21 Oct 2008   |   News

Philips spins out five companies with backing from Prime Technology Ventures

Spin-outs formed

Philips Corporate Technologies announced the completion of a successful spin-out of five technology ventures from Philips incubator venturing programme, with support from Prime Technology Ventures (PTV), an independent pan-European venture capital firm headquartered in The Netherlands.

The transaction includes: Civolution, Intrinsic-ID, priv-ID, amBX and Serious Toys. PTV made an undisclosed cash investment in each of these companies.

At the same time Philips said it handed over minority stakes in two other spin outs, Silicon Hive and Liquavista to the PTV III fund, in return becoming a limited partner in PTV.

Rick Harwig, Chief Technology Officer of Philips and Chief Executive Officer of Philips Corporate Technologies, said the deal will enable the new companies to accelerate their growth and establish strong businesses.

“Furthermore, PTV is the right partner for Philips given its strong track record of developing high growth technology companies, competent team and blue chip investor base.”

Harwig added, “This transaction is consistent with Philips’ open innovation strategy and intention to spin out viable ventures which groom businesses outside our core Healthcare, Consumer Lifestyle and Lighting activities.”

Sake Bosch, founder and Managing Partner of PTV, said, “We are delighted to welcome Philips as a limited partner in PTV III. We believe these businesses have great potential and match our sector experience and expertise. Above all, these ventures are in line with our strategy to invest in high growth companies which have the potential to achieve international dominance.”

Never miss an update from Science|Business:   Newsletter sign-up