WaveOptics completes £20.0m funding round
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FOR RELEASE ON |
11 December 2018 |
IP Group plc - Portfolio company WaveOptics completes £20.0m 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 WaveOptics ("WaveOptics" or "the Company"), the world leading designer and manufacturer of diffractive waveguides for use in Augmented Reality (AR) wearables, has completed a £20.0m fundraising.
The round was led by Octopus Ventures and supported by existing shareholders including IP Group, Robert Bosch Venture Capital (RBVC) and Gobi Partners as well as new investors Goertek and Optimas Capital Partners.
Goertek is a global leader in the design and manufacturing of high-tech consumer electronics. Goertek's investment is a significant development for the business and follows the announcement on 28 November 2018 that WaveOptics and Goertek have agreed an exclusive manufacturing partnership that will enable the global mass production of waveguides.
Following completion of the first tranche of the financing round, IP Group's direct undiluted beneficial stake of 19.9% in WaveOptics is valued at £15.2 million, representing a direct unrealised fair value gain to IP Group of £7.6 million. IP Group committed £3.7 million to the fundraising.
Robert Bahns, Partner of Technology at IP Group plc, said: "WaveOptics is making excellent progress and we believe the Company has the best solution both from a commercial and technical standpoint for providing the key component in AR devices. This is being demonstrated by the level of engagement with its key customers."
The funds will be used to scale up WaveOptics' operations on a national and international basis. WaveOptics is building a large volume manufacturing supply chain to meet customer demand from the Asian and US markets. The Company is also investing in its overseas infrastructure having recently opened offices in Los Angeles and Taipei and plans to open a new office in Beijing in 2019.
WaveOptics' funding round represents the largest AR hardware fundraise in Europe in 2018. The Company is in advanced discussions with potential new shareholders and strategic partners about a second stage investment.
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 |
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Martha Walsh |
+44 (0) 7876 245962 |
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Tom Gillingham |
+44 (0) 7741 659021 |
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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