BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - IP Group plc (IPO.L) said portfolio company Monolith Ltd is being acquired by CoreWeave, Inc. Monolith, in which IP Group has a 12.3% holding, is an artificial intelligence software provider to engineering teams that was spun out of Imperial College London. No financial terms have been disclosed.
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.'
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