- IP Group's portfolio company WaveOptics completed a £20.0m fundraising, led by Octopus Ventures and supported by existing shareholders.

WaveOptics, the designer and manufacturer of diffractive waveguides for use in augmented reality wearables, would use the funds to bolster operations on a national and international basis, IP Group said.

Following completion of the first tranche of the financing round, IP Group's direct stake of 19.9% in WaveOptics was valued at £15.2m, representing a unrealised fair value gain to IP Group of £7.6m. IP Group confirmed it had committed £3.7m to the fundraising.

WaveOptics was building a large volume manufacturing supply chain to meet customer demand from the Asian and US markets and also had plans to open a new office in Beijing in 2019, the company said.

The company was in advanced discussions with 'potential new shareholders and strategic partners about a second stage investment,' IPO group added.

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