GE Ventures, the corporate venturing arm of conglomerate General Electric, has joined forces with commercialisation firm Allied Minds to identify and bring to market technologies from their respective pipelines.
Allied Minds has a total of 160 American universities and US federal research laboratories in its network. The firm has more than $550m under management.
The two partners will co-invest in new and existing technologies. Allied Minds will have an exclusive right of first refusal to license technologies selected by GE, while GE gains the right to invest in research identified by Allied Minds’ partner institutions.
GE Ventures and Allied Minds hope to combine their expertise, technology, marketing, fundraising, startup development and management capabilities to launch and support new companies.
Pat Patnode, president of licensing at GE Ventures, said: “GE is excited to have Allied Minds as a channel partner for venture creation.
“Allied Minds’ capabilities and experience in early stage technology development complement GE’s diverse IP portfolio. We look forward to building opportunities with our combined expertise.”
Chris Silva, chief executive of Allied Minds, said: “What drives Allied Minds is disruption of the status quo in cooperation with our research partners.
“Our new partnership with GE, a globally-renowned leader in innovation, allows us to begin tapping into the vast potential of IP being developed within the laboratories of leading commercial companies.
“Allied Minds is delighted to work with GE and to gain direct access to its technologies while providing GE with exposure to Allied Minds’ portfolio and pipeline of innovations sourced from its network of partners.”