TIDMIPO

IP Group PLC

02 November 2015

 
 FOR RELEASE ON   02 November 2015

IP Group plc - Portfolio company Ultrahaptics completes GBP10.1m funding round

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that its portfolio company, Ultrahaptics Limited ("Ultrahaptics" or "the Company"), has completed a fundraising of GBP10.1 million.

Ultrahaptics, a spin-out from the University of Bristol, has developed a unique technology that enables users to receive tactile feedback without needing to wear or touch anything. The technology uses ultrasound to project sensations through the air and directly onto the user. Users can 'feel' virtual buttons, get feedback for mid-air gestures or interact with virtual objects.

Following completion of the financing round, IP Group's undiluted beneficial stake of 30.1% in Ultrahaptics is valued at GBP7.1 million and IP Venture Fund II's 11.1% stake is valued at GBP2.6m. As a result of the Group's 33% limited partnership interest in IP Venture Fund II, its effective beneficial interest in Ultrahaptics is approximately 33.8%. The fundraising has resulted in an unrealised fair value gain to IP Group of GBP4.6 million and a fair value gain of GBP1.6m to IP Venture Fund II. IP Group and IP Venture Fund II committed GBP1.7 million and GBP0.8 million respectively to the fundraising.

The round was led by Woodford Investment Management and the Company was advised by IP Capital.

For more information, please contact:

 
 IP Group plc                          www.ipgroupplc.com 
 Alan Aubrey, Chief Executive 
  Officer                              +44 (0) 20 7444 0050 
  Greg Smith, Chief Financial 
  Officer                               +44 (0) 20 7444 0062/+44 
  Liz Vaughan-Adams, Communications     (0) 7979 853802 
 FTI Consulting 
 James Melville-Ross/Simon 
  Conway/ 
  Victoria Foster Mitchell             +44 (0)20 3727 1000 
 Ultrahaptics 
 Heather Macdonald Tait                heather@ultrahaptics.com

Notes for editors

About IP Group

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiary IP Capital), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in over 90 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company is listed on the Main Market of the London Stock Exchange under the code IPO.

IP Venture Fund II LP is a venture capital fund managed by IP Capital. The Group has a 33% limited partnership interest in IP Venture Fund II and its results are consolidated into those of the Group.

For more information, please visit our website at www.ipgroupplc.com.

About Ultrahaptics

Ultrahaptics is the world's leading mid-air haptics company. The company has developed a unique technology that enables users to receive tactile feedback without needing to wear or touch anything. The technology uses ultrasound to project sensations through the air and directly onto the user. Users can 'feel' touch-less buttons get feedback for mid-air gestures or interact with virtual objects.

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 02, 2015 02:01 ET (07:01 GMT)

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