IP Group PLC Two US portfolio companies raise £5.4m ($6.8m)
February 06 2017 - 2:00AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
06 February 2017
FOR RELEASE ON 06 February 2017
IP Group plc - US portfolio companies Exyn Technologies and
Uniformity Labs complete GBP5.4m* ($6.8m) fundraisings
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that its first two portfolio companies from US university
partners, Exyn Technologies and Uniformity Labs, have raised a
combined GBP5.4m* ($6.8 million) in new post seed financing rounds
via private placement of ordinary shares.
Exyn Technologies develops fully autonomous aerial robot systems
with multi-modal sensing capabilities to enable robust and reliable
applications in the commercial market. Exyn is a spin-out from the
University of Pennsylvania and was founded by Dr. Vijay Kumar, the
Nemirovsky Family Dean of Penn Engineering and former Director of
the General Robotics, Automation, Sensing & Perception (GRASP)
Laboratory at Penn.
Uniformity Labs, a spin-out from Princeton University, is
accelerating and expanding the adoption of industrial additive
manufacturing (AM) by providing breakthrough materials, software
and services. Uniformity Labs' proprietary materials and process
technology have the potential to deliver improvements in AM printed
part quality and reproducibility, print speed, and material
diversity across all mainstream printing platforms.
Following completion of the financing rounds, IP Group's
combined undiluted beneficial stake in Exyn Technologies and
Uniformity Labs will be valued at GBP7.9 million* ($9.9 million).
IP Group has committed a further GBP2.9 million* ($3.7 million) to
Exyn Technologies and Uniformity Labs as part of these funding
rounds which included both new and existing US and UK based
investors. The Uniformity Labs transaction completed at the end of
2016 while the Exyn transaction closed in 2017.
Michael Burychka, IP Group Managing Director, North America,
said: "These financing rounds for Exyn Technologies and Uniformity
Labs provide further market validation of the maturation and
quality of our growing portfolio of businesses in the US. We
continue to see a strong pipeline of future opportunities at our US
partner institutions and increasing support for our US portfolio
from a growing base of investors."
Alan Aubrey, Chief Executive Officer of IP Group plc, said:
"Exyn Technologies and Uniformity Labs are great examples of the
unique and innovative technology, based on ground-breaking science,
that IP Group seeks. We look forward to supporting them and to
furthering our partnerships and portfolio in the US."
IP Group has IP commercialisation partnerships with the
University of Pennsylvania and Princeton University focused on
developing early-stage, proof of principle opportunities based on
intellectual property and entrepreneurial opportunities of mutual
interest. The Group also has agreements with Columbia University,
the University of Washington and FedIMPACT which identifies and
develops early-stage technologies from a select group of US
Department of Energy Laboratories.
*Calculated using an exchange rate of GBP1 to $1.26.
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
Charlotte Street Partners
- UK
Andrew Wilson +44 (0) 7810 636995
S360 Advisors - US
Frank De Maria +1 347 647 0284
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 approximately 80 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.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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