Portfolio company Ultrahaptics raises £10.1m

RNS Number : 9755D

IP Group PLC

02 November 2015

 

 

FOR RELEASE ON

02 November 2015

IP Group plc - Portfolio company Ultrahaptics completes £10.1m 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 £10.1 million.

Ultrahaptics, a spin-out from the University of Bristol, 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' virtual buttons, get feedback for mid-air gestures or interact with virtual objects.

Following completion of the financing round, IP Group's undiluted beneficial stake of 30.1% in Ultrahaptics is valued at £7.1 million and IP Venture Fund II's 11.1% stake is valued at £2.6m. As a result of the Group's 33% limited partnership interest in IP Venture Fund II, its effective beneficial interest in Ultrahaptics is approximately 33.8%. The fundraising has resulted in an unrealised fair value gain to IP Group of £4.6 million and a fair value gain of £1.6m to IP Venture Fund II. IP Group and IP Venture Fund II committed £1.7 million and £0.8 million respectively to the fundraising.

The round was led by Woodford Investment Management and the Company was advised by IP Capital.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer Greg Smith, Chief Financial Officer Liz Vaughan-Adams, Communications	[phone] [phone]/[phone]
FTI Consulting
James Melville-Ross/Simon Conway/ Victoria Foster Mitchell	[phone]
Ultrahaptics
Heather Macdonald Tait	[e-mail]

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 over 90 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.

IP Venture Fund II LP is a venture capital fund managed by IP Capital. The Group has a 33% limited partnership interest in IP Venture Fund II and its results are consolidated into those of the Group. 

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

About Ultrahaptics

Ultrahaptics is the world's leading mid-air 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.

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