Lucius is the founder and managing director of Oxford Technology Management Ltd, which has specialised in making and managing investments in start-up science-based businesses in and around Oxford since 1983. In 2003, he was awarded an OBE for services to business. He has a degree in engineering and economics from Oxford, an MBA from Harvard Business School and was an engineering apprentice at the Atomic Energy Research Establishment, Harwell.

His father made harpsichords and he spent much of his youth covered in wood shavings. He has a small wood in Oxfordshire and still spends much of his time in his workshop, often using timber from the wood.