, and the company’s goal of becoming Europe’s leading fabless chip company: “a mini-Marvell.”This podcast is also available on the BritChips YouTube channel and in audio form on Apple Podcasts and Spotify.Topics covered* How EnSilica operates.* The move from group controller to CFO.* Why smaller companies can be quicker and more innovative.* Employee growth.* Why a listed company needs a CFO.* Ways to fund growth: loans vs private equity vs IPO.* Listing on AIM during COVID.* AIM, FTSE and NASDAQ compared.* The economics of chip design and supply.* Why space is a growth market for EnSilica.* Investor sentiment in chip stocks.* A wish list for policy makers.* What’s next: EnSilica’s growth aspirations.Timings (approx)00:00 – EnSilica’s 25-year journey from consultancy to chip company01:10 – The three parts of the business02:38 – From Oxford Biomedica to CFO04:36 – Taking on a CFO role in a new industry05:29 – Team growth and the new Italian design centre06:00 – Why a listed company needs a CFO07:45 – Ways to fund growth: loans, private equity or an IPO09:56 – Listing on AIM during COVID11:09 – AIM vs FTSE vs NASDAQ11:58 – The IPO raise and the economics of chips12:57 – The low-Earth-orbit satellite modem14:42 – How investor sentiment has changed16:13 – Pension funds and UK growth capital17:05 – Growth plans and becoming “a mini-Marvell” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

Anthony Miller speaks with Dr. James Flewellen, co-founder and CEO of Kahu SiliconBio, about the company’s £1.2 million SPRIN-D funding and its shift from environmental sensing toward continuous hormone monitoring for women’s health. The conversation explains the underlying microbial electronic interface, why the pivot is more of a natural extension than a reset, and what the team plans to deliver over the next year.This podcast is also available on the BritChips YouTube channel and in audio form on Apple Podcasts and Spotify.Key topics* James Flewellen explains Kahu SiliconBio’s core technology:a microbial electronic interface that combines living molecular machinery with an integrated circuit chip to turn biological responses into quantitative electronic data.* Why microbes are useful as sensors:they can detect trace molecular changes in aqueous environments because they have evolved for billions of years to sense their surroundings with extreme sensitivity.* The technology platform is broader than water monitoring:James says the same sensing approach can work in biological fluids such as urine, saliva, blood plasma, and interstitial fluid.* The shift into women’s health was driven by opportunity and fit:Kahu saw a SPRIN-D challenge for continuous hormone monitoring, and the application aligned with work they had already begun on estrogen sensing.* The funding process moved very quickly:Kahu applied at the end of June, pitched in Leipzig a week later, and received confirmation shortly after, with the programme effectively already underway.* The team is scaling up:Kahu currently has five people, plus advisors and technical partners, and is hiring two to three more R and D scientists.* The first deliverable is a benchtop prototype:by the end of June next year, Kahu expects to produce a device that simulates the fluid flow of an eventual on-body monitor.* The longer-term goal is a smart patch for continuous monitoring:James describes a postage-stamp-sized patch, similar in concept to continuous glucose monitors, that would sit on the skin and process signals wirelessly.* Initial use cases focus on IVF and fertility support:James highlights how continuous hormone monitoring could reduce blood draws and clinic visits during multi-month fertility treatment journeys.* The platform may extend beyond one condition:Kahu’s planned panel includes five hormones, including thyroid hormones, female sex hormones, and cortisol, with potential applications in other biomedical and performance contexts.Timestamps (approx)01:12 - Kahu’s origin story and the water monitoring concept02:04 - £1.2 million SPRIN-D funding for hormone monitoring02:50 - How the microbial electronic interface works04:42 - Turning biological signals into electronic readouts05:50 - Two-part system: engineered biology plus microelectronics08:18 - Why the company is moving into biological fluids and diagnostics09:18 - Regulatory concerns around entering healthcare10:17 - SPRIN-D’s challenge model and why Kahu was eligible10:56 - Fast application, Leipzig pitch, and funding turnaround12:51 - Competition for the programme and winning one of eight places13:10 - Building the team and moving from fundraising to execution14:34 - Why this is a natural extension rather than a major pivot16:14 - One-year programme goals and the benchtop prototype18:45 - The on-body smart patch concept20:02 - Wireless data transmission to phones, clinicians, or cloud storage21:08 - IVF as a practical early use case23:16 - Why thyroid hormones and stress hormone monitoring matter too24:04 - Measuring five hormones on one chip26:13 - How Kahu could commercialise through clinics and standalone devices27:52 - Using saliva or urine instead of blood draws28:25 - Technical challenges in scaling from prototype to manufacturing29:25 - No direct competitor using living microbes inside chips31:02 - Closing thoughts and next steps This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

