Business
Getvisibility secures new funding
Getvisibility secures new funding.
About this update from Mindflair Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3060A\n Pires Investments PLC\n 01 June 2021\n \n \n \n \n 01 June 2021\n \n \n Pires Investments plc \n \n \n \n \n \n (\"Pires\" or the \"Company\")\n \n \n \n \n \n Getvisibility secures new funding \n \n \n \n \n \n Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to announce an update and further investment in Getvisibility, an artificial intelligence-based data discovery, classification and protection platform company that Pires is invested in, both directly and through its investment in Sure Valley Ventures (\"SVV\"). Recent cyber security incidents have led to a substantial increase in demand for Getvisibility's systems to discover and protect sensitive corporate and personal data.\n \n \n \n \n \n Getvisibility has secured a €1.1 million equity funding round led by a new lead investor Herb Hribar, a director of ScienceLogic, Inc., a leading provider of AI-based operations technology which recently completed its own US$105 million funding round. This funding round also comprised follow-on investment from existing investors and the conversion of outstanding convertible loans into equity, including participation from Pires, SVV, Enterprise Ireland, Zefone Limited (trading as Smarttech247) and Manifold Investments Limited. \n \n \n \n \n \n Pires is investing €62,000 to maintain its current shareholding, with t\n his new funding taking place at a significant premium to the valuation at which Pires made its original investment of €250,000 in March 2020. \n Following this funding, Pires will have a total interest of circa 10% in Getvisibility (comprising a direct interest of 5.4% and an indirect interest of 4.4%). The consideration for this further investment has been satisfied from Pires' existing cash resources.\n \n \n \n \n \n Herb Hribar has also now joined the board of Getvisibility as Chairman to support its customer and partner activities in the United States. Mr Hribar is an experienced telecom, media and technology executive and has been employed by private equity and venture capital firms to lead turn-around projects as Chief Executive/Chief Operating Officer in Europe and the United States. These include Eircom, Kabel Deutscland Gmbh, Cablecom Switzerland, Verio and Interliant. He has also ...