IP Group portfolio companies raise £5.4m
IP Group, the developer of intellectual property-based businesses, said its first two portfolio companies from US university partners had raised a combined £5.4m ($6.8m) in new post seed financing rounds via private placement of ordinary shares.
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Exyn Technologies, a spin off from the University of Pennsylvania, develops fully autonomous aerial robot systems with multi-modal sensing capabilities to enable robust and reliable applications in the commercial market, IP said.
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,” IP said.
Following completion of the financing rounds, IP Group's combined undiluted beneficial stake in Exyn Technologies and Uniformity Labs will be valued at £7.9m, the company said.
IP Group added it had committed a further £2.9m to the two companies as part of these funding rounds which included both new and existing US and UK based investors.