TIDMSURE
RNS Number : 1535M
Sure Ventures PLC
12 September 2023
Sure Ventures plc ('Sure Ventures' or 'the Company')
Portfolio Update Q2 2023, NAV Calculation 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 as of Q2 2023 is EUR1.3729 which is a 0.36% decrease from its
NAV as at Q1 2023.
Sure Valley has several investments across the AI, AR, VR and
IoT sectors and the major contributing factors and commentary on
underlying portfolio companies that has driven this NAV calculation
are as follows:
Cameramatics
Cameramatics continue to grow their user base in the UK, Europe,
and the US. In the US they have won contracts with some flagship
logistic Businesses and they continue to win new Business across
their more mature customer base in the UK and Ireland.
Recurring revenues have grown significantly over the last 2/3
years and the Company is focusing on the continuation of this, by
growing its user base by direct and indirect methods. Technological
advancement and compliance requirements are contributing factors to
growth, and we are incredibly happy with the progress the
management team have achieved to date.
Nova Leah
Nova Leah is the leader in cyber security for connected medical
devices and is an IoT investment by Sure Valley Ventures. Nova Leah
sells directly to the top medical device manufactures typically in
Boston, MA, and the west coast of the USA. The founder, Anita
Finnegan, is an expert in the area and originally built the
technology in a top medical device software research group in DKIT,
while doing a PhD, and later she spun out the technology and
developed the market selling to a number of tier 1 medical device
manufacturers.
The company received additional funding of 1M Euros in Q2 2023
which equates to a 50% uplift from the previous round. The AIFM
team remain confident in the progress of Nova Leah, its leadership
team, and the traction they are making in the arena.
Smarttech 247
247 are the leaders in the cybersecurity field of extended
Detection and Response
(XDR). That is Artificial Intelligence (AI) and automation that
prevents cybersecurity threats at
faster speed, greater scale, and higher accuracy than humanly
possible.
The share price has stayed strong during a challenging time for
the UK small cap. Additional updates this quarter include:
-- In July 2023, the Company announced that it has received an
order from a long-standing client, a global, automotive technology
company, worth in total c. $3 million over three years.
-- Smarttech also announced a partnership with SentinelOne is
the quarter, whereby Smarttech247 will maximise the benefits and
value of SentinelOne's leading technology for its customers with
specialist-managed endpoint protection and response services,
whilst SentinelOne will provide Smarttech247 with access to its
latest threat intelligence and research.
-- Smarttech247 were also Shortlisted by Small Cap Awards for
IPO of the Year and by Tech Excellence Awards for Managed Security
Service Provider for the Year
Immotion/Lets Explore
Immotion (now known as Let's Explore Group plc), the UK-based
immersive entertainment group announced it has entered into a
conditional sale and purchase agreement, for the sale of its
Location Based Entertainment business (collectively; Immotion
Studios Limited, Immotion VR Limited and C.2K Entertainment Inc.),
to LBE BidCo, Inc. for an enterprise value of $25,211,739 on a cash
free/debt free basis.
The AIFM decided to sell its remaining stake in Immotion PLC and
the key driver for this decision was the unknown nature of any
potential acquisition.
Sure Ventures PLC NAV
The Sure Ventures PLC NAV at the end of March 2023 sits at
115.4p. This represents a 3.7% decrease across the period, down
from 119.p per share at the end of Q1 2023. This means that the
Sure Ventures share price trades at a 18.54% discount to its NAV.
This decrease represents costs and changes to the value of its
listed holdings in Engage XR and Let's Explore Group plc. The
Engage XR share price performance has been frustrating, but the
AIFM continues to back the business and believe in its future
potential.
The Sure Valley Ventures Enterprise Capital fund commitment has
such a small weighting to the NAV of Sure Ventures PLC until
deployment increases. It currently equates to 1.51% of the overall
investment to date. Despite this, AI technologies are beginning to
create a new wave of exciting software solutions and the pipeline
continues to build.
Director Commentary:
" As quarters of the past have gone, the Q2 period was quiet and
unchanged. The small decrease in the NAV was led by small negative
FX movement and the costs & fees of running the PLC. There has
been some great progress from our portfolio companies, in difficult
global trading conditions and we are pleased with the
direction.
Sure Valley ventures fund 1 has a number of companies that are
now looking to either raise further funds at potentially higher
valuations or look at potential trade sales. The excitement
surrounding AI software and the opportunity it provides Industries
across the board, has really driven the pipeline within the
Enterprise Capital Fund (Fund 2). We are excited by the future and
look forward to updating the market with progress."
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918
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