IP Group leads GBP4 million fundraise for AI spin-out Matter Machine
(Alliance News) - IP Group PLC on Monday said it had led a GBP4 million Series A funding round for the materials company Matter Machine.
Shares in IP Group, a London-headquartered investor in science and technology, edged up 0.4% to 71.28 pence each on Monday morning in London, having risen 21% over the past year.
Matter Machine is an artifical intelligence-focused spin-out from the University of Liverpool, which aims to identify and optimise new materials. Leading its commercial strategy is Gordon Sanghera, the co-founder and ex-chief executive of FTSE 250-listed Oxford Nanopore Technologies PLC, which specialises in DNA and RNA sequencing technologies.
The oversubscribed fundraise reflected support from the University of Liverpool, as well as Northern Gritstone, an investment company focused on Northern England with whom the University of Liverpool is partnered. The investor syndicate also included Norrsken Evolve, LYVA Labs and the Northern Universities Venture Fund, which is managed by Parkwalk, IP Group's Enterprise Investment Scheme fund management business.
Matter Machine's Sanghera commented: "Materials innovation underpins progress across multiple sectors from energy to manufacturing and electronics. Matter Machine brings together exceptional scientific expertise, unique technology capabilities and a highly scalable commercial opportunity. I am excited to lead the company's development and growth."
IP Group CEO Group Greg Smith added: "Matter Machine brings together two exceptional forces in British innovation. The University of Liverpool's inorganic materials group's AI-powered discovery work could dramatically shorten the time required to develop new materials, accelerating innovation across batteries, catalysts and advanced manufacturing.
"Gordon Sanghera has already demonstrated his ability to build a globally significant deeptech company with Oxford Nanopore, a journey that IP Group was proud to support. Matter Machine exemplifies the kind of ambitious science-led company that IP Group was established to support, and we are delighted to lead this round."
Earlier this month, IP Group reported that it had partially realised its investment in Oxford Nanopore, selling 10.0 millin shares for GBP21 million. It remains a major shareholder, with a stake of about 7.2%, having provided seed funding to the company back in 2005.
Oxford Nanopore shares were up 0.8% to 215.80 pence each on Monday morning in London.
By Holly Munks, Alliance News reporter
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