Allied Minds partners with GE Ventures to commercialise emerging tech

29th Sep 2016 08:12

(ShareCast News) - FTSE 250 intellectual property company Allied Minds partnered with General Electric's venture capital subsidiary to commercialise next generation technologies.Allied Minds and GE Ventures agreed to invest in new and existing technologies from each of their innovation pipelines.The new alliance would expand Allied Minds' network of research and development partners which now includes GE's early stage technologies in healthcare, transportation, energy, and big data.Boston-based Allied Minds will receive the right of first refusal to license technologies chosen by GE, and GE will be able to invest in selected products from Allied Minds' network of over 160 university and federal research partners.GE will also be able to take part in any future fundraising by Allied Minds for at least 6% of the funds raised, subject to regulations.Allied Minds said the alliance between the companies would utilise its commercialisation process of funding, managing and building a subsidiary from the emerging technology, and GE Ventures' experience in innovation, which would "leverage the combined technology, marketing, fundraising, start-up development, and management capabilities of the two entities".Shares in Allied Minds were up 4.38% to 326.30p at 0830 BST.