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IP Group plc
IP Group is the UK's largest listed IP-commercialisation platform, with formal partnerships giving it preferred access to spin-outs from Oxford, Cambridge, UCL, Imperial and a further ten research…
Investment thesis
IP Group is the UK's largest listed IP-commercialisation platform, with formal partnerships giving it preferred access to spin-outs from Oxford, Cambridge, UCL, Imperial and a further ten research universities. Its quantum thesis is hardware-diversified across three bets: Oxford Quantum Circuits (superconducting, co-led 2023 £42m round), Quantum Motion (silicon-CMOS spin qubits, DARPA QBI Phase B selection November 2025) and Quantum Dice (QRNG / quantum entropy, EIC €2m grant December 2025). The silicon-CMOS thesis is the differentiated bet — Quantum Motion delivered the industry's first full-stack CMOS quantum computer at the NQCC in 2025. As a listed vehicle, IP Group can ignore fund-life pressure and hold hardware companies to exit. The firm allocates across HealthTech, DeepTech and CleanTech with dedicated future-compute coverage. Balance-sheet investing lets it follow on meaningfully at Series B and C.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Public 2023 to 2024 strategy emphasises capital discipline and faster paths to revenue after large writedowns, so pure science long horizon plays without industrial pilots are likely deprioritised.
Notable quantum portfolio
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