Sci-fi tech firm raises £35m as it plans float

A PIONEERING technology startup backed by star fund manager Neil Woodford has raised £35 million as it eyes a stock market float.

Ultrahaptics, which was spun out of Bristol University by listed company IP Group, is valued at £200 million following the funding round, according to City sources. The technology, haptics – popularised in movies such as Minority Report, starring Tom Cruise – allows users to control things in mid-air through ultrasound without actually touching them.

Haptics has been most widely used in smartphones, where users can control their phone without touching the screen. Virtual reality gaming and in-car controls are seen as other possible uses.

Ultrahaptics’ founder and chief technology officer Tom Carter, 30, developed the technology while studying for a PhD at Bristol. Set up five years ago, the company made a £9.3 million pre-tax loss last year. Woodford Investment Management is understood to have taken part in the latest fundraising, along with IP Group and Dolby Family Ventures, which is linked to the surround sound technology.

The company’s chairman is Michael Tobin, founder of data centre giant Telecity. It also counts former Imagination Technologies chief executive Sir Hossein Yassaie as a director.

City sources said Ultrahaptics is planning for a possible stock market float, which would be a major payday for Carter.