REG - Sure Ventures PLC - Portfolio Update and NAV Calculation Q3 2023

Sure VenturesAnnouncement

12/12/2023 09:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231212:nRSL4804Wa&default-theme=true

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 €7million 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 €1.00 per share. The current
NAV of the Sure Valley Ventures ICAV as of Q2 2023 is €1.34388 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 €2m 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 £2.2 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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUUUVWROAUUARA