20 August 2024
Mindflair plc
("Mindflair" or the "Company")
Sure Ventures plc - Significant increase in NAV
Mindflair plc (AIM: MFAI), the company invesBng in next generaBon technology focused on AI, notes the trading update announcement made by its investee company, Sure Ventures PLC ("Sure Ventures"), a London listed venture capital fund which invests in early stage soKware companies, for Q2 2024.
Mindflair has a 23.8% shareholding in Sure Ventures and Sure Ventures has a 25.9% interest in Sure Valley Ventures ("SVV1"), in which Mindflair has a 13% direct investment. Consequently, Mindflair has a combined direct and indirect interest in SVV1 of circa 19%.
The full text of the announcement released by Sure Ventures is set out below.
" Sure Ventures PLC
Q2 2024 NAV Calcula?on and porAolio update
Sure Ventures is a London listed venture capital fund which invests in early-stage soKware companies in the rapidly growing technology areas of ArBficial Intelligence (AI), Augmented Reality ('AR'), Virtual Reality ('VR') and the Internet of Things ('IoT'). We are pleased to provide an update on the Company's investment por[olio.
SURE VALLEY VENTURES FUND (ICAV)
Sure Ventures made a €7million commitment to Sure Valley Ventures Fund ('Sure Valley') represenBng an interest in Sure Valley of approximately 25.9%. This commitment was made at a price of €1.00 per share. The current NAV of the Sure Valley Ventures ICAV as of Q2 2024 is €2.02 which is an 85% increase from its NAV as at Q1 2024 and the fund is fully invested.
SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND (ECF)
Sure Ventures PLC has a £5m commitment and owns approximately 5.8% of the overall fund. This commitment is at an early stage of deployment, with only 19% of this commitment made so far. The current NAV stands at £0.67172 with a por[olio of 5 investments at quarter end.
Sure Valley Ventures Fund (ICAV)
Landvault
Infinite Reality agreed to acquire Landvault for US$450 million in an all-share transacBon as announced on the 10th of July 2024. SVV1 has a 7% shareholding in Landvault and Sure Ventures PLC owns 25.9% of Sure Valley Ventures (ICAV). The purchase consideraBon for Landvault would comprise new shares in infinite reality and it is expected that this company will be seeking a lisBng on Nasdaq in Q3 2024 through a combinaBon with its SPAC partner, Newbury Street AcquisiBon Corp.
Based on the figures set out above, this disposal has the potenBal to generate proceeds for Sure Ventures PLC of circa US$ 8.3 million depending on the value of Infinite Reality shares, a circa 470% upliK on SVV1's carrying value of Landvault as at end of March 2024.
Getvisibility
As previously announced, Getvisibility has developed an AI-powered pla[orm for data discovery, classificaBon, security and governance. The technology is underpinned by ArBficial Intelligence models (AI) and the strength of the technology forged a partnership with Forcepoint back in 2022, to launch a joint product powered by the Getvisibility pla[orm.
Forcepoint is a global leading American mulBnaBonal soKware company, headquartered in AusBn Texas, that develops security soKware & data protecBon, cloud access security, firewall and cross- domain soluBons. Forcepoint has revenues in excess of US $680m, has 2,000 plus employees and is owned by Francisco Partners (US $41.9bn AUM).
Virtex
Virtex Stadium is an applicaBon that enables Esports organisers to host their exisBng formats on
a 3D entertainment pla[orm, offering millions of viewers a completely new viewing experience.
Users will be able to download the applicaBon from the main PC VR app stores, Oculus and Steam and use it with their VR headset of choice (e.g Oculus Quest 2, Valve Index).
Later on, the company will provide a 2D version of the applicaBon as well as port to PSVR and mobile/Oculus Quest. Virtex closed an addiBonal funding round in March 2024 which was done at a pre money valuaBon that created a significant unrealised gain on the SVV investment.
WIATechnologies
WIA hops://www.wia.io/ is an Internet of Things (IoT) company with a ground-breaking cloud
pla[orm hops://www.wia.io/product, enabling developers to turn any type of sensor device into a
secure, smart and useful applicaBon in a maoer of minutes
WIA's end-to-end pla[orm provides full device and applicaBon management, security, data capture and storage, analysis, control, as well as the seamless integraBon of enterprise systems. Wia has successfully agreed and extension of mulB-million euro major energy monitoring project from 14 countries to 32 countries across the globe
Sure Valley Ventures Enterprise Capital Fund (ECF)
Th fund is now in acBve deployment stage and has invested in 5 companies to date and a short summary for each has been listed below:
RETinize
RETinize is developing an innovaBve soKware product called AnimoBve, that is harnessing the latest VR technologies to transform the 3D animaBon producBon process. The team have spent 30 years in the global film and TV industry, creaBng and producing hit sows for the BBC, Channel 4, ITV, ABC and CBS, amongst others.
