PRINT THIS PAGE US New Venture Partners announces partnership with Royal Philips Electronics22/10/2003. Source: AltAssets. 
 US-based New Venture Partners (NVP) has announced that it is to partner with Royal Philips Electronics, the Dutch electronics company. Royal Philips has given NVP the exclusive rights to spin-outs based on the technology developed in Philips Corporate Research Laboratories.
In March this year, NVP announced a similar partnership which gave it exclusive rights to the technology-based venture spin-outs of BT Exact, BT's research, technology and IT operations business. This partnership has already resulted in the creation of four new ventures. The firm also has an agreement with Lucent Technologies' Bell Labs .
‘This relationship with Philips substantiates the creation of an entirely different model of private equity venture capital investment,' said Andrew Garman, managing partner of NVP. ‘We believe Philips to be one of the world's foremost developers of disruptive technology. By investing our time, expertise and capital into the spin-out process with Philips, we can create substantial returns for our investor base and our partners, as we have already done with Bell Labs and BT.'
Ad Huijser, chief technology officer of Philips added that ‘partnering with NVP's proven track record in incubating and growing new businesses from corporate laboratories will strengthen our strategy of creating growth opportunities for the corporation. We are very excited about the possibilities created to do joint innovation with other technology companies in the NVP network'.
NVP has already created over forty companies through its connections with Bell Labs and BT. It manages about $300m of capital on behalf of Coller Capital and other limited partners. Its portfolio companies include Celiant, LPSS, Flarion, Watchmark, iBiquity and Azure.
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