IP Group PLC Completes first spin-out from Penn
December 31 2014 - 2:00AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
31 December 2014
FOR RELEASE ON 31 December 2014
IP Group plc - Completes first spin-out from the University of
Pennsylvania
IP Group plc (LSE: IPO) ("IP Group" or "the Group" or "the
Company"), the developer of intellectual property based businesses,
is pleased to announce that it has completed its first spin-out
from the University of Pennsylvania ("Penn" or "the
University").
IP Group has agreed to provide initial capital of up to
$1,000,000 for a significant minority stake in Exyn Technologies
Inc. ("Exyn"), which has developed software to control
multi-sensory rotorcraft micro aerial vehicles ("MAVs") as well as
communication between flying vehicles. The initial capital will be
provided in tranches subject to the successful attainment of
commercial and technical milestones.
Exyn has been founded by the University of Pennsylvania and Dr
Vijay Kumar, a leading figure in the world of robotics known for
his research in the control and coordination of aerial, multi-robot
formations: small, agile robots that can swarm, sense each other
and form ad hoc teams for construction, surveying disasters and
many other potential applications.
Dr Kumar is the UPS Foundation Professor in the School of
Engineering and Applied Science at the University of Pennsylvania
and has been on the Faculty in the Department of Mechanical
Engineering and Applied Mechanics with a secondary appointment in
the Department of Computer and Information Science at the
University of Pennsylvania since 1987. He was the assistant
director for robotics and cyber physical systems at the White House
Office of Science and Technology Policy from 2012-2014.
Dr Kumar is a Fellow of the American Society of Mechanical
Engineers (2003), a Fellow of the Institution of Electrical and
Electronic Engineers (2005) and a member of the National Academy of
Engineering (2013). His research interests are in robotics,
specifically multi-robot systems, and micro aerial vehicles.
Nader Elm will join Exyn as its CEO. Prior to joining Exyn
Technologies, Nader was Senior Vice President of Strategy &
Corporate Development at IMAX Corporation where he was responsible
for strategic planning as well as leading various new business
initiatives.
Alan Aubrey, Chief Executive of IP Group, said: "It is exciting
to have completed our first spin-out from a US university with the
University of Pennsylvania. Exyn Technologies is a great example of
the kind of innovative technology, founded on ground-breaking
science, that we look for and we're delighted to have backed such a
well-known team and look forward to supporting them and furthering
our partnership with Penn."
IP Group has an IP commercialisation partnership with the
University of Pennsylvania and the Penn Center for Innovation
("PCI") and works closely with PCI's UPstart company formation
programme ("UPstart") focussing on developing early-stage, proof of
principle opportunities based on intellectual property developed at
Penn.
The Group also has agreements with Columbia University and
Princeton University and recently announced it had formed a pilot
initiative with FedIMPACT to identify and develop early-stage
technologies from a select group of US Department of Energy
Laboratories.
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer +44 (0) 20 7444 0050
Liz Vaughan-Adams, Communications +44 (0) 20 7444 0062 / +44 (0) 7979 853 802
liz.vadams@ipgroupplc.com
FTI Consulting
James Melville-Ross/Simon Conway/Victoria Foster Mitchell +44 (0)20 3727 1000
Notes for editors
About IP Group
IP Group is a leading UK intellectual property commercialisation
company, developing technology innovations primarily from its
research intensive partner universities. The Group offers more than
traditional venture capital, providing its companies with access to
business building expertise, networks, recruitment and business
support.
IP Group's portfolio comprises holdings in around 90 early stage
to mature businesses across the Healthcare, Biotech, Cleantech and
Technology sectors. These businesses include Oxford Nanopore
Technologies, the DNA sequencing development company, Revolymer,
best known for its removable chewing gum, and Xeros, which has
received many accolades for its revolutionary clothes washing
techniques with a much reduced requirement for water.
For more information, please visit our website at
www.ipgroupplc.com.
About the University of Pennsylvania
The University of Pennsylvania is an Ivy League institution with
a longstanding reputation for excellence in graduate and
professional education, with a number of its graduate and
professional schools ranked at or near the top in their fields.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
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