Business
New investment by SVV UK Software Fund
New investment by SVV UK Software Fund.
About this update from Mindflair Plc
[{"type":"text","content":"\n\n15 August 2024\nMindflair plc\n(\"Mindflair\" or the \"Company\")\nNew investment by Sure Valley Ventures UK Software Technology Fund \nMindflair plc, the company investing in next-generation technology focused on AI, is pleased to note the announcements by Sure Valley Ventures (\"SVV\") of two new investments by the Sure Valley Ventures UK Software Technology Fund (\"SVV2\") in PHINXT Robotics Ltd (\"PHINXT Robtics\") and Vortex IQ Limited (\"Vortex IQ\"), in which Mindflair has an investment.\nPHINXT Robotics\nSVV has led a £2 million funding round for PHINXT Robotics, an innovative AI-led robotics software company that is redefining warehouse automation. Founded in 2022, PHINXT Robotics is revolutionizing warehouse automation with a cloud-based platform that aims to simplify robotic deployments and offers a flexible subscription model. By coordinating robots using edge technology, PHINXT reduces setup complexity tenfold, enabling businesses to increase profits and productivity. The company has secured several contracts, including with a major UK grocery retailer, and plans to expand into Europe. With the global mobile robot market set to reach $16 billion by 2027, PHINXT long term vision is to extend its technology to delivery drones and autonomous vehicles.\nVortex IQ\nSVV has also led a $1 million funding round for Vortex IQ, an AI-powered automation platform for e-commerce. Vortex IQ's AI-driven platform provides actionable insights and seamless implementation, enhancing efficiency and Customer Lifetime Value. Positioned to meet the growing demand for intelligent automation, it offers tools for staging, coding, data backup, and migration. The investment will be used for US and European market expansion, boost sales and marketing, and support AI specialist hiring. The investment follows after success in Techstars' Spring 2024 cohort and the company doubling its customer base organically in the past six months and forming strategic partnerships with BigCommerce and Adobe. Notable clients include Nvidia, Harley Davidson, and Krispy Kreme, which is piloting Vortex IQ's new AI DevOps tool in the UK and Ireland, with global rollout planned by end of 2024.\n \nNicholas Lee, Director of Mindflair, commented: \n\"We are pleased to see SVV making these new investments in two exciting companies that align with the...