REG - Mindflair PLC - New investment by SVV UK Software Fund

MindflairAnnouncement

15/08/2024 07:00

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RNS Number : 4888A  Mindflair PLC  15 August 2024

15 August 2024

Mindflair plc

("Mindflair" or the "Company")

New investment by Sure Valley Ventures UK Software Technology Fund

Mindflair plc, the company investing in next-generation technology focused on
AI, is pleased to note the announcements by Sure Valley Ventures ("SVV") of
two new investments by the Sure Valley Ventures UK Software Technology Fund
("SVV2") in PHINXT Robotics Ltd ("PHINXT Robtics") and Vortex IQ Limited
("Vortex IQ"), in which Mindflair has an investment.

PHINXT Robotics

SVV has led a £2 million funding round for PHINXT Robotics, an innovative
AI-led robotics software company that is redefining warehouse automation.
Founded in 2022, PHINXT Robotics is revolutionizing warehouse automation with
a cloud-based platform that aims to simplify robotic deployments and offers a
flexible subscription model. By coordinating robots using edge technology,
PHINXT reduces setup complexity tenfold, enabling businesses to increase
profits and productivity. The company has secured several contracts, including
with a major UK grocery retailer, and plans to expand into Europe. With the
global mobile robot market set to reach $16 billion by 2027, PHINXT long term
vision is to extend its technology to delivery drones and autonomous vehicles.

Vortex IQ

SVV has also led a $1 million funding round for Vortex IQ, an AI-powered
automation platform for e-commerce. Vortex IQ's AI-driven platform provides
actionable insights and seamless implementation, enhancing efficiency and
Customer Lifetime Value. Positioned to meet the growing demand for intelligent
automation, it offers tools for staging, coding, data backup, and migration.
The investment will be used for US and European market expansion, boost sales
and marketing, and support AI specialist hiring. The investment follows after
success in Techstars' Spring 2024 cohort and the company doubling its customer
base organically in the past six months and forming strategic partnerships
with BigCommerce and Adobe. Notable clients include Nvidia, Harley Davidson,
and Krispy Kreme, which is piloting Vortex IQ's new AI DevOps tool in the UK
and Ireland, with global rollout planned by end of 2024.

 

Nicholas Lee, Director of Mindflair, commented:

"We are pleased to see SVV making these new investments in two exciting
companies that align with the vision of advancing AI technology. PHINXT
Robotics and Vortex IQ are both at the forefront of their respective fields,
and these investments further develop our AI-focused portfolio, supporting
innovation and."

 

About PHINXT Robotics

PHINXT Robotics is a leader in AI-powered robotics automation, providing a
cloud-based platform that enables seamless collaboration among various types
of autonomous robots. The platform supports warehouse automation and has the
potential to expand into other areas such as delivery drones and autonomous
vehicles.

 

About Vortex IQ

Vortex IQ is an AI-driven e-commerce automation platform designed to enhance
operational efficiency through actionable insights and seamless
implementation, empowering merchants to achieve greater success in the digital
marketplace.

 

The Directors of the Company are responsible for the release of this
announcement. The person who arranged for the release of this information 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 Lazzaretti
 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 portfolio of next generation technology businesses focused on AI
with significant growth potential. The Company is building an investment
portfolio of high-tech businesses focused on Artificial Intelligence, across
such areas as 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:
http://www.mindflair.tech/.

Sure Valley Ventures (www.surevalleyventures.com) ("SVV") is a venture capital
firm that invests in early-stage AI software companies in the UK and Ireland.
Investing in AI since the firm's inception in 2017, SVV has a strong track
record of accelerating the growth of private AI companies through to Series A
and beyond.

 

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