Lewis Silkin advises British start-up behind pioneering ‘flight suit’ on VC investment
11 August 2017
Partner David Willbe advises Gravity Industries on investment from renowned American venture capitalists Tim and Adam Draper.
Top 100 UK law firm Lewis Silkin LLP has advised the UK technology firm Gravity Industries, which captured the world’s attention with its ground-breaking ‘flight suit’, on a US$650,000 investment by funds led by leading American venture capitalists Tim and Adam Draper.
Reminiscent of something out of a futuristic Hollywood film, Gravity’s technology is playing a key role in establishing an “entirely new category in aviation history” through its “human propulsion technology that re-imagines manned flight,” according to the company’s website. The investment was sparked by a parking lot demonstration of the technology, prompting Tim Draper – who counts Tesla, Baidu and Skype among his previous investments – to draft an initial termsheet for the deal on the face of $100 bill. The funds will be utilised to help the company and its founder, British entrepreneur Richard Browning, to develop a second generation of the flight suit and further develop its patent pending technology.
David Willbe, corporate partner at Lewis Silkin and a leading advisor to tech start-ups and investors, worked on the deal, along with Partner Graham Reid and Associate Georgina Fraser. The transaction is the latest example of Lewis Silkin’s extensive track record of advising entrepreneurs and investors alike regarding investments in high-growth businesses in the technology arena.
David Willbe, partner at Lewis Silkin, said:
“We are delighted to have advised on the investment in Gravity by funds led by Tim and Adam Draper. The company’s ‘flight suit’ is an incredibly exciting innovation which has certainly captured the imagination of the market and media alike. There clearly continues to be significant innovation in the UK, and both domestic and international appetite for investment in our emerging technology companies. It is very gratifying to bring to bear our team’s significant expertise and track record to advise both investors and innovators in the technology field.”
Watch video footage of the 'flight suit' via YouTube here.
You can also view the $100 bill that was used to draft the initial termsheet below.
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