Shares in Frontier IP Group PLC (AIM:FIPP) rose 4% on Monday after the commercialisation group announced a €25 million Series A funding round for 2D Photonics, the new holding company for its long-standing portfolio business CamGraPhIC.
The round attracted backing from major names including Sony, Bosch and the NATO Innovation Fund, and will support the roll-out of graphene-based photonics technology designed to boost the speed and energy efficiency of AI and mobile systems.
As part of the deal, Frontier has converted £2.7 million of loans and accrued interest into equity in 2D Photonics, valuing its stake at £3.1 million.
CamGraPhIC, a spinout from the University of Cambridge and Italy’s CNIT, is now a wholly owned subsidiary of the new entity.
The cash will go towards building a pilot manufacturing site and scaling up production. Ben Jensen, formerly of Frontier, has been named chief executive of 2D Photonics to lead the next phase of growth.
In afternoon trading, Frontier's shares were up 0.9p at 24.4p.