11th Dec 2018 08:22
LONDON (Alliance News) - IP Group PLC said Monday that investee WaveOptics has completed a GBP20.0 million fundraising, to aid its international growth.
The intellectual property firm said it committed GBP3.7 million to the first tranche of the financing round and its 20% stake in WaveOptics is now valued at GBP15.2 million, which represents an unrealised fair-value gain of GBP7.6 million.
WaveOptics, which designs diffractive waveguides for use in augmented reality wearables, will use the funds to scale up its operations "on a national and international basis".
"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," said Robert Bahns, Partner of Technology at IP Group.
According to IP Group, WaveOptics is building a large volume manufacturing supply chain to meet customer demand from the Asian and US markets. WaveOptics is also investing in its overseas infrastructure having recently opened offices in Los Angeles and Taipei, with plans to open an office in Beijing in 2019.
WaveOptics is is "advanced discussions" with potential new shareholders about a second stage investment.
Shares in IP Group were down 1.3% Monday morning at 104.60 pence each.
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