TIDMSURE
RNS Number : 7744L
Sure Ventures PLC
17 May 2022
Sure Ventures plc ('Sure Ventures' or 'the Company')
Portfolio Update Q1 2022 and Director commentary
Sure Ventures is a London listed venture capital fund which
invests in early stage software companies in the rapidly growing
technology areas of Augmented Reality ('AR'), Virtual Reality
('VR'), Internet of Things ('IoT') and Artificial Intelligence
(AI). We are pleased to provide an update on the Company's
investment portfolio.
SURE VALLEY VENTURES FUND
Sure Ventures made a EUR7million commitment to Sure Valley
Ventures Fund ('Sure Valley') representing an interest in Sure
Valley of approximately 25.9%. This commitment was made at a price
of EUR1.00 per share. The current NAV of the Sure Valley Ventures
ICAV is EUR1.47 which is a 9.99% increase from its NAV as at Q4
2021.
Sure Valley has several investments across the AI, AR, VR and
IoT sectors and the major contributing factors and commentary on
underlying companies that has driven this NAV calculation are as
follows:
Getvisibility
Getvisibility successfully raised EUR10 million in equity from
new investors Alpha Intelligence Capital ("AIC"), a global venture
capital firm which invests in deep arti cial intelligence/machine
learning technology-based companies and Fortino Capital Partners
("Fortino"), a leading B2B software venture capital and growth
equity firm.
Certain existing investors, including Sure Valley Ventures and
Pires have also made follow-on investments alongside AIC and
Fortino and other additional new investors. As part of this funding
round, Sure Ventures PLC invested a further 310,773 Euros from
existing cash resources as part of the follow-on round.
Getvisibility has made significant progress in both winning
customers and identifying customer needs, in what is clearly a
requirement that has become "front and centre" to commercial
operations across the globe. This round of funding, based on the
post funding round valuation of Getvisibility, provides a 4x uplift
to our original investment and has been responsible for the NAV
uplift.
VIVIDQ
VividQ announced the launch of its latest cutting-edge
technology, unveiled for the first time at the SID Display Week
Conference in San Jose, California. VividQ's Alpha Optical Engine
Demonstrator displays high-resolution 3D visuals (60 PPD) with
excellent contrast and realistic focal depth using
Computer-Generated Holography (CGH), the process of engineering
light in software.
This new technology allows device manufacturers to test and
evaluate VividQ's innovations in Computer generated holography
(CGH) against their AR display specifications and image quality
requirements. VividQ is collaborating with device manufacturers
from the US, Japan and China to integrate CGH into the next
generation of AR devices soon to be available on the market.
Listed holdings
Equity markets have been volatile, and both Engage XR (EXR.L)
and Immotion PLC (IMMO.L) traded lower on a quarter-on-quarter
basis. The AIFM are happy with both positions and are long term
investors. Both listed entities are producing strong revenue growth
and market adoption.
During the quarter Immotion PLC signed a three-year agreement
for the installation of a 24 seat Gorilla Trek VR Theatre at
Pittsburgh Zoo & PPG Aquarium. The company also announced full
year results showing Revenues for the year increasing by 230% to
GBP9,391,000 and the Group achieved a full year positive adjusted
EBITDA([5]) result for the first time since its inception of
GBP908,000 (2020: GBP1,690,000 negative).
ENGAGE XR is also performing well despite the market volatility
and Engage platform revenue comprises 72% of total Group revenue.
Since the Group's interim results, ENGAGE has continued to grow,
including the recent signing of a contract with one of the world's
leading professional services groups to use the platform. Annual
ENGAGE revenue compound annual growth rate (CAGR) is in excess of
100%.
SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND
During the quarter Sure Ventures PLC also made a commitment of
GBP5m to the Sure Valley Ventures Capital Fund. The fund has
launched, and the first investment was made in a company called
RETìníZE on the 16(th) of March 2022.
Retinize are developing an innovative software product called
Animotive that is harnessing the latest VR technologies to
transform the 3D animation production process. The proceeds of the
seed round will drive the next two-year step in its growth and the
global rollout of Animotive.
The seed round, led by the SVV Software Fund's GBP1 million
investment, marks the first investment from this fund which
recently announced its first close of GBP85 million, which included
a cornerstone GBP50 million investment from the British Business
Bank, an investment arm of the UK Government.
Sure Ventures PLC NAV
The funding round secured by Getvisability has had a significant
impact on the Company's NAV and despite a decline in value of the
listed assets, the NAV of Sure Ventures PLC has grown from 118.34p
a share to 128.9p a share, which represents a 8.923% uplift quarter
on quarter.
Forward looking statement & Director comment
When calculating the NAV for both Sure Valley Ventures and Sure
Ventures PLC we do not re-rate an unlisted investee company
valuation unless there is a funding round priced by another
investor. The nature and stage of the software companies that we
invest requires patience and we are now starting to see these
businesses mature at a strong pace. This quarter has seen another
portfolio company complete a follow on round with a 4x original
cash uplift and we look forward to updating the market with
progress of our portfolio as it continues to grow.
Gareth Burchell comment
"Sure Valley Ventures and its portfolio of deep technology
companies continue to perform in what are difficult economic
circumstances. The speed at which some of the growth is starting to
come through has the team excited for the future. The NAV is
beginning to reflect some of the achievements of our founders and
we look forward to updating shareholders with further progress"
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918
Notes to Editors
Sure Ventures plc listed on the London Stock Exchange in January
2018 giving retail investors access to an asset class that is
usually dominated by private venture capital funds. Sure Ventures
is focusing on companies in the UK, Republic of Ireland and other
European countries, making seed and series A investments in
companies with first rate management teams, products which benefit
from market validation with target revenue run rates of at least
GBP400,000 over the next 12 months. Website:
https://www.sureventuresplc.com/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
PFUBKOBDCBKKBPD
(END) Dow Jones Newswires
May 17, 2022 05:14 ET (09:14 GMT)
Sure Ventures (LSE:SURE)
Historical Stock Chart
From Nov 2024 to Dec 2024
Sure Ventures (LSE:SURE)
Historical Stock Chart
From Dec 2023 to Dec 2024
