Portfolio Update

RNS Number : 1435J

Woodford Patient Capital Trust PLC

03 December 2018

 

Woodford Patient Capital Trust plc

Portfolio update: Ultrahaptics raises £35m in oversubscribed funding round

3 December 2018

Ultrahaptics, a company in the Woodford Patient Capital Trust (WPCT) portfolio, has today announced the completion of a new £35 million financing round.

Existing shareholders Woodford Investment, IP Group, Cornes Technology and Dolby Family Ventures have again participated and have been joined in this funding round by new investors, Mayfair Equity Partners and Hostplus, one of Australia's largest superannuation funds.

The raise, which was oversubscribed, will support both the Company's commercial and R&D activities through its global expansion within virtual and augmented reality markets.

The company, originally a University of Bristol spin out, has developed a unique technology that uses high-frequency ultrasound to enable the sensation of touch to be felt in mid-air. These high frequencies create enough pressure to be felt on users' hands and can be used to create and control virtual shapes in the air - these can take various forms, including buttons, sliders and dials.

Founded in 2013, Ultrahaptics is developing products for industrial controls, medical interfaces, household appliances, consumer electronics and the gaming industry. Its technology, which allows drivers to control dashboards without taking their eyes off the road, has attracted interest from car part manufacturers, including Bosch and Harman International. Its technology is also now being used in Las Vegas by games giant IGT for one of its most popular game machines.

The company has an array of additional commercial partners including Nike, Dell, Intel and IBM, while it also has more than 60 academic partners, including the University of Oxford, the University of Tokyo, Stanford University and MIT. In April 2018, the company received the Queen's Award for Enterprise in the innovation category.

Woodford Patient Capital Trust first invested in the company in October 2015 and as of the end of October it represented a 2.79% position in the portfolio. For a further insight watch this short video: Ultrahaptics' patient capital story

For further information please contact:

For Woodford
FourBroadgate

Roland Cross / Jonathan Atkins

020 3697 4200

[e-mail]

Notes to editors:

For further information go to: woodfordfunds.com

About Woodford Investment Management:

Woodford Investment Management Limited is an asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has £10.8 billion assets under management and advice. Further information can be found at https://woodfordfunds.com

Woodford Investment Management Ltd

9400 Garsington Road Oxford OX4 2HN

[phone]

[e-mail]

woodfordfunds.com

 

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