RCS - Pires Investments - SVV Software Fund invests in Jaid
14/12/2022 11:03
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RNS Number : 7075J Pires Investments PLC 14 December 2022
14 December 2022
Pires Investments plc
("Pires" or the "Company")
Second Investment of the Sure Valley Ventures UK Software Technology Fund
Sure Valley Ventures leads £3 Million Seed Round in AI as a Service Start-Up
Jaid
Pires Investments plc (AIM: PIRI), the investment company focused on
next-generation technology, 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 £3m seed round in Opsmatix Systems
Limited trading as Jaid ("Jaid"), an innovative technology firm providing
AI-powered human communication solutions, marking the fund's second
investment. The proceeds of the funding will be used to expand its
industry-leading machine learning team, build out business development efforts
across America and Europe and expand into Asia.
Jaid is a rapidly growing company that provides AI as a Service (AIaaS)
solutions to businesses to automate a variety of use cases, including client
service automation, sales automation, payment exception processing, and claims
administration processing. Jaid's technology helps businesses reduce costs,
improve efficiency, and make data-driven decisions.
Jaid's focus to date has been on the financial services industry, with a
strong roster of clients including ClearBank, Syndio, Calastone, and Legal
& General. The proceeds of the funding will allow the exploration of new
verticals, such as healthcare, which has an estimated total addressable market
of £15 billion.(1)
The SVV Software Fund is a newly-established venture capital fund, investing
in a range of private UK software companies with a focus on companies in the
Metaverse, Artificial Intelligence 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 £50 million investment
from the British Business Bank through its Enterprise Capital Funds programme,
was launched in March 2022.
Nicholas Lee, Director of Pires, commented:
"Following its launch in March 2022, we are pleased to note the second
investment of the Sure Valley Ventures UK Software Technology Fund. Jaid
represents a very exciting, high-growth potential opportunity in the
increasingly influential AI as a Service sector. The proceeds from the funding
will be used to scale the business, grow Jaid's machine-learning team and
geographical reach, as well as for the exploration of new verticals, such as
the healthcare industry, where the company sees significant untapped value.
"We look forward to providing further updates with regard to Jaid and the SVV
Software Fund in due course."
(1) Source: OECD
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Henry Wilkinson
Annabelle Wills
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 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/
(https://piresinvestments.com/)
About Jaid
Jaid is a modern Al-powered automation platform that extracts critical data
from all company and customer communications across all channels. It analyses
and organises the data into meaningful, actionable insights and seamlessly
integrates with existing systems and workflows. The company has offices in
London and New York, supporting a rapidly expanding roster of financial
services clients, including ClearBank, Syndio, Calastone, and Legal &
General, and has established a strong partner network.
For further information, visit: https://jaid.io/ (https://jaid.io/)
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