Greentech startup Milvus Advanced raises £5.1m led by Hoxton Ventures and LQD Ventures
This article covers the seed funding round on 20 October 2025 for Milvus Advanced, an Oxford-based start-up creating rare metal alternatives using sustainable nanoalloys, led by CEO Assia Kasdi. The company raised £5.14m in a round led by Hoxton Ventures, with participation from LQD Ventures.
What does Milvus Advanced do?
Milvus supplies nanoalloy materials and membranes that replicate rare metal properties for industrial use. They enable manufacturers to replace scarce metals in clean energy, transport, electronics and chemical production.
Why is Milvus Advanced useful?
Problem
Businesses face reliance on scarce, expensive rare metals that cause cost volatility and supply insecurity. This dependence also drives environmental harm and limits scalable, low‑cost clean energy and electronics manufacturing.
Solution
Milvus Advanced explains that it recreates rare metal properties using sustainable, earth‑abundant nanoalloys that match or exceed performance. This provides lower costs, more secure supply chains, and scalable materials for clean energy, transport, electronics and manufacturing.
How much did Milvus Advanced raise?
Milvus Advanced raised £5.1m ($6.9m) in a seed round led by Hoxton Ventures, with participation from LQD Ventures alongside existing backers. This makes it the 22nd largest funding round in October 2025 (57 recorded). As of 20 October 2025, the round is the 230th largest of the year (529 total) in the Startupmag database.
For details on how Startupmag compiles its rankings, view our Methodology.
Who invested in Milvus Advanced?
Key investors in the round included the following:
- Hoxton Ventures: A venture capital firm investing in early-stage European technology companies.
- LQD Ventures: A venture capital firm focusing on early-stage climate and deep-tech companies.
- Übermorgen: A venture capital firm that backs early-stage technology and sustainability companies.
- Tuesday Capital: A venture capital firm investing in early-stage climate and industrial technology businesses.
- Mark Leslie Enterprises: An angel investor with a background in enterprise software and executive leadership.
- van Den Bosch Dynasty Fund: A family investment fund that makes long-term investments across multiple sectors.
- Bluebirds: Angel investors specialising in climate and sustainability ventures.
- Md One: Angel investors experienced in technology and early-stage companies.
- EQT Foundation: A charitable foundation that supports initiatives in sustainability and technology.
- Lowercarbon Capital: A venture capital firm investing in climate-focused technologies across stages.
In the funding announcement, Hussein Kanji from Hoxton Ventures said:
Milvus is redefining what's possible in material performance. Their materials have demonstrated superior results in demanding electrochemical and optoelectronic applications—and they're doing it with a step-change in scalable production.
The investor added that, with industries constrained by limits on critical earth metals, Milvus's approach could help accelerate clean energy, advanced manufacturing and next-generation electronics.
If you're researching potential backers in this space:
- Explore our list of greentech venture capital firms in the UK
- Browse our directory of greentech angel investors in the UK
Who founded Milvus Advanced?
Assia Kasdi is the CEO of Milvus Advanced.
In the funding announcement, Assia Kasdi explained:
What if the periodic table did not limit us? We are rewriting the elemental rules: our technology offers a clear path to scale low-carbon solutions without relying on rare materials.
The company continued the funding will allow it to scale production, grow its team and bring its metal substitutes to industries building the next generation of climate solutions.
Where is Milvus Advanced based?
Milvus Advanced is based in Oxford, UK.
What sector is Milvus Advanced in?
Milvus Advanced operates in the Greentech sector. This sector develops technologies that reduce environmental harm and use resources more efficiently. In plain terms, it creates cleaner options for energy, transport and industry.
Key trends and challenges in Greentech:
Materials innovation and critical mineral substitutes
Developing cheaper alternatives to platinum group metals matters to cut costs and supply risk, for example in electrolysers.
Scaling manufacturing and commercialisation
New materials often work in labs but must scale to mass production, like gigawatt electrolysis factories or battery gigafactories.
Supply chain resilience and geopolitical risk
Greentech depends on a few countries for minerals, for example China controls rare earths and DR Congo supplies cobalt.
For a deeper look at innovation in this space, see the greentech startups in the UK.
They've invested in Milvus Advanced
Get to know these greentech investors
| Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|
 Hoxton Ventures | 9 investment(s) investment(s) | 3 contacts contacts | |||
 LQD Ventures | 1 investment(s) investment(s) | more info | |||
 Tuesday Capital | 1 investment(s) investment(s) | more info | |||
 Mark Leslie Enterprises | 1 investment(s) investment(s) | more info | |||
 van Den Bosch Dynasty Fund | 1 investment(s) investment(s) | more info | |||
 MD One Ventures | 3 investment(s) investment(s) | more info | |||
 EQT Ventures | 18 investment(s) investment(s) | 4 contacts contacts | |||
 Lowercarbon Capital | 6 investment(s) investment(s) | 10 contacts contacts |
Click here for a full list of 7,233+ startup investors in the UK