Collaboration Intends to Invest in New and Existing Companies Based
on Leading Technologies from GE and Allied Minds’ Combined Portfolio and
Pipeline
Company Website:
http://www.alliedminds.com/
BOSTON -- (Business Wire)
Allied Minds plc (LSE: ALM) (“Allied Minds”) and GE Ventures (NYSE: GE)
(“GE”), today announced the launch of a strategic alliance to jointly
identify and commercialize next-generation technologies. Under the terms
of the agreement, Allied Minds and GE Ventures agree to invest in new
and existing technologies sourced from both Allied Minds’ and GE’s
innovation pipelines.
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The strategic alliance expands Allied Minds’ deep network of research
and development partners to include GE’s leading early-stage
technologies in healthcare, transportation, energy, and big data. Allied
Minds receives an exclusive right of first refusal to license certain
technologies, chosen by GE, which are of strategic interest to the
companies. GE will also have the opportunity to invest in select
innovations sourced from Allied Minds’ network of over 160 university
and federal research partners.
Each year, Allied Minds reviews thousands of intellectual property
(“IP”) opportunities from some of the nation’s best universities and
federal labs to identify innovations with the potential to have a
significant impact on commercial markets. If an emerging technology
passes its due diligence, Allied Minds forms, funds, manages, and builds
a subsidiary company that gives the inventors and their institutions a
stake in its success.
GE Ventures accelerates innovation and growth for its partners by
providing access to GE’s cutting-edge technologies and an extensive IP
portfolio through licensing, technology transfer, joint development, and
other strategic business models. By bringing together Allied Minds’
commercialization process and GE Ventures’ innovation expertise, the
strategic alliance can leverage the combined technology, marketing,
fundraising, start-up development, and management capabilities of the
two entities.
“What drives Allied Minds is disruption of the status quo in cooperation
with our research partners,” said Chris Silva, CEO of Allied Minds. “Our
new partnership with GE, a globally-renowned leader in innovation,
allows us to begin tapping into the vast potential of IP being developed
within the laboratories of leading commercial companies. Allied Minds is
delighted to work with GE and to gain direct access to its technologies
while providing GE with exposure to Allied Minds’ portfolio and pipeline
of innovations sourced from its network of partners.”
“GE is excited to have Allied Minds as a channel partner for venture
creation,” said Pat Patnode, President of Licensing at GE Ventures.
“Allied Minds’ capabilities and experience in early stage technology
development complement GE’s diverse IP portfolio. We look forward to
building opportunities with our combined expertise.”
About GE Ventures
GE Ventures is committed to identifying, scaling, and accelerating ideas
that will make the world work better. Focused on the areas of software,
advanced manufacturing, energy, and healthcare, GE Ventures helps
entrepreneurs and start-ups succeed by providing access to GE's
technical expertise, capital, and opportunities for commercialization
through GE's global network of business, customers, and partners. GE
Ventures offers an unparalleled level of resources through its Global
Research Center, including: 35,000 engineers; 5,000 research scientists;
8,000 software professionals; as well as 40,000 sales, marketing, and
development resources in over 100 countries. For more information,
please visit www.geventures.com.
About Allied Minds
Allied Minds (LSE: ALM) is a diversified holding company focused on
venture creation within the life science and technology sectors. With
unparalleled access to hundreds of university and federal labs across
the U.S., Allied Minds forms, funds, and operates a portfolio of
companies to generate long-term value for its investors and
stakeholders. Based in Boston, with nationwide presence in Los Angeles
and New York, Allied Minds supports its businesses with capital, central
management, and shared services. For more information, please visit www.alliedminds.com.
Allied Minds Forward-Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company’s future prospects, developments and strategies. The
forward-looking statements are based on current expectations and are
subject to known and unknown risks and uncertainties that could cause
actual results, performance and achievements to differ materially from
current expectations, including, but not limited to, those risk and
uncertainties described in the risk factors included in the company’s
regulatory filings. These forward-looking statements are based on
assumptions regarding the present and future business strategies of the
company and the environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law, regulatory requirement, the Listing
Rules and the Disclosure and Transparency Rules, neither the company nor
any other party intends to update or revise these forward-looking
statements, whether as a result of new information, future events or
otherwise.
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Contacts:
fama PR for Allied Minds
Ted Weismann, 617-986-5009
alliedminds@famapr.com
or
GE
Ventures
Kristin Schwarz, 646-682-5601
kristin.schwarz@ge.com
Source: Allied Minds
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