Pires Investments PLC New Investment by SVV UK Software Technology Fund (5638Q)
18 Octobre 2023 - 2:27PM
UK Regulatory
TIDMPIRI
RNS Number : 5638Q
Pires Investments PLC
18 October 2023
Pires Investments plc
("Pires" or the "Company")
New Investment by Sure Valley Ventures UK Software Technology
Fund
Sure Valley Ventures leads GBP2.2 million seed round in AI image
verification company
Pires Investments plc (AIM: PIRI), the company investing in
next-generation technology focused on AI, is pleased to provide an
update on its investment in the Sure Valley Ventures UK Software
Technology Fund (the "SVV Software Fund").
Sure Valley Ventures ("SVV") has led a GBP2.2 million seed round
in Captur, a company that has built an enterprise AI platform for
real-time, rules-based image recognition. Existing investors, MMC
Ventures and Ascension Ventures participated in this round, along
with other investors including ex-Deliveroo, and enterprise AI
investors Concept Ventures and Two Culture Capital, backers of
ElevenLabs and Electric AI.
The company's technology uses Edge AI, the implementation of
artificial intelligence in an edge computing environment, which
allows calculations to be completed nearby to where data is
created, rather than an offsite data centre or a centralised cloud
computing facility. This localised processing allows Captur's
technology to make decisions using visual AI in under 3
seconds.
Captur's visual AI solution is fast to implement and offers
product owners easy-to-embed APIs and SDKs that act as a smart
camera within their mobile apps. Captur is currently being used in
the delivery sector for drivers to map doorways and verify the
correct address, reducing delivery to incorrect addresses and fraud
by up to 40%.
Captur aims to expand its visual AI automation technology across
the logistics, transportation, and automotive sectors and to
integrate its solutions into modern enterprise's logistics. The
company's customers include Forest, Dott, and Moove, and
discussions are taking place with prominent logistics firms and
Fortune 100 retailers. With operations in Europe, Captur plans to
enter the US market next year.
The SVV Software Fund is a venture capital fund, investing in a
range of private UK software companies with a focus on companies in
AI and ML, Immersive Tech, Metaverse and Cybersecurity sectors. The
fund is run by the same SVV team which has been highly successful
in achieving a number of cash realisations from, and upward
revaluations of, companies in the SVV portfolio.
The SVV Software Fund, which includes a cornerstone GBP50
million investment from the British Business Bank through its
Enterprise Capital Funds programme, was launched in March 2022.
Nicholas Lee, Director of Pires Investments plc, commented:
"We are pleased with the investment in Captur which has
developed innovative technology and has the potential to improve
profitability and efficiencies across sectors."
Enquiries:
Pires Investments 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 Lazzaretti
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses focused on AI with significant growth
potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial intelligence, Internet
of Things, Cyber Security, Machine Learning, Immersive Technologies
and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to
increasing global demand for development in these sectors.
For further information, visit:
https://piresinvestments.com/
About Captur
Captur is a London-based enterprise AI startup, backed by top
European VCs and InnovateUK. The company was founded in 2020 and
incubated by Google for Startups.
For further information, visit: www.captur.ai
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