Context“I would like to think that at some point ... the UK has reached its goal of being one of the leading semiconductor nations.”This is the vision of Andy McLean, CEO of the newly established UK Semiconductor Centre.Earlier this year McLean was recruited to lead the UKSC, an idea that had been mooted in various government reports over the years to provide a focal point for the UK semiconductor industry.Backed by £19m of government funding, McLean and his team aim to bring together government, universities and the private sector to support key components of the government’s Semiconductor Strategy.In the latest episode of The BritChips Podcast, McLean explains what the UKSC is trying to do, how it will use its funding, and where it can help startups, universities, investors, and government work together more effectively.The UK already has a panoply of organisations, institutions, associations and government initiatives supporting different (and sometimes overlapping) facets of the UK semiconductor industry.For McLean to realise his vision, the challenge for the UKSC is more than connecting the dots, so to speak.It’s also to create visible and accessible pathways for industry players - startups and scaleups in particular - to surmount the many obstacles they must overcome at each stage of their growth in order to reach and exploit their chosen markets.This podcast is also available on the BritChips YouTube channel and in audio form on Apple Podcasts and Spotify.Show Notes (AI gen’ed)* In this episode, Anthony Miller traces the history of the UK Semiconductor Centre from the 2024 government report through the 2025 industrial strategy and into the appointment of Andy McLean as CEO.* Andy shares why he returned to the UK after more than 30 years in the US semiconductor industry, including leadership roles at National Semiconductor, TI, and Analog Devices.* The conversation explains the UKSC mission in one sentence: connecting industry, academia, and government to help the UK semiconductor sector scale.* Andy breaks down the 19 million pound funding package, noting that it is spread across multiple years and is intended as operating and outreach support rather than direct industry investment.* The discussion emphasizes the centre’s role as connective tissue rather than a lead investor, with government acting as a signal and lever to attract private capital.* Andy discusses why the UK’s semiconductor ecosystem is strong on research, heritage, design, and materials science, but weaker on turning those assets into commercial success.* Andy explains the importance of workforce and skills development, from primary school STEM interest through university and postdoctoral programmes.* The AI hardware plan gets a detailed look as an example of policy that combines education, innovation funding, and procurement, with government acting as a lead customer for emerging UK technologies.* The Taiwan mission is used as a practical example of outreach, with UK startups and SMEs meeting major system integrators, manufacturers, and potential customers in a globally important ecosystem.* Andy outlines how the UKSC thinks about startup support as a full journey: university research, spin-outs, early programmes like ChipStart, investment, and then market access and scaling.* A major theme is the role of university technology transfer offices, where Andy sees a need to study equity terms and licensing practices more closely so spin-outs can scale more easily.* The episode closes with a vision for the next five to ten years: preserve the UK’s creative problem-solving strength and get the UK into the global top tier of semiconductor nations.Timestamps (approx)00:00 - Why the UK Semiconductor Centre matters00:45 - How the UKSC emerged from government semiconductor strategy02:12 - The 19 million pound remit and the appointment of Andy McLean03:23 - Why Andy left the US semiconductor world for the UK05:37 - The selection process and why global experience mattered06:57 - The UK’s strengths in research and its commercial gap08:37 - Running a tiny, government-funded centre with a national mission10:22 - What the UKSC does and how the funding is really used11:54 - Why the centre is a lever, not a direct investor14:21 - Why semiconductor policy spans skills, education, and research16:49 - Why semiconductors matter through applications, not in isolation17:30 - How the AI hardware plan uses procurement to create traction19:46 - Why AI is important but not the only UKSC priority21:41 - The purpose of the Taiwan mission for startups and SMEs23:24 - Taiwan’s role across manufacturing, systems, and data centres25:45 - What UK companies took to Taiwan and what they hoped to gain27:49 - What success looks like from the mission over time29:07 - How the UKSC measures impact through KPIs and economic value30:41 - Measuring startup success through quantity, funding, and scale33:48 - Why the startup journey needs one connective system35:23 - How UKSC links universities, ChipStart, investors, and markets37:15 - Why technology transfer offices are a key pressure point39:15 - Equity stakes, licensing terms, and barriers to spin-out growth40:33 - UCIT and the push for simpler, more uniform terms42:11 - Looking for evidence of what is blocking scale in the UK43:44 - Why overseas funding is not the main concern45:38 - The risk of foreign acquisition and how to make the UK stickier48:33 - The long-term goal: top-tier global status for UK semiconductors This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

