IP Group is a UK based, early-stage science investor that supports innovative companies to help build a healthier, tech-enriched, regenerative future.
IP Group is a London-based venture capital firm specialising in the commercialisation of intellectual property developed at leading universities and research institutions. Established in 2001, the firm partners with founders and scientists to build and scale innovative start-ups in sectors such as life sciences, deep tech, and cleantech. IP Group supports companies from the earliest stages of development through to commercial success, with a focus on technologies that address major global challenges.
IP Group’s mission is to accelerate the impact of science by building world-leading businesses from breakthrough ideas, helping to solve major challenges in health, climate, and technology. The firm invests in innovative companies that deliver both commercial success and measurable benefits to society, with a commitment to responsible investment, scientific excellence, and long-term value creation.
IP Group’s core values are rooted in integrity, collaboration, and sustainability. The team seeks out ventures that combine strong intellectual property with the potential for real world impact, believing that financial returns and positive societal outcomes go hand in hand. The firm maintains high standards of ethical conduct and governance, fostering a culture that supports innovation, diversity, and transparency at every level.
IP Group was founded in London in 2001 by David Norwood, an entrepreneur and investor with a vision to unlock the commercial potential of world-class university research. With a background in investment banking and a passion for science and innovation, David Norwood recognised the opportunity to bridge the gap between academic breakthroughs and real-world impact. Before establishing IP Group, he played a pivotal role in raising capital for Oxford University’s Department of Chemistry, which led to the creation of a new model for university spinout investment.
Under Norwood’s leadership, IP Group pioneered long-term partnerships with leading universities across the United Kingdom, building a collaborative, impact-driven culture focused on scientific excellence and commercial success. The founders’ experience in both industry and investment enabled the firm to identify and support high-potential start-ups developing transformative technologies in life sciences, deep tech, and cleantech. IP Group was created in response to the growing need for effective capital flows into university innovation, with a belief that dedicated and knowledgeable investors could turn scientific discoveries into global solutions.
Geographic Scope:
IP Group primarily invests in early-stage companies across the United Kingdom, with a strong presence in Europe, the United States, and Australia. The firm is committed to supporting innovation emerging from leading universities and research institutions, while remaining open to opportunities with global relevance and scalability.
Sectors of Interest:
IP Group concentrates on transformative technologies and business models that accelerate the shift to a knowledge-based and sustainable economy. Core areas of interest include:
The firm seeks innovations that deliver measurable benefits for society, the environment, and the economy, supporting the transition to a healthier, tech-enriched, and regenerative future.
IP Group backs companies led by mission-driven founders and leading researchers, focusing on high-impact ventures with scalable business models, strong intellectual property, and the potential for significant global impact. Each investment is expected to generate lasting value for both society and shareholders.
IP Group follows a rigorous, multi-stage assessment process to evaluate potential investments, ensuring alignment with its mission to commercialise breakthrough science and technology while delivering measurable societal and financial returns. The process includes:
Initial Screening
Potential investments are assessed for strategic fit with IP Group’s focus on life sciences, cleantech, and deep tech. The team evaluates the scientific validity of the technology, the strength of intellectual property (IP), and the scalability of the business model. Companies must demonstrate clear links to leading academic research or innovation ecosystems.
Due Diligence
IP Validation: Ownership, legal standing, and freedom to operate (FTO) are assessed to confirm that patents, trademarks, or trade secrets are enforceable and free from third-party claims. Licensing agreements and joint ventures are reviewed for any restrictions.
Technical & Commercial Viability: Technologies undergo review by internal and external experts. Market potential is evaluated using revenue multiples, discounted cash flow (DCF) models, or recent financing benchmarks. For life sciences companies, progress through clinical trials and regulatory pathways is analysed.
Impact Alignment: Each opportunity is assessed against IP Group’s impact framework, including indicators such as quality-adjusted life years (QALYs) for healthcare, carbon reduction metrics for cleantech, and efficiency metrics for deep tech. ESG factors and governance structures are embedded in the evaluation.
Valuation & Benchmarking
IP Group applies market-based valuation techniques, using external specialists where appropriate. Valuations are benchmarked against comparable companies, recent investment rounds, and relevant milestones. A conservative approach is maintained, with adjustments made for risk and execution uncertainty.
