- Intellectual property commercialisation company Allied Minds narrowed annual losses as costs fell and revenue more than doubled.

For the six months ended 30 June 2021, pre-tax losses narrowed to $1.5 million from $14.8 million year-on-year as revenue increased to $219,000 from $110,000.

The company invested $44.9 million in portfolio companies.

'A number of our portfolio companies have made significant progress in the first half, including successful funding rounds, development milestones, contract wins and partnerships with large industry players,' the company said.

'Although the remaining portfolio companies are mostly at a relatively early stage in their lifecycle, the board is positive about their prospects and is increasingly confident of delivering venture capital-like returns upon exit if the portfolio companies continue to meet their planned technical and commercial goals,' it added.

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