Advanced cleantech and biomedical materials firm Ilika was spun out of the University of Southampton in May 2004. Ilika invents materials that enable its customers to commercialise products more quickly. It can take between seven and 10 years to move from discovery to commercial prototype but Ilika says that it can help clients to do this up to 100 times faster. Ilika raised £5.2m before expenses (£4.4m after expenses) via a placing at 51p a share on 14 May 2010. That valued the company at £18.7m. There have been three fundraisings prior to the flotation including a £7m cash injection in August 2007.