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New Venture Partners closes deal with Philips Research; launches new business based on Philips's electrowetting technology for display screens
March 21, 2005
MURRAY HILL, N.J. -- New Venture Partners (NVP), the corporate venturing firm, today announced that it had closed a partnership deal with Philips Research, the research business of Philips Electronics Nederland B.V, Europe's largest electronics company, to identify and create spin-off businesses based on technology from Philips Research's global network of laboratories.
Under the partnership, NVP will carry out end-to-end internal-venture development through spin-off and guidance of new ventures. Also announced today is the first business to be developed under the partnership. This business is based on Philips' electrowetting technology for vastly improved display screens for mobile applications such as PDAs, mobile phones and video cameras.
NVP's corporate venturing model is becoming increasingly important to R&D laboratories worldwide where the potential for extracting much more value from research is just being recognised. Under this exclusive relationship with NVP, that makes NVP the primary route for venture-backed spin offs from Philips Research, Philips will provide NVP with access to its researchers and their inventions, and the ability to grow and spin-off ventures based on Philips research. NVP will provide the funds needed to develop the ventures whilst growing them inside Philips prior to wider venture financing. NVP will open an office at the High Tech Campus Eindhoven, complementing Philips' strategy of opening the site to third parties.
"In research you need to have a long-term planning in creating and developing new technologies in anticipation of future trends and applications, which in due time may fall outside of the scope of Philips strategy," says Rick Harwig, CEO of Philips Research "Together with NVP we will be able to commercialise these promising technologies and turn them into viable businesses for the benefit of Philips and our innovation eco-system."
New Venture Partners LLC
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