IP Group plc - Portfolio company Ultraleap raises £60 million in Series D fundraise

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"), the world leader in interface technologies, announced it has completed a £60 million Series D round of investment.

The funds raised will enable Ultraleap to further develop and commercialise its technologies for existing and next generation computing platforms. Tencent led the round and is joined by new investors including British Patient Capital through their Future Fund: Breakthrough and CMB International. Existing investors IP Group and Mayfair Equity Partners also supported the round.

As previously noted in our half-yearly results announced in August, IP Group committed £2.5m to the fundraise and reflected a £11.6m* fair value uplift, resulting in a closing investment value of £34.9m. Following completion of the fundraise, IP Group has an undiluted beneficial holding of 17.2% in Ultraleap.

Dr Mark Reilly, Managing Partner of Technology at IP Group plc, said: "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), Out of Home and Automotive. 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."

*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.

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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.

About Ultraleap

Ultraleap's world-leading hand tracking and unrivalled mid-air haptic technologies allow you to engage with the digital world naturally - without touching surfaces. No touchscreens. No controllers. No keypads. No surfaces. From enhancing 2D screens to developing fully immersive 3D experiences, Ultraleap powers natural, safe, and effortless digital interaction in the increasingly connected world.

Ultraleap employs more than 150 people across Europe, North America and Asia. It has become the first to offer the full vertical stack of software and hardware to enable spatial computing for the XR, out-of-home (OOH) and kiosks and automotive sectors.

www.ultraleap.com 

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