JAID
Jaid is an AI-powered pla[orm that extracts criBcal data from diverse company and customer communicaBons. It organizes the data into meaningful, acBonable insights and seamlessly integrates into exisBng workflows. JAID are working with major Banks, Wealth Managers, fund administrators and clearing banks on a Global basis.
Captur AI
Captur has made significant progress on new business and product features in the last quarter. They have launched their real-Bme camera SDK into producBon, which is now being used by tens of thousands of users per month. They have conBnued to grow their market lead in mobility with plans to launch with new clients in the US and AUS markets in H1'24. They are also expanding into delivery and logisBcs and are in late stage negoBaBons with a Fortune 100 retailer in the US.
IUybit Ltd
Ioybit offers an advanced developer tool that opBmizes media file management for
enterprises by leveraging a proprietary ML-based compression algorithm. As video content
has surged to comprise 82% of consumer IP traffic, tradiBonal hosBng tools have lagged,
leading to high costs and inefficiencies in media storage, which has increased fivefold to over
5 zeoabytes in the past five years. Ioybit addresses this by enabling developers to upload,
store, extract rich data, convert, compress, and deliver media files efficiently, reducing
bandwidth usage by up to 90%.
Vortex IQ Ltd
E-commerce merchants face significant challenges in opBmising their online store
performance. TradiBonal analyBcs and BI tools offer historical data without acBonable steps,
leaving merchants guessing on improvements. Vortex IQ transforms this landscape. Their
proprietary AI workflows idenBfy and analyze data, offering clear insights and
recommendaBons. Through their low-code/no-code interfaces, they streamline
implementaBon, eliminaBng guesswork and saving up to 40% in Bme and operaBonal costs.
SURE Ventures PLC NAV Calcula?on
We are pleased to report that, due to the sale of Landvault and the upliK in Virtex, there was a quarterly increase of 85% in the Sure Valley Ventures Fund (ICAV) NAV value. When represented in the SV PLC NAV calculaBon the quarterly NAV for Q2 2024 (April-June) stands at 148p, which represents at 79.32% upliK from Q1 2024.
Director Comments
- The board of Sure Ventures are delighted with the AIFM performance for Q2 2024 and believe that this should serve as a reminder to shareholders and potenBal investors the scale of the opportunity the por[olio offers. The Landvault sale has had a dramaBc impact on our NAV, but there are several others that have the potenBal to be sold at major mulBples of our invested amount, especially from the ICAV, which has a more mature and developed por[olio of investee companies.
The BriBsh Business Bank backed Enterprise Capital Fund has invested and will conBnue to invest into the exciBng and fast-moving ArBficial Intelligence (AI) soKware arena and we look forward to further por[olio addiBons as the team conBnue to deploy capital.
It is pleasing to announce a 79% upliK to the NAV and we look forward to keeping investors up to date in what is an interesBng period of both potenBal exits in Fund 1 and exciBng deployment in Fund 2."
For further informaBon, please visit www.sureventuresplc.com or contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918"
Nicholas Lee, Director of Mindflair, commented:
"As previously announced, the recent developments in the SVV1 por[olio, parBcularly in connecBon with the disposal of Landvault, have significantly increased this fund's NAV. This is expected to have a corresponding posiBve impact on the value of Mindflair's direct holding in this fund and has also led to a circa 80% increase in the NAV of Sure Ventures over the last quarter. We look forward to providing a further update when we publish our interim results in the next few weeks."
The Directors of the Company are responsible for the release of this announcement. The person who arranged for the release of this informaBon is Nicholas Lee, a director of the Company.
Enquiries: | |
Mindflair plc | Tel: +44 (0) 20 3368 8961 |
Nicholas Lee, Director | |
Nominated Adviser | Tel: +44 (0) 20 7213 0880 |
Cairn Financial Advisers LLP | |
Liam Murray / Ludovico Lazzarev | |
Broker | Tel: +44 (0) 20 7469 0935 |
Peterhouse Capital Limited | Tel: +44 (0) 20 7469 0936 |
Duncan Vasey/Lucy Williams |
Notes to Editors
Mindflair plc (AIM: MFAI) is an investment company providing investors with access to a por[olio of next generaBon technology businesses focused on AI with significant growth potenBal. The Company is building an investment por[olio of high-tech businesses focused on ArBficial Intelligence, across such areas as Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of tracBon and the potenBal for exponenBal growth, due to increasing global demand for development in these sectors. For further informaBon, visit: hop://www.mindflair.tech/.
Sure Valley Ventures (www.surevalleyventures.com) ("SVV") is a venture capital firm that invests in early-stage AI soKware companies in the UK and Ireland. InvesBng in AI since the firm's incepBon in 2017, SVV has a strong track record of acceleraBng the growth of private AI companies through to Series A and beyond.