Hygea vct was launched in 2001 as BioScience VCT to invest in bioscience companies, with a particular focus on investing in treatment development companies, based on having Medical Marketing International Group plc (MMI) as the Technology Adviser.

After the launch, the financing climate in the UK for treatment development companies became much more hostile. Because of this and the limited size of the fund, the board considered that the emphasis should be on medical technology companies (eg devices, drug delivery systems, diagnostics etc) requiring much less capital than treatment development companies and with the potential to become profitable much more quickly than treatment development companies.

The upshot of the change of investment emphasis referred to above was twofold, namely the development of the portfolio took much longer than expected at the time of launch (the investments were predominantly made in 2004 and 2005) and in 2006 MMI stepped down as Technology Adviser.