IP Group plc (LON: IPO), the developer of intellectual property-based businesses, today noted that portfolio company Ultrahaptics, the world leader in haptics technology creating sensations of touch in mid-air, has completed a £35.0m fundraising.
The round, which was oversubscribed, was led by Mayfair Equity Partners, with additional new investors including Hostplus, the major Australian superannuation fund, with further participation from existing shareholders IP Group, Woodford Investment, Cornes Technology and Dolby Family Ventures. The new funds will enable Ultrahaptics to further develop and commercialise its revolutionary haptic technology in next generation user interfaces and experiences.
IP Group holds a direct undiluted beneficial stake of 21.1% in Ultrahaptics and is reviewing the carrying value of this asset as part of its year-end audit. IP Venture Fund II has an 8.0% stake. IP Group and IP Venture Fund II committed £0.4m and £0.2m respectively to the fundraising, and prior to this have invested £6.0m and £1.6m respectively in the Company.
Dr Mark Reilly, Managing Partner of Technology at IP Group plc, said: “We are delighted to welcome such high-quality new investors to join us in supporting the next stage of growth at Ultrahaptics. The company is yet another example of a top UK ‘deep tech’ start-up nurtured from day one by IP Group.”
Ultrahaptics, which is based on technology developed at the University of Bristol, is currently engaged with blue-chip customers across key verticals such as automotive, where the company has developed concept vehicles with Bosch and Harman; digital signage; location-based entertainment; industrial controls; medical interfaces; VR games; and augmented reality / virtual reality (AR / VR) enterprise applications. The company also supports the international academic community through a programme designed to enable additional haptics research and development.
The funding round was advised by IP Group’s 100%-owned FCA-authorised subsidiary IP Capital.