TIDMSURE
RNS Number : 4804W
Sure Ventures PLC
12 December 2023
Sure Ventures plc ('Sure Ventures' or 'the Company')
Portfolio Update Q3 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 EUR1.34388 which is a 2.9% decrease from its
NAV as at Q2 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:
Smarttech247 Group PLC
Smarttech247 signed a deal with VisonX for 900K euros over a
3-year period, signed a strategic partnership with Splunk on
digital resilience and won a new contract of 400K euros with the
Irish Government. It was an eventful period with a business update
displaying the progress the business is making.
Cameramatics
The company is making significant progress in building its
reoccurring revenue model and are gaining traction in the vehicle
safety, fuel efficiency and accident reduction. The company has
successfully won new contracts in the US, Europe, UK and Ireland.
The company have a diverse spread of clients with some large UK,
European and US logistic Businesses rolling out their technology
across their fleets. The growth trajectory Cameramatics is on gives
us great faith in the future.
Getvisibility
Getvisibility has successfully onboarded 35 new channel partners
in the last quarter, taking the number of active customers to 184.
This level of growth is translating to an increase in annual
reoccurring revenue and the company are building their presence
with the partnership with Forcepoint. The partnership allows
Forcepoint to offer corporate clients a data classification tool,
powered by Getvisibility using the Company's patented AI
technology.
Wia Technologies Ltd
WIA https://www.wia.io/ is an Internet of Things (IoT) company
with a ground-breaking cloud platform https://www.wia.io/product,
enabling developers to turn any type of sensor device into a
secure, smart, and useful application in a matter of minutes. WIA
is the easiest and fastest way to link sensors and devices to
develop IoT applications. WIA's end-to-end platform provides full
device and application management, security, data capture and
storage, analysis, control, as well as the seamless integration of
enterprise systems. During the quarter Wia closed out a deal worth
up to EUR2m with global logistics firm for rollout of energy
monitoring across 5 million square metres of property in 14
countries.
Sure Valley Ventures Enterprise Capital 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.
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.
Sure Ventures PLC NAV
The Sure Ventures PLC NAV at the end of September 2023 sits at
113p. This represents a 1.739% decrease across the period, down
from 115p per share at the end of Q2 2023. This means that the Sure
Ventures share price trades at a 21.68% discount to its NAV.
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 1.63% 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:
" There has been little change in the NAV of both Sure Ventures
PLC or either of the Sure Valley Ventures Funds. The small decline
in NAV is largely due to costs of running the fund and the PLC.
This is a unique position to be in, with many Companies' finding it
very hard to raise money in the present climate without undergoing
a down-round.
The Sure Valley Ventures portfolio has continued to perform well
in difficult market conditions, and we have a number of Investee
Companies that are discussing possible funding rounds or possible
exits. The Sure Valley Ventures team are continuing to build
pipeline traction in the UK fund, and we have seen another
portfolio addition in Captur AI in the quarterly period. We are
pleased with overall progress.
There is no doubt that the possibilities, opportunities, and
enterprise potential of AI technology is becoming more apparent in
our day-to-day lives. The team are seeing some exciting
technologies, and we look forward to the continued deployment by
the Fund management team"
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918
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