IP Group PLC Ultrahaptics completes £35.0m funding round (1457J)

TIDMIPO

RNS Number : 1457J

IP Group PLC

03 December 2018

 
 FOR RELEASE ON   03 December 2018 
 

IP Group plc - Portfolio company Ultrahaptics completes GBP35.0m funding round

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that portfolio company Ultrahaptics ("Ultrahaptics" or "the Company"), the world leader in haptics technology creating sensations of touch in mid-air, has completed a GBP35.0m fundraising.

The round, which was oversubscribed, was led by Mayfair Equity Partners, with additional new investors including Hostplus, the major Australian superannuation fund, with further participation from existing shareholders IP Group, Woodford Investment, Cornes Technology and Dolby Family Ventures. The new funds will enable Ultrahaptics to further develop and commercialise its revolutionary haptic technology in next generation user interfaces and experiences.

IP Group holds a direct undiluted beneficial stake of 21.1% in Ultrahaptics and is reviewing the carrying value of this asset as part of its year-end audit. IP Venture Fund II has an 8.0% stake. IP Group and IP Venture Fund II committed GBP0.4m and GBP0.2m respectively to the fundraising, and prior to this have invested GBP6.0m and GBP1.6m respectively in the Company.

Dr Mark Reilly, Managing Partner of Technology at IP Group plc, said: "We are delighted to welcome such high-quality new investors to join us in supporting the next stage of growth at Ultrahaptics. The company is yet another example of a top UK 'deep tech' start-up nurtured from day one by IP Group."

Ultrahaptics, which is based on technology developed at the University of Bristol, is currently engaged with blue-chip customers across key verticals such as automotive, where the company has developed concept vehicles with Bosch and Harman; digital signage; location-based entertainment; industrial controls; medical interfaces; VR games; and augmented reality / virtual reality (AR / VR) enterprise applications. The company also supports the international academic community through a programme designed to enable additional haptics research and development.

The funding round was advised by IP Group's 100%-owned FCA-authorised subsidiary IP Capital.

For more information, please contact:

 
 IP Group plc                            www.ipgroupplc.com 
                                         [phone] 
 Alan Aubrey, Chief Executive Officer 
  Greg Smith, Chief Financial Officer     [phone]/+44 (0) 
  Liz Vaughan-Adams, Communications       7979 853802 
 Charlotte Street Partners 
 Andrew Wilson                           [phone] 
 Martha Walsh                            [phone] 
 Tom Gillingham                          [phone] 
 

Notes for editors

About IP Group

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.

Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

For more information, please visit our website at www.ipgroupplc.com.

ENDS

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December 03, 2018 02:01 ET (07:01 GMT)