2nd Nov 2015 07:47
LONDON (Alliance News) - IP Group PLC on Monday said its portfolio company Ultrahaptics Ltd has raised GBP10.1 million.
The developer of intellectual property-based businesses said that Ultrahaptics has developed a unique technology that enables users to receive tactile feedback without needing to wear or touch anything, using ultrasound to project sensations through the air and directly onto the users. Users can 'feel' virtual buttons, get feedback from mid-air gestures, or interact with virtual objects, IP Group said.
IP Group added that following completion of the raising, its undiluted beneficial stake of 30% in Ultrahaptics was valued at GBP7.1 million, while IP Venture Fund II's 11% stake was valued at GBP2.6 million.
The fundraising has resulted in an unrealised fair value gain to IP Group of GBP4.6 million and a fair value gain of GBP1.6 million to IP Venture Fund II.
IP Group and IP Venture Fund II committed GBP1.7 million and GBP0.8 million to the fundraising, respectively.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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