Total investor commitments to TTP Ventures have reached 30m, double the figure of the Fund's 'first closing' in February.
Siemens joins TTP Venture Fund at final closing
TTP Ventures has attracted a powerful group of corporate and financial investors, including NPM Capital, the leading Dutch venture capital firm, Boeing and most recently Siemens Venture Capital.
As the venture capital arm of (better known as The Technology Partnership), the leading Cambridge-based innovation and technology company, TTP Ventures already has access to the expertise and contacts of TTP's 400 employees. The corporate venturing relationships with Boeing and Siemens add still further to its ability to act as an informed investor.
Announcing the final closing of the fund, David Connell, TTP Ventures Chief Executive, said 'we are delighted that Siemens has decided to become an investor in the Fund, and we both see a lot of mutual benefits flowing from the relationship'.
As Europe's largest electronics company, Siemens' interests range from IT to medical equipment. Siemens Venture Capital was set up in 1999 to help the parent company access new technology and spin-off new ventures. It was recently described by the Wall Street Journal as one of the leading European corporate investors. Commenting on the investment in the TTP Venture Fund, Dr Dirk Lupberger, Siemens Venture Capital's CEO, said 'we have looked at a wide range of funds in Europe, and found a very close fit between Siemens' interests and TTP Ventures' areas of expertise. When coupled with the entrepreneurial success of its parent, it was a natural choice of fund for us to invest in'.
TTP is an independent technology company where scientists and engineers collaborate to invent, design and develop new products and technologies. Working across a wide spectrum of industries including health, telecoms, industrials and consumer, TTP creates breakthrough solutions that bring strong commercial value to clients and the benefits of technology to all.