Fusion capitalises on Wales

Fusion IP, a tech transfer subsidiary of the IP Group, has signed a memorandum of understanding (MOU) with Finance Wales detailing an investment strategy to support Fusion-backed firms.

The new partnership will aim to support more spin-out firms coming out of Welsh universities and builds on Fusion’s existing commercialisation agreements with Cardiff and Swansea universities.

The two firms have worked closely in the past with Finance Wales investing £6m ($9m) in Fusion spin-outs since 2007 as agreed in a former MOU.

David Baynes, chief executive at Fusion, said: “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 new co-investments.”