IP Group's Ultraleap raises GBP60 million to develop technologies

(Alliance News) - IP Group PLC on Wednesday said its portfolio company Ultraleap Holdings Ltd, an interface technologies company, has completed a GBP60 million series D round of investment.

The London-based developer of intellectual property-based businesses said it had committed GBP2.5 million to the fundraise. Following completion of the fundraise, IP Group has a 17% holding in Ultraleap.

The funds raised will enable Ultraleap to further develop and commercialise its technologies for existing and next generation computing platforms.

Tencent Holdings Ltd led the round and is joined by new investors including British Patient Capital. Existing investors IP Group and Mayfair Equity Partners also supported the round.

"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, out of home and automotive," said Mark Reilly, managing partner of Technology at IP Group.

FTSE 250-listed IP Group shares were trading 0.3% higher in London on Wednesday at 118.54 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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