Allied Minds and GE Ventures have formed a partnership. According to terms of the deal, both will invest in new and existing companies sourced from both Allied Minds and GE’s pipelines.
Boston, Mass. – September 29, 2016 – 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 commercialise 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.
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’ commercialisation 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.