Haptics technology firm completes £35m investment round with IP Group plc

IP Group plc, a developer of intellectual property-based businesses, has announced that its portfolio company, Ultrahaptics has completed a £35m funding round.

The round was led by Mayfair Equity Partners, with additional investors including Hostplus - the Australian superannuation fund - with further participation from existing shareholders including: IP Group; Woodford Investment; and Cornes Technology.

The new funds will enable Ultrahaptics, a haptics tech firm creating sensations of touch in mid-air, to further develop and commercialise its technology in next generation user interfaces and experiences.

Dr Mark Reilly, IP Group plc’s managing partner of technology, said: “We are delighted to welcome such high-quality new investors to join us in supporting the next stage of growth at Ultrahaptics.

“The company is yet another example of a top UK ‘deep tech’ startup nurtured from day one by IP Group.”

IP Group holds a direct undiluted beneficial stake of 21.1 per cent in Ultrahaptics and is reviewing the carrying value of this asset as part of its year-end audit.

The funding round was advised by IP Group’s 100 per cent-owned FCA-authorised subsidiary IP Capital.