Show notes (AI generated, ‘natch!)In this episode: Anthony Miller introduces the BritChips Podcast and frames IP Group as a later-stage investor than Parkwalk Advisors, with both firms sitting under the same parent structure.Lee Thornton explains that Parkwalk uses EIS retail capital for very early-stage university spinouts, while IP Group also deploys balance sheet capital and third-party scale-up funds for later rounds.The conversation breaks down typical cheque sizes:* Parkwalk can write smaller cheques and also support larger ones, often starting around half a million and reaching several millions* IP Group balance sheet capital typically starts around three million and can go up to around ten million* Scale-up funds can provide much larger amounts when companies need more capitalLee says IP Group focuses on science and technology businesses with defensible, order of magnitude better propositions, especially in future compute and silicon.They discuss the importance of flexibility across stages, including situations where Parkwalk and IP Group co-invest in the same company.Lee shares that he came into semiconductor investing from a chemistry and investing background, not from chip design, and that he sources deals through universities, tech transfer offices, co-investors, and industry networks.A major theme is fit: Lee stresses that investors are not interchangeable and that founders do better when they understand what a specific fund actually invests in.He says the strongest pitches show evidence, not just ideas:* proof the technology works* peer-reviewed research or patents* third-party validation from corporates or customers* a clear reason the opportunity is commercially meaningfulThe discussion goes deep on conviction:* conviction in the technology* conviction in the founding team* conviction that the business can get to an exitLee explains that most first meetings involve one or two founders, though he likes to see a broader senior team of three to four people where possible.Exit planning comes up early. Lee wants founders to think from day one about how investors get their money back, whether through acquisition, IPO, or another liquidity event.He says the firm is patient on timing, with exits sometimes taking five to ten years, often ten to fifteen years, and occasionally longer.The conversation closes on the reality of venture investing in deep tech: most investments fail, the winners must cover the losses, and the goal is to recycle capital into the next generation of companies.Timestamps (approx)00:00 - Anthony introduces the podcast and today’s guest, Dr. Lee Thornton01:12 - How IP Group is structured across multiple funding stages02:53 - Parkwalk, balance sheet capital, and scale-up funds05:32 - Typical cheque sizes and why flexibility matters06:46 - Why deep tech funding labels like Series A and B can be messy07:48 - Co-investing from different parts of the group in the same company08:54 - How Lee came into semiconductor investing without a chip background10:06 - Where deal flow comes from across universities and networks11:22 - Why investors are not all the same12:34 - What impresses Lee when founders show they understand his portfolio13:41 - The gap between first-time fundraisers and companies with traction14:59 - Evidence, patents, papers, and proof of commercial value16:41 - What IP Group really wants from a pitch17:16 - Conviction as a two-sided test: technology and team20:29 - What Lee wants to see in the founding team21:43 - Team size and seniority at the first cheque stage23:48 - Why exit planning should be baked in from the beginning24:57 - How long IP Group is willing to hold investments26:19 - Why deep tech and university spinouts take longer to mature27:32 - IPOs, acquisitions, and what actually happens at exit29:38 - Why most investments fail and how winners have to compensate30:40 - Handling difficult conversations when a company is not succeeding31:48 - What happens when a founder wants to start again after a setback33:31 - When a business is not growing fast enough but is still viable34:44 - Lee names companies he is excited about in his portfolio35:50 - Best advice for founders raising money and pitching investors38:22 - Why predicting the future is hard, but investing in it is the job39:26 - Closing thoughts on the future of UK semiconductors and deep tech This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