Governance & Approval
All proposals are reviewed by IP Group’s Valuation Committee, Audit & Risk Committee, and, where necessary, external auditors. Approximately 75% of portfolio companies have IP Group representation on their boards, ensuring oversight and strategic alignment throughout the investment lifecycle.
IP Group has invested in a range of innovative, science-led companies focused on accelerating the transition to a sustainable, tech-enriched future. Below are some of the most notable and operational portfolio companies that exemplify IP Group’s commitment to greentech and impactful innovation:
Hysata
Hysata is pioneering ultra-high efficiency electrolyser technology for green hydrogen production. Their capillary-fed electrolysis cell achieves world-leading energy efficiency, enabling lower-cost, large-scale green hydrogen for sectors like steel, chemicals, and heavy transport. Hysata’s technology is globally recognised and is backed by IP Group, Kiko Ventures (IP Group’s cleantech arm), and other leading investors. The company recently signed a major deal to deploy its electrolysers in Saudi Arabia and is scaling up manufacturing in Australia. Visit website: Hysata.
tado°
tado° is a leader in smart energy controls and intelligent thermostats for residential heating and cooling. Their technology enables households to optimise energy use, reduce costs, and lower carbon emissions, supporting the move to more efficient, connected homes. tado° is backed by Kiko Ventures and continues to expand across Europe. Visit website: tado°.
Oxford Nanopore Technologies
Oxford Nanopore is a global leader in DNA and RNA sequencing technology, enabling rapid, portable, and scalable genetic analysis. Their molecular sensing platform supports research into biodiversity, environmental monitoring, and climate resilience, as well as human health. The company remains operational and continues to innovate, with strong commercial momentum in 2025. Visit website: Oxford Nanopore Technologies.
Discover more successful investments: IP Group Portfolio.
IP Group is backed by a broad base of institutional investors, pension funds, and private shareholders, reflecting its status as a publicly listed company on the London Stock Exchange. The firm also manages third-party capital through its own balance sheet, dedicated funds, and platforms such as Parkwalk Advisors, the UK’s largest growth EIS fund manager, which backs university spinouts across the country. In addition, IP Group has raised significant capital through partnerships with global investors, including Australian superannuation fund Hostplus, which has committed over A$400 million to IP Group-managed innovation funds.
Capital is raised through a mix of permanent capital, managed funds, and co-investment vehicles, enabling IP Group to provide flexible, long-term support to science and technology ventures. This structure allows the firm to lead or co-lead funding rounds, support companies from seed through to growth stages, and drive the commercialisation of breakthrough innovation. Recent years have seen IP Group raise substantial fresh capital across its Parkwalk and Hostplus platforms, and the firm is actively working to increase third-party assets under management, including through new scale-up funds focused on later-stage growth.
By partnering with investors who share its vision for impact and innovation, IP Group is able to deliver early and growth-stage capital, strategic guidance, and operational support to founders. This collaborative approach ensures the firm can continue to identify, invest in, and scale high-potential science and technology companies, driving positive and lasting change in the UK and internationally.
Investment Stage:
IP Group invests across the full company lifecycle, with a primary focus on early-stage opportunities that are beyond proof of concept or at the early stage of commercialisation. The firm is highly active at the seed and venture stages, particularly in university spinouts, but also provides follow-on and growth capital as companies scale. IP Group will selectively participate in later-stage funding rounds for exceptional opportunities that align with its strategy and expertise, supporting businesses from cradle to maturity.
Equity:
The firm typically makes equity investments, acquiring significant stakes in the companies it supports. IP Group also maintains flexibility to use convertible instruments and co-investment structures, including those offered through Parkwalk Advisors and Hostplus-backed funds, to provide adaptable funding solutions for founders and investors.
Funding:
IP Group is backed by a broad base of institutional investors, pension funds, and private shareholders as a publicly listed company. It also manages third-party capital through its own balance sheet, dedicated funds, and platforms such as Parkwalk Advisors, which manages hundreds of millions in university spinout investments. In recent years, additional capital has been raised from international partners, including the Australian superannuation fund Hostplus, to support scale-up opportunities in science and deep technology.
