This very rare combination was developed by Floyd Clymer in 1969/70 prior to his untimely death. Clymer (from the famed workshop manuals) owned the Indian Motorcycle trademark and had succesfully relaunched the brand initially with a clutch of Taiwanese mini bikes and trials bikes. He was working with Leonardo Tartarini (of works Ducati and MotoGuzzi) fame to develop a Multi use chassis that came to be known as the Gryphon chassis and it was proposed it was fitted with Initially the Velocelte 500 single both venom and Thruxton Spec motors and originally the Triumph T120 motor. The Triumph deal went sour and eventually it was fitted with the Royal Enfield 700 twin from the Interceptor engine. Sadly only about 110 Velocette Venoms were produced about 30 Velocette Thruxtons and about 35 Enfield Interceptor versions. Clymer died suddenly in about 1970 and the remaining 100 odd chaissis were eventually sold to the Rickman Brothers in London who built the famous Rickman Interceptor using this chasis.
- Engine: 499cc air-cooled overhead valve (OHV) single-cylinder from the Velocette Venom or high-performance Thruxton.
- Frame/Chassis: Lightweight Italjet frame, which was roughly 45 lb (20 kg) lighter than the standard Venom.
- Components: Featured Italian components, including Marzocchi front forks, Grimeca twin-leading shoe front hub brakes, and Borrani alloy rims.
- Performance: The standard model produced about 34 horsepower, while the Thruxton version produced around 41 horsepower, enabling speeds of approximately 110 mph (180 km/h).
- Origin: The project was an attempt by Floyd Clymer to revive the Indian brand in the late 1960s, but it ended with his death in 1970 and the subsequent failure of the Velocette factory.
- Rarity: Only a small number were produced—estimated at 110 machines, with many ending up in the US and some remaining in Italy,
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Hybrid Development: The Italian styling and chassis was handled by Leopoldo Tartarini.
- Handling: It was praised for its light steering and stable handling, feeling more like a "street racer" than its more comfortable British ancestor.
- Today, these bikes are highly sought-after collectors' items. Recent auction prices for well-restored models have reached approximately US$24,000–$35,000