Fusion IP (AIM: FIP), the university commercialisation company which turns university research into business, is pleased to announce that Mesuro Limited (“Mesuro”), which sells advanced
radio frequency
testing and measurement systems to the communications industry, has satisfied all the milestones set out in the last investment round in April 2009 and as a result has been able to drawn down the final £350,000 from its investors Fusion IP, Finance Wales and the ERA Foundation.
The draw down takes Fusion’s shareholding in Mesuro to 49% and results in a valuation uplift for Fusion of £600,000.
Commenting on announcement, David Baynes, Chief Executive Officer of Fusion IP, said:
“Mesuro has made good progress in its first year. It completed a successful £1m fund raising round in April 2009 and launched its first product later in June.”