Octopus Titan VCT plc (“Company” or “Titan”)
25 May 2021
Disposal of stake in WaveOptics Ltd
The Board of Octopus Titan VCT plc is pleased to announce that terms have been agreed for Snap Inc to acquire WaveOptics Ltd at a value not materially different from its holding value.
WaveOptics is a business that designs and sells a set of components for use in Augmented Reality (“AR”) glasses that allow for the creation of AR displays. Titan invested at the series A funding round in 2015 and subsequently led the series B funding round in 2017 and the series C fundraise in 2018 and participated in the convertible note last year. Cumulatively, Titan invested £16.0m in WaveOptics.
This is the biggest UK deeptech acquisition in years and demonstrates the important role that VCTs play in helping to build great businesses that leverage technology to make a difference to their end customers in the products and services they provide.
For further enquiries, please contact:
Katherine Fyfe
Octopus Company Secretarial Services Limited
020 7710 2800