Allied Minds and GE Ventures Form Strategic Alliance to Commercialize Leading-Edge Technologies
29 September 2016 - 4:00PM
Business Wire
Collaboration Intends to Invest in New and
Existing Companies Based on Leading Technologies from GE and Allied
Minds’ Combined Portfolio and Pipeline
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 commercialize 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.
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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’ commercialization 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.
Allied Minds Forward-Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company’s future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risk and uncertainties described in the risk factors
included in the company’s regulatory filings. These forward-looking
statements are based on assumptions regarding the present and
future business strategies of the company and the environment in
which it will operate in the future. Each forward-looking statement
speaks only as at the date of this press release. Except as
required by law, regulatory requirement, the Listing Rules and the
Disclosure and Transparency Rules, neither the company nor any
other party intends to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160928006467/en/
fama PR for Allied MindsTed Weismann,
617-986-5009alliedminds@famapr.comorGE VenturesKristin
Schwarz, 646-682-5601kristin.schwarz@ge.com
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