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My main reason for checking out the financial results of Imperial Innovations (IVO), the mainly pharma/biotech-focused, AIM-listed tech ‘incubator’ arm of London’s Imperial College, is to see how visual search technology start-up, Cortexica is getting on (see IndustryViews Private Equity Q3 2009).
Well, IVO says that Cortexica has switched from a vertical market strategy to focus on the core technology (!) and has also bought on board ex-NeoMedia CEO, Iain McCready to lead the business and ARM co-founder Malcom Baird as chairman. A space to be watched, methinks.
For the record, IVO ended the year (to 31st July) with revenues up 4% to £4.5m and record a net profit of £573k. These are not the important numbers, of course, because as (in effect) a VC, it’s all about finding which ‘rainbow’ has the pot of gold beneath it.