Each year, the UK Electronics Skills Foundation (UK ESF) offers hundreds of scholarships to students about to embark on an undergraduate degree in electronics and related disciplines at UK universities. The scholarship, which includes a bursary of £4,000 a year, offers students the opportunity for industry placements, a potential stepping stone towards a career in the UK semiconductor industry. Last week I attended the UK ESF Awards event celebrating the latest cohort, and spoke with previous scholars to find out ‘what the UK ESF did for me’, so to speak. And the answer is, ‘a lot’! I also had a quick chat with Katie Wheeler, Emerging Talent Acquisition Specialist at Arm, one of many semiconductor companies that sponsor placements for UK ESF award winners. Keep up the great work! Watch the clip and see if you agree with me that the future of the UK semiconductor industry looks very bright indeed. You’ll be able to hear much more about the critical role that UK ESF plays in nurturing young tech talent when I chat with CEO Stewart Edmonson in an upcoming episode of The BritChips Podcast. Meanwhile, here’s wishing UK ESF scholars (and new social media stars), Kata Lendvai, Sophia Abbott, Myles Beniek, Nichita Condorachi, Stanley Booth and Koshin Khodiyar good luck with their studies and all the very best for a fulfilling career in the UK semiconductor industry. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

In this episode Anne shares what makes a spin-out ready for funding, why product market fit matters so much, and why founders need more than great technology. They also discuss the importance of networks, executive support, and knowing when a company is ready for a different kind of leadership as it grows.Key topics* Anne Dobrée’s path from PhD researcher to tech transfer and university commercialization roles at Imperial and Cambridge* How Parkwalk Advisors invests in UK university spin-outs through EIS-backed funds* What the Enterprise Investment Scheme offers investors* Why Parkwalk typically enters at seed stage, with some pre-seed support through university-linked funds* How university researchers usually progress from idea to spin-out and investor conversations* The role of tech transfer offices, accelerators, demo days, and direct outreach* Why Parkwalk does not invest in research projects, only in companies ready to commercialize* What counts as readiness in semiconductors, including tape-out, prototype progress, and use case clarity* Why commercial experience and executive leadership matter as much as technical brilliance* How investors assess founders: conviction, listening ability, and team-building* Why the best founders know what they do not know and invite help early* The importance of product market fit, especially for academic startups with strong technology but unclear buyers* Why fundraising usually takes longer than founders expect and should be planned as an 18 month plus journey* Why exit thinking matters even early on, including acquisition as the more realistic path for many chip companies This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

There are many milestones in a startup’s journey that give cause for celebration. It could be the successful demonstration of a proof of concept model.Or signing up your first client.Or perhaps cementing a significant partnership.But I would say that among the top reasons for popping the champagne corks is when you close a funding round. And this was indeed the joyous event recently celebrated by Edinburgh-based startup Singular Photonics. Watch Singular Photonics co-founder and CEO Shahida Imani tell you more! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

