IP Group's portfolio company raises GBP10.1m

IP Group’s portfolio company, Ultrahaptics Limited, has completed a fundraising for £10.1m.

IP, which develops intellectual property-based businesses, said that following completion of the financing round, its undiluted beneficial stake of 30.1% Ultrahaptics is valued at £7.1m and IP Venture Fund II’s 11.1% stake is valued at £2.6m.

As a result of the group's 33% limited partnership interest in IP Venture Fund II, its effective beneficial interest in Ultrahaptics is approximately 33.8%.

The company said the fundraising has resulted in an unrealised fair value gain to IP Group of £4.6m and a fair value gain of £1.6m to IP Venture Fund II.

IP Group and IP Venture Fund II committed £1.7 million and £0.8 million respectively to the fundraising, which was led by Woodford Investment Management.

Ultrahaptics, a spin-out from the University of Bristol, has developed a technology that enables users to receive tactile feedback without needing to wear or touch anything. It uses ultrasound to project sensations through the air and directly onto the user.