3rd Dec 2018 08:37
LONDON (Alliance News) - IP Group PLC on Monday said its portfolio company Ultrahaptics has completed a GBP35.0 million fundraising.
The developer of intellectual property-based businesses holds a 21.1% stake in haptics technology firm Ultrahaptics, while IP Venture Fund II has an 8.0% stake.
IP Group and IP Venture Fund II have invested GBP400,000 and GBP200,000, respectively.
The fundraising, which was oversubscribed, was led by Mayfair Equity Partners, with additional new investors including Hostplus, the major Australian superannuation fund, and with further participation from existing shareholders.
The FTSE 250-listed IP Group said the new funds will enable Ultrahaptics to further develop and commercialise its haptic technology in next generation user interfaces and experiences.
"We are delighted to welcome such high-quality new investors to join us in supporting the next stage of growth at Ultrahaptics," said Mark Reilly, managing partner of technology at IP Group.
"The company is yet another example of a top UK 'deep tech' start-up nurtured from day one by IP Group," added Reilly.
The stock was trading 4.0% higher early on Monday at 121.20 pence a share.
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