The latest start-up company to emerge from the University of Dundee and its spin out AMCET has attracted a prestigious heavyweight team as it sets out to secure first round funding.
Aktina which will commercialise a technology with vast potential across a range of applications including optical circuit boards, liquid crystal displays and gas sensors has confirmed that Dr Alex Deas, Derek Douglas and Lynne Falconer will be joined by Professor James Cairns on the Board of Directors.
Alex Deas, the technologist behind Memory Corporation's founding technology and currently heading up data-transfer pioneer Acuid, becomes President of Aktina. Corporate Financier, Derek Douglas, Chairman of Adam Smith Limited becomes Aktina's Chairman and will drive the current fundraising initiative.
Having worked together to raise investment for Memory Corporation and Acuid, Deas and Douglas have a highly successful track record for developing early stage technology companies. Douglas was also a founding shareholder and first Chairman of Kymata and, until recently, Chairman of Digital Animations Group.
Director of the University's Research and Innovation Service Jim Houston said:"The fact that these two major players are endorsing this new technology from AMCET and the University of Dundee is as significant as it is exciting. Their support highlights the potential and the world class quality of this technology. This deal is further indication of the University's appetite for commercialisation."
The aim for Aktina is to raise £2m to support the product development and take these products to market.
Professor Cairns, who leads the continued development as Aktina's chief technical officer said:"The support of Alex Deas and Derek Douglas is a tremendous endorsement and puts out a clear message to likely investors about the substance and vast commercial potential of Aktina's technology."
Aktina has been set up to develop applications and products based on a technology invented by Professor Cairns and his research team at the University of Dundee.
Many industrial processes involve locating atoms or molecules on a surface including electro-plating circuit board production, liquid crystal and plasma display panels and gas sensors. The University of Dundee offers a cost effective process for fixing atoms or molecules to a range of surfaces, where they can perform useful functions.
Aktina will have an exclusive licence for the technology with full ownership transferring to the start-up company on completion of first round funding. The company is committed to launch its first product at an early stage.
Derek Douglas said:
"Aktina has a strong demonstrable technology with a clear and measurable
plan to roll out marketable products. In a tough market it is companies
like Aktina, capable of demonstrating sound commercial management of
cutting edge technology, which will win. The strength of the new
company is that it is based on a range of distinct, but interlinked
applications, each of which has the potential to make a significant impact on the
market."
Graham McKee, Chief Executive of Scottish Enterprise Tayside, a partner in AMCET, said: "Aktina is an excellent example of the increasingly close links between universities and industry which Scottish Enterprise is keen to encourage through our active involvement in projects like AMCET. The combination of visionary technology and hard-headed business sense which Aktina represents is a major step towards the AMCET partners' shared goal of unlocking the huge knowledge base in the University of Dundee for the long-term benefit of the Tayside and Scottish economies."
Notes to Editors:
University of Dundee
Research income is £43m pa ranking third in Scotland and sixteenth in
the UK - remarkable for a university of its size. Twenty five percent of
that research income comes from industry. A strong intellectual property
portfolio contains more than 80 patents, 30 of which have been licensed.
University spin out companies include Axis Shield, Cyclacel, DDS
Medicines, Cypex, Xenomics and AMCET.
The University of Dundee's record of turning ideas and knowledge into products and services was recognised in the LaunchIT 2001 awards in London when the university was named the fastest developing for innovation and enterprise.
AMCET
AMCET Ltd, formed in 2000 and based on materials technology, pools
university intellectual property and Scottish Enterprise funding.
Based on the Dundee University campus it represents an investment of £5.5 m in
total. AMCET's mission is to identify promising new materials and
processes for future commercial exploitation.
Alex Deas
In 1993, Alex founded Memory Corporation, which grew to a $400m
capitalisation in 1995 with a technology that is still generating
profits today. In early 1996, close to the peak of its success, Alex left
Memory in a management buy-out to form Acuid Corporation. Acuid Corporation
has developed a world lead in extremely high-speed technology and has just
completed a multi-million dollar investment.
Derek Douglas and Adam Smith Limited
With the dynamic spirit of an entrepreneur, Derek Douglas brings a
unique skill set to corporate finance. Derek established the business of Adam
Smith Limited in 1988, a corporate finance company specialising in
advising early stage technology companies, and has established a reputation for
successfully providing the business skills and sourcing investment for
breakthrough technology. Adam Smith Limited is based on a nucleus of
two people, directors Derek Douglas and Lynne Falconer. Together they and
their clients have raised in excess of £250 million.
For more information contact:
Stella Evans
Indigo (PR) Ltd
Tel 0131 530 3642
Carol Pope
University of Dundee
Tel 01382 344021
Photo (l-r) AMCET director Dr David Hutson, Aktina president Dr Alex Deas, director Lynne Falconer, chairman Derek Douglas and Professor Jim Cairns.