Recent Developments:
IP Group is currently in an active investment phase and continues to expand its portfolio of high-growth science and technology companies. The firm regularly leads or co-leads funding rounds, as seen in its recent investments in companies such as Hysata (green hydrogen electrolysers), AccelerComm (5G and satellite communications), and AMSL Aero (electric aviation). This model enables IP Group to provide ongoing support and capital as portfolio companies scale and commercialise breakthrough innovations.
IP Group invests in early-stage and growth companies developing breakthrough technologies that address urgent global challenges, including the transition to a low-carbon and resource-efficient economy. The firm’s portfolio targets high-impact sectors such as cleantech, energy transition, and sustainable infrastructure, with notable investments in companies like Hysata (green hydrogen), OXCCU (carbon-to-fuels), and tado° (smart energy controls). Through its dedicated cleantech platform, Kiko Ventures, launched in 2022, IP Group focuses on solutions that deliver measurable environmental benefits, such as emissions reduction, energy efficiency, and the integration of renewables, while supporting the broader goals of the Paris Agreement and the UN Sustainable Development Goals.
Each investment is selected through a rigorous process that integrates ESG and climate impact assessment, ensuring strong potential for real-world impact and commercial success. IP Group collaborates closely with its portfolio companies to develop and track impact metrics, including carbon reduction, resource efficiency, and diversity, and is committed to transparent reporting and continuous improvement. Beyond capital, IP Group provides strategic guidance, access to a network of experts, and operational support to help founders build sustainable businesses. While IP Group aligns its impact strategy with global best practices, it is not currently a signatory of the UN Global Compact. The firm plays an active role in shaping a cleaner, more sustainable future through both investment and industry collaboration.
IP Group supports its portfolio companies with more than just financial investment, offering founders strategic guidance, operational expertise, and access to a robust network of industry experts, university partners, and entrepreneurs. This hands-on approach helps early-stage and growth-stage companies tackle key challenges around scaling, from product development to market entry and international expansion.
The firm actively engages with leading industry bodies and maintains long-term partnerships with 17 UK universities, as well as universities in the US and Australia, ensuring its portfolio companies benefit from the latest sector insights, collaborative research opportunities, and best practices in sustainability and governance.Through these networks, IP Group connects founders with growth capital, executive talent, and commercialisation support, reinforcing its mission to turn world-changing science into world-leading businesses and to deliver positive societal and environmental outcomes.
IP Group is led by a world-class team of professionals with deep expertise in venture capital, science, technology commercialisation, and business development. United by a shared commitment to turning world-changing ideas into world-leading businesses, the team combines experience in investment, corporate strategy, technical innovation, and operational management to support founders with strategic guidance and access to a broad industry network.
Leadership and Key Team Members:
Greg Smith, Chief Executive Officer
Greg Smith has served as CEO since 2021 and brings extensive experience in finance, investment, and company building. He leads IP Group’s strategic direction and oversees the firm’s global operations.
David Baynes, Chief Financial and Operating Officer
David Baynes has been with IP Group for over a decade, managing financial strategy, operations, and risk, and supporting the growth of the firm’s diverse portfolio.
Angela Leach, General Counsel & Company Secretary
Angela Leach has served as General Counsel and Company Secretary since 2008, providing legal oversight and governance expertise for the group.
Peter Grant, Managing Director, New Business and Partnerships
Peter Grant leads new business development and strategic partnerships, including international expansion and the firm’s Australian operations.
Dr. Mike Molinari, Managing Director, IP Group Australia
Dr. Molinari heads the Australian team, leveraging a background in biomedical engineering and venture investment to build the group’s presence in the Asia-Pacific region.
Alistair McCreadie, Chief Investment Officer, Asia Pacific
Alistair McCreadie manages funding requirements and portfolio support for IP Group’s Australasia operations, drawing on deep experience in disruptive technology investment.
Additional team members
The wider team includes investment professionals, sector specialists, and operational leaders with backgrounds across science, engineering, finance, and entrepreneurship.
Learn more about the team on the IP Group ‘Our People’ page.
Are you building innovative solutions in science, technology, or sustainability and seeking early-stage funding? Discover how IP Group can accelerate your journey by visiting: IP Group Website.
Stay updated with the latest news, events, and opportunities by following the IP Group on LinkedIn: IP Group LinkedIn.
Explore more UK opportunities for greentech investment at Adopter’s Greentech Investors Map.
