Portfolio co Ultrahaptics completes £17.9m funding
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FOR RELEASE ON |
03 May 2017 |
IP Group plc - Portfolio company Ultrahaptics completes £17.9m funding round
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that its portfolio company, Ultrahaptics Limited ("Ultrahaptics" or "the Company"), has completed a fundraising of £17.9 million.
The funding, which will support both the Company's commercial and R&D activities through its global expansion and entry into virtual and augmented reality markets, was supported by both existing shareholders, including IP Group and Woodford Investment Management, and new investors, Cornes Group and Dolby Family Ventures.
Ultrahaptics, a spin-out from the University of Bristol, has developed a unique technology that uses ultrasound to project sensations through the air, directly onto a user's hand. The technology enables entirely new user interfaces and experiences, making it possible to interact with virtual objects and applications in innovative yet intuitive and natural ways. Users can 'feel' buttons and interact with virtual objects in mid-air, using gestures to interface with technology.
Following completion of the financing round, IP Group's direct undiluted beneficial stake of 27.5% in Ultrahaptics is valued at £19.4 million and IP Venture Fund II's 10.4% stake is valued at £7.3 million. The fundraising has resulted in a direct unrealised fair value gain to IP Group of £8.8 million and a fair value gain of £3.2 million to IP Venture Fund II. As a result of the Group's 33% limited partnership interest in IP Venture Fund II, its effective beneficial interest in Ultrahaptics is approximately 31.0% and the net fair value gain is £9.8 million. IP Group and IP Venture Fund II committed £3.4 million and £1.5 million respectively to the fundraising.
Ultrahaptics' technology is aimed at a variety of different applications in which touchless interfaces are being developed from automotive, where the Company has developed concept vehicles with both BOSCH and HARMAN, to industrial controls, medical interfaces, and AR and VR environments.
The funding round was advised by IP Capital.
For more information, please contact:
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IP Group plc |
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Alan Aubrey, Chief Executive Officer |
+44 (0) 20 7444 0050 |
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Charlotte Street Partners |
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Andrew Wilson |
+44 (0) 7810 636995 |
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 subsidiary IP Capital), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in approximately 100 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company is listed on the Main Market of the London Stock Exchange under the code IPO.
For more information, please visit our website at www.ipgroupplc.com.
About Ultrahaptics
Ultrahaptics is the world's leading touch-less haptics company. The company has developed a unique technology that enables users to receive tactile feedback without needing to wear or touch anything. The technology uses ultrasound to project sensations through the air and directly onto the user. Users can 'feel' touch-less buttons get feedback for mid-air gestures or interact with virtual objects.
For more information about Ultrahaptics, please visit: http://ultrahaptics.com/
ENDS
This information is provided by RNS
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