Business
Portfolio company Ultraleap raises £60 million
Portfolio company Ultraleap raises £60 million.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7126S\n IP Group PLC\n 17 November 2021\n \n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n 17 November 2021\n \n \n \n \n \n \n \n \n \n \n IP Group plc - Portfolio company Ultraleap \n \n \n raises £60 million in Series D fundraise\n \n \n \n \n \n \n IP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, is pleased to announce that Ultraleap Holdings Ltd (\"Ultraleap\" or \"the Company\"), \n the world leader in interface technologies, announced it has completed a £60 million Series D round of investment.\n \n \n \n \n \n The funds raised will enable Ultraleap to further develop and commercialise its technologies for existing and next generation computing platforms. \n Tencent led the round and is joined by new investors including British Patient Capital through their Future Fund\n : Breakthrough\n and CMB International. Existing investors IP Group and Mayfair Equity Partners also supported the round. \n \n \n \n \n \n As previously noted in our half-yearly results announced in August, IP Group\n committed £2.5m to the fundraise and reflected a £\n 11.6m\n *\n fair value uplift, resulting in a closing investment value of £34.9m. Following \n completion of the fundraise, IP Group has an \n undiluted beneficial holding of 17.2% in Ultraleap.\n \n \n \n \n \n Dr Mark Reilly, Managing Partner of Technology at IP Group plc, said: \n \"Following on from our success with Wave Optics earlier this year, Ultraleap is another ground-breaking IP Group portfolio company in the field of Extended Reality (XR)\n , Out of Home and Automotive. \n The new funding will enable Ultraleap, a company we have supported since inception, to cement its place as one of the defining pioneers in this exciting interface sector. We are delighted to see additional new blue chip investors join the register.\"\n \n \n \n \n \n *Of the fair value movement noted above, £2.2m is attributable to the third-party limited partner in the consolidated fund, IP Venture Fund II L.P.\n \n \n \n \n \n For more information, please contact:\n \n \n \n \n \n \n \n \n \n IP Group plc\n \n \n \n \n \n www.ipgroupplc.com\n \n \n \n \n \n \n \n Liz Vaughan-Adams, Communications \n \n \n \n \n +44 (0) 20 7444 0062/+44 (0) 7979 ...