Release Date: 15th March 2004

Icona Solutions Ltd secures further development funding

Icona Solutions Ltd, a University of Leeds spinout company, has secured an additional £250k funding from existing shareholders including equity funding of £100k from the White Rose Technology Seed Corn Fund, (bringing their total investment in the company to £350k), £50k from management and £25k from Techtran (the University of Leeds technology exploitation company). The funding was rounded off with an HSBC sflgs loan of £75k.

Icona, established in February 2003, has developed leading edge software to visualize the impact of manufacturing variation on product quality. The initial target market is the global auto industry.

For the first time, engineers are able to review the effects of manufacturing variation on the appearance of a vehicle or assembled component, such as an instrument panel, through the increased use of computer based virtual prototypes rather than life sized real models.

Following the successful completion of beta testing Icona is now commercially launching their first product, aesthetica™. The product has been well received and evaluations are in progress with a number of automotive manufacturers.

Dr David Belford, Executive Chairman, Icona Solutions said, "In a risk averse climate for early stage fund raising, we are pleased to have secured the additional support required to enable the company to achieve commercial viability."

Gerry White, Investment Manager, White Rose Technology said "Icona has made good progress over the past year and I have every confidence in their future".

About Icona

Founded in the UK in early 2003 as a University of Leeds spin-out company, Icona Solutions grew out of pioneering work undertaken at the School of Computing, University of Leeds as part of a Government-funded (EPSRC) project called VITAL (Visualisation of the Impact of Tolerance Allocation). The four-year project involved close collaboration with the automotive industry. The project’s team leader, Dr. John Maxfield, later joined Icona Solutions as founder and technical director.

Since the original proof-of-concept work of the team at the University of Leeds, Icona Solutions has undertake research and development to significantly extend the functionality to the software, with the result being aesthetica™.
Icona Solutions has developed significant added functionality to the software, with the result being aesthetica.

The company is currently establishing technical support, training and sales operations to serve the global automotive industry.

About White Rose Technology

The WRTSF was created in 1999 with an award of £4.5 million through the DTI’s University Challenge competition (the largest award made). Member universities and Regional Development Agency Yorkshire Forward have boosted the Fund to £9 million. The Fund invests in spin-out companies from the universities of Leeds, Sheffield and York and is managed by Aberdeen Murray Johnstone Private Equity. Further information about the WRTSF can be found at www.whiteroseseedcorn.com

About Techtran

Techtran Group Limited is a technology transfer company set up by Axiomlab Group Plc in 2002 to offer commercialisation services to research intensive institutions. Techtran signed its first technology transfer outsourcing deal with the University of Leeds in December 2002. This deal allows Techtran to help unlock value emanating from the University's world-class research base for the benefit of all stakeholders, including the academic inventors and their research teams, the University and the wider community.