IPO18 Sep 2012 09:07
IP Group plc - Completes investment in Oxford University spin out, Oxehealth Ltd
IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property based businesses, is pleased to announce that Oxehealth Ltd, an innovative medical software company, has been spun-out from Oxford University's Institute of Biomedical Engineering (IBME).
IP Group plc has committed to invest up to £500,000 into Oxehealth, subject to certain milestones being met. This is the second IBME spin-out that IP Group has funded since acquiring its stake in Technikos LLP in January 2011.
The company's initial focus will be to commercialise a novel technology that will enable a webcam to monitor the vital signs (heart rate, respiratory rate and oxygen saturation) of patients in artificial light, without the need for any additional hardware. The technology has been generated by Oxehealth's academic founder, Professor Lionel Tarassenko.
The research leading to the spin-out originated from Oxford's Centre of Excellence in Personalised Healthcare, which is one of four Centres of Excellence in medical engineering in the UK, and is jointly funded by the Wellcome Trust and the Engineering and Physical Sciences Research Council. Research funding contribution was also made by the Oxford University Hospitals NHS Trust through its NIHR Oxford Biomedical Research Centre funding. Specifically, Oxehealth will deliver a range of software products based on intelligent algorithms and the convergence between digital cameras, personal computers and mobile phones.