IP Group portfolio company acquired by CoreWeave

(Sharecast News) - Intellectual property investor IP Group said on Wednesday that portfolio company Monolith will be acquired by Nasdaq-listed CoreWeave for an undisclosed sum. IP Group, which holds a 12.3% stake in Monolith, said the sale of the artificial intelligence software provider, which was spun out of Imperial College London, marked "another positive exit" from its deeptech portfolio.

Chief executive Greg Smith said: "We're delighted with this outcome, which follows the sales of Featurespace and Garrison from our deeptech portfolio. As the most experienced and active UK-based early-stage science investor, this further validates the group's model and our expertise in identifying and supporting businesses to successful exits."

As of 0915 BST, IP Group shares were up 2.84% at 54.30p.





Reporting by Iain Gilbert at Sharecast.com