Oxyntix Raises £1M
Oxyntix Limited, an Oxford, UK-based start up that is developing a new method of achieving extreme intensity bubble collapse, has raised £1m in equity funding.
The round was led by IP Group plc (LSE: IPO), which invested £400k in two tranches conditional on reaching certain milestones, Parkwalk Advisors and a number of angel investors.
The company, which was spun-out from the Engineering Department of the University of Oxford by Isis Innovation Ltd, was established to develop and validate a patent-protected technology that has numerous potential applications, notably in nuclear fusion power generation and in sonochemistry, among others.
With the investment, the first as part of the alliance with Technikos LLP, a specialist technology fund with a commercialization agreement with the University of Oxford’s Institute of Biomedical Engineering (IBME), IP Group will take a 21.4% stake in Oxyntix assuming the second tranche completes.
In January 2011 IP Group acquired a strategic stake of Technikos.
Yiannis Ventikos, a Professor at Oxford University, is a co-founder of the company.