IP Group PLC (LSE:IPO) has announced that one of its portfolio companies, Monolith, is being acquired by Nasdaq-listed CoreWeave, marking another successful sale from its deeptech investments.
The London-listed investment firm, which holds a 12.3% stake in Monolith, said the deal follows recent disposals of other portfolio businesses, Featurespace and Garrison.
Monolith, spun out of Imperial College London, provides artificial intelligence software that helps engineering teams solve complex physics and design challenges.
No financial details of the transaction have been disclosed, and the deal remains subject to customary closing conditions.
Greg Smith, chief executive of IP Group, said: “The sale of Monolith marks another positive exit from our deeptech portfolio.
"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.”
For CoreWeave, the acquisition strengthens its push into industrial and manufacturing sectors.
The US-based cloud computing firm said combining its AI infrastructure with Monolith’s engineering-focused machine learning tools would help companies cut research and development times and improve product design.
Monolith’s software is already used by major manufacturers, including BMW, Nissan and Honeywell, to reduce the need for physical testing and speed up innovation.
Brian Venturo, CoreWeave’s co-founder and chief strategy officer, said the deal would help “enterprises better harness AI to accelerate breakthroughs and bring better products to market faster”.