Thursday 8th May 2008
Spin-out raises £10 million
Revolymer, a university spin-out which has developed a ‘renewable chewing gum’, has completed a funding round of £10 million. The money comes from a consortium of investors including listed intellectual property (IP) commercialisation business IP Group, which invested £800,000.
Following completion of the round, IP Group has a stake of 11.2 per cent in the business, valued at £3 million.
Wales-based Revolymer has developed new materials (polymers) including the one used in chewing gum to help prevent it sticking to pavements and other surfaces. The technology also has applications in markets including medicated gums, personal care products and paints and coatings.
Revolymer was founded in October 2005 when the company was spun out of the University of Bristol.
IP Group, which listed on AIM in 2003 and moved to the official list in 2006, has formed long-term partnerships with ten universities including Oxford, King’s College London, Leeds and Southampton.
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