OREANDA-NEWS. November 05, 2015. IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that its portfolio company, Ultrahaptics Limited ("Ultrahaptics" or "the Company"), has completed a fundraising of 10.1 million.

Ultrahaptics, a spin-out from the University of Bristol, has developed a unique technology that enables users to receive tactile feedback without needing to wear or touch anything. The technology uses ultrasound to project sensations through the air and directly onto the user. Users can 'feel' virtual buttons, get feedback for mid-air gestures or interact with virtual objects.

Following completion of the financing round, IP Group's undiluted beneficial stake of 30.1% in Ultrahaptics is valued at 7.1 million 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 fundraising has resulted in an unrealised fair value gain to IP Group of 4.6 million 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.

The round was led by Woodford Investment Management and the Company was advised by IP Capital.