Finance Wales and Fusion IP are recommitting to investing in Welsh university spin-outs, having initially done so in 2007.
The agreement outlines a co-investment strategy for backing opportunities coming from Fusion IP’s pipeline agreements with its Welsh universities. Currently, AIM-listed Fusion IP has understandings with Cardiff University and Swansea University to finance commercial opportunities incubated at the two institutions.
Steve Smith, Finance Wales’ director of technology venture investments, comments, ‘Fusion IP is spearheading the commercialisation of some excellent IP from Cardiff and Swansea universities.
‘Finance Wales has already co-invested in a number of Welsh spin-outs thanks to the memorandum of understanding (MOU) we signed in 2007 and we’re pleased that even more Welsh spin-outs could benefit from our new agreement.’
Since signing a partnership in 2007, Finance Wales has invested £6 million in six Cardiff-based Fusion spin-outs. Deals have included businesses such as healthcare technology company Asalus, drug delivery service Diurnal and ultrasound simulator developer MedaPhor.
More on recent Finance Wales deals:
- Investment backing for SCS Group
- Jamie Oliver fish supplier reels in equity investment from Finance Wales
- New team and funding for Viscose
During 2012-13, Finance Wales invested seed and growth capital to the total of £9 million in what it describes as ‘high growth, IP-rich Welsh technology-based businesses’.
David Baynes, CEO of Fusion IP, adds, ‘We’re ambitious to create successful businesses from the world-class IP created at the universities we work with.
‘Both Cardiff and Swansea University have a number of excellent research departments with an interesting pipeline of potential commercialisation opportunities.’
