Cody Gate Ventures, a UK-based venture capital firm backed by London-listed defence research company QinetiQ, is taking three of its seven portfolio companies to the US to hire 250 people over the next four years.
Cody Gate said Intrinsiq Materials, which makes medical technology equipment, Quintel Technology, a provider of antenna systems for mobile networks, and radio frequency identification supplier Omni-ID will be located together at the Eastman Business Park, New York City.
Qinetiq spun out seven businesses in 2007 in a vehicle it funded in partnership with Coller Capital and that is managed by Cody Gate as an independent firm while leaving other assets to be managed by the UK-listed company’s in-house venturing team, QinetiQ Ventures.
Stephen Lake left QinetiQ to become the UK-based managing partner of Cody Gate, and was joined by US-based Michael Summers, a former vice president of SRI International.