IP Group PLC WaveOptics completes £20.0m funding round
December 11 2018 - 2:01AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
11 December 2018
FOR RELEASE ON 11 December 2018
IP Group plc - Portfolio company WaveOptics completes GBP20.0m
funding round
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that portfolio company WaveOptics ("WaveOptics" or "the
Company"), the world leading designer and manufacturer of
diffractive waveguides for use in Augmented Reality (AR) wearables,
has completed a GBP20.0m fundraising.
The round was led by Octopus Ventures and supported by existing
shareholders including IP Group, Robert Bosch Venture Capital
(RBVC) and Gobi Partners as well as new investors Goertek and
Optimas Capital Partners.
Goertek is a global leader in the design and manufacturing of
high-tech consumer electronics. Goertek's investment is a
significant development for the business and follows the
announcement on 28 November 2018 that WaveOptics and Goertek have
agreed an exclusive manufacturing partnership that will enable the
global mass production of waveguides.
Following completion of the first tranche of the financing
round, IP Group's direct undiluted beneficial stake of 19.9% in
WaveOptics is valued at GBP15.2 million, representing a direct
unrealised fair value gain to IP Group of GBP7.6 million. IP Group
committed GBP3.7 million to the fundraising.
Robert Bahns, Partner of Technology at IP Group plc, said:
"WaveOptics is making excellent progress and we believe the Company
has the best solution both from a commercial and technical
standpoint for providing the key component in AR devices. This is
being demonstrated by the level of engagement with its key
customers."
The funds will be used to scale up WaveOptics' operations on a
national and international basis. WaveOptics is building a large
volume manufacturing supply chain to meet customer demand from the
Asian and US markets. The Company is also investing in its overseas
infrastructure having recently opened offices in Los Angeles and
Taipei and plans to open a new office in Beijing in 2019.
WaveOptics' funding round represents the largest AR hardware
fundraise in Europe in 2018. The Company is in advanced discussions
with potential new shareholders and strategic partners about a
second stage investment.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Martha Walsh +44 (0) 7876 245962
Tom Gillingham +44 (0) 7741 659021
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
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across life sciences and
technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
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END
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