A couple of months ago I introduced you to Tom Atkins, cofounder and CEO of Bristol-based chip design tool startup, Vulkos.When Tom isn’t busy running Vulkos, you can find him on the catwalk at international fashion shows, which it has to be said is an interesting side-hustle for a tech entrepreneur!This all came out in a podcast I recorded with Tom back in June and I published a 4-minute excerpt as part of the BritChips Talking Heads series. You can find this on the same platform you are viewing this podcast on.I said at the time that my interview with Tom very much warranted a full-fat podcast.And here it is!So settle back for the next 20 minutes or so and listen to Tom’s story - I’m sure you’ll be impressed.And if you feel like you have expertise worth passing onto the next generation of engineers, Tom would love to chat. His email is [email protected] This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

How Tom Atkins came to juggle a career on the catwalk with leadership of a startup is one of the stranger stories I have heard from a tech entrepreneur and merits a future full-fat podcast.But for now I’ll let Tom do all the talking in this second ‘Talking Heads’ episode of The BritChips Podcast.Could Vulkos be a solution to the shortage of chip design skills in the UK?Watch the clip and see what you think. It’s under 4 minutes long so you have no excuse not to.Talking Heads is also available on the BritChips YouTube channel (https://www.youtube.com/@BritChips) and in audio-only form on Apple Podcasts and Spotify. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com

Now, who wants a car that you can only drive in daylight hours? Or to put in another way, would you not want a car that drives as safely at night as it does during the day?Glasgow-based imaging technology startup Metahelios has developed next-generation pixel technology based on metasurfaces which can replace the traditional red/blue/green filter arrays that image sensors use to ‘see’ in colour. RGB filter array-based sensors have been used for years in imaging devices ranging from cameras and smartphones, and more recently robots and autonomous vehicles.But they have two main drawbacks.Firstly, colour accuracy tends to be compromised when the sensors encounter poorly lit environments.Secondly, RGB filter arrays require complex manufacturing processes using environmentally unfriendly organic chemicals.Metahelios’ metasurface filters are manufactured in aluminium using tools and processes already well established with image sensor chip foundries.And they ‘see’ much better than pixels with RGB filter arrays in poor lighting.In this podcast, Metahelios cofounder and CEO Charles Altuzarra shares insights on navigating research, product development, and funding in the high-tech landscape, and explains how cutting-edge innovation, strategic pivots, and strong industry relationships are shaping the future of image sensors.PS: An apology! I kept mispronouncing Charles’ surname in the podcast but managed to correct the spelling in the captions in time. Sorry about that!Podcast outline* Origins of Metahelios and the significance of its name* Collaboration and friendship with co-founder Yash Shah* Development of metasurface technology as a replacement for traditional color filters* Initial applications in defence and space optics* Strategic pivot towards automotive and robotics industries* Challenges in fundraising and navigating the image sensor market* The importance of patents and IP protection* Engaging with accelerators like Silicon Catalyst and NATO Diana* Building industry relationships and licensing strategies* The role of UK innovation programs and future growth plans* Lessons learned and advice for scientific entrepreneursTopics* Introduction to Charles Altuzarra and Metahelios’ vision* The story behind the brand name ‘Metahelios’* Innovation in optical imaging: The nanostructure-based filter technology* Early applications in defense and aerospace sectors* Pivoting from defense to automotive and robotics markets* Navigating confidential large markets and customer insights* Advancements in imaging sensors for autonomous vehicles and low-light conditions* The licensing model and collaboration with image sensor manufacturers* The development timeline and manufacturing locations* Fundraising milestones and UK investor engagement* The importance of patents and protecting IP in high-tech markets* The role of accelerators (ChipStart, NATO Diana, Luminate) in growth* Building industry relationships and strategic collaborations* Lessons learned: What would Charles do differently?* Future leadership and expansion plans* Final thoughts on innovation and entrepreneurship in high-tech UKThe BritChips Podcast is proudly sponsored by Silicon Catalyst UK, Official Partner of the government-funded ChipStartUK semiconductor incubator. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit anttheantidote.substack.com