REG - Mindflair PLC - New investment by SVV2 and Correction

MindflairAnnouncement

23/01/2025 07:00

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RNS Number : 3611U  Mindflair PLC  23 January 2025

23 January 2025

Mindflair plc

("Mindflair" or the "Company")

New investment by Sure Valley Ventures UK Software Technology Fund

and Correction to previous announcement

Sure Valley Ventures leads £1.5 million investment in Vizgard

Mindflair Plc ("Mindflair" or the "Company"), the company investing in
next-generation technology focused on AI, notes the announcement made by Sure
Valley Ventures ("SVV") for a new investment by Sure Valley Ventures UK
Software Technology Fund ("SVV2"), in which it has an investment.

SVV has led a £1.5 million funding round for Vizgard (https://vizgard.com/) ,
a cutting-edge AI company specialising in distributed AI solutions for defence
and public safety applications. This funding will accelerate Vizgard's
ambition to enhance camera-based systems' capabilities through its proprietary
FortifAI software platform. The funding round also included participation from
Midwich Ignite (https://www.midwichignite.com/) and Focal
(https://www.gofocal.vc/) .

Vizgard's FortifAI platform is able to leverage low-power, commercially
available processors to enhance systems such as security cameras,
counter-drone technologies, and unmanned vehicles. By combining traditional
computer vision with advanced Deep Learning models, FortifAI offers precise,
real-time threat identification, automatic camera control, and
privacy-preserving features like face blurring.  Founded in 2021 by former
Royal Navy submariner Alex Kehoe, Vizgard addresses critical gaps in defence
AI implementation, as highlighted by the House of Commons Defence Committee.
The company has secured significant contracts from the Ministry of Defence,
HMGCC Co-Creation, several leading defence technology companies and a major UK
transport organisation. Vizgard's customers include Sesanti, a leading British
camera manufacturer and multiple national-remit police departments. The
company is also part of a £12 million Innovate UK consortium.

Nicholas Lee, Director of Mindflair, commented:

"We are pleased to see another investment led by SVV, particularly in a
company as innovative as Vizgard. This aligns perfectly with our strategy of
investing in AI-focused technologies, and we look forward to seeing Vizgard's
growth and its contribution to the sector."

 

Correction to previous announcement

The following amendment has been made to the 'Proposed Share Option Scheme'
announcement released on 22 January 2025 at 7 a.m. under RNS No 1952U. There
was a typographical error in the third bullet point of Nicholas Lee's options
in which the last tranche of the proposed options was stated as vesting upon
the Company's share price increasing to 34.0 pence. The correct figure is 4.0
pence. The corrected text reads "the remaining options vest upon the Company's
share price increasing to 4.0 pence per Ordinary Share, measured over a
consecutive 5-day period (a circa 260% increase from the current share
price)."

 

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

 Nicholas Lee, Director         Tel: +44 (0) 20 3368 8961
 Nominated Adviser              Tel: +44 (0) 20 7213 0880

 Cairn Financial Advisers LLP

 Liam Murray

 Ludovico Lazzaretti
 Joint broker                   Tel: +44 (0) 20 7469 0935

 Peterhouse Capital Limited     Tel: +44 (0) 20 7469 0936

 Duncan Vasey/Lucy Williams
 Joint broker                   Tel: +44 (0) 20 7601 6100

 Shard Capital Partners LLP

 Damon Heath

 

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.

Vizgard is a veteran-founded AI software company based in the UK. Its FortifAI
platform integrates traditional computer vision with advanced Deep Learning
models to enhance Defence and Public Safety systems. For further information,
visit: www.vizgard.com (http://www.vizgard.com/) .

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