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Finance Wales deal to back University Companies.

Finance Wales deal to back University Companies.

Finance Wales has entered in to a new agreement with Fusion IP who have an office at Cardiff Medicentre Heath Park Cardiff to back spin-out firms from Cardiff and Swansea University with growth finance.

Following on from successful memorandum of understanding (MoU) signed between the two companies in 2007, the new agreement details a co-investment strategy for investing in opportunities arising from Fusion's IP pipeline agreements with it's Welsh universities.

Fusion IP has agreements with leading research-led universities in the UK to identify and commercialise emerging intellectual property (IP).

In Wales, it signed an agreement with Cardiff University in 2007 and in April it signed and agreement with Swansea University.

Spin-outs from both universities will now benefit from the new MoU, which builds on the success of the previous MoU signed in 2007 to cover the Cardiff University spin-outs.

Welcoming the MoU Steve Smith, Finance Wales director of technology venture investments Said "Fusion IP is spearheading the commercialisation of some excellent IP from Cardiff and Swansea universities.

"Finance Wales had already co-invested in a number of Welsh spin-outs thanks to the MoU we signed in 2007 and we're please that even more welsh spin-outs could benefit from our new agreement. 

"Young technology ventures can often require a number of founding rounds before they become commercially viable and the availability of seeds and series  A capital is limited at the moment.  Having the backing of long-term investors with capital to invest over a number of rounds can make all the difference."

Finance Wales has invested £6m in six based fusion spinouts, including Asalus, Diurnal and Medaphor also based at Cardiff Medicentre along side Fusion IP and other investors under the 2007 MoU.

Fusion IP's CEO David Baynes, is excited about the potential opportunities the new agreement will offer:

" 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.

"We have strong relationship with Finance Wales and together we've already been able to back Cardiff-based spin-outs with exciting potential.  With the addition of Swansea University as a partner university and the renewed MoU with Finance Wales, we're looking forward to announcing our now co-investments."

Finance Wales'  co-investments with Fusion IP are part of its growing portfolio of IP-rich technology-based businesses, many of which are bringing new, disruptive technologies to market.          

 

 

 

 

Published on Mon, 12th Aug 2013

 
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