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IMEC agrees seed capital accord

Capricorn Venture Partners and the Leuven-based research center IMEC will work together to support new IMEC spin-off initiatives with start-up and seed capital. As part of the agreement, Capricorn Venture Partners has been mandated to raise the funds required for the ITF seed capital fund.

Capricorn Venture Partners expects to raise 40 to 60 million euro of committed capital for ITF from local and international investors. The first closing is likely to be called towards the end of the third quarter this year at around 20 to 25 million euro, allowing ITF to make its first active investments.

Under the agreement, IMEC, Europe's largest independent microelectronics and nanotechnology research center, will identify new spin-off initiatives internally and coach these through the pre-seed phase.

Once a first version of the business plan for the new spin-off has been completed, the relevant intellectual property defined and valued, and a management team appointed, the spin-off will be presented by IMEC to ITF for investment consideration. External start-up companies that plan to bundle significant IMEC intellectual property with that of a third party will also be eligible for investments by ITF.


Reported by
5 February 2004

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