REG - Sure Ventures PLC - Q2 NAV Calculation and portfolio update

Sure VenturesAnnouncement

09/09/2025 10:30

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RNS Number : 6023Y  Sure Ventures PLC  09 September 2025

Sure Ventures PLC

 

Q2 2025 NAV Calculation and portfolio update

 

Sure Ventures PLC("Sure Ventures" or "The Company") is a London listed
venture capital fund which invests in early-stage software companies in the
rapidly growing technology areas of Artificial Intelligence (AI), Augmented
Reality ('AR'), Virtual Reality ('VR') and the Internet of Things ('IoT'). We
are pleased to provide an update on the Company's investment portfolio.

SURE VALLEY VENTURES FUND (ICAV)

Sure Ventures made a €7million commitment to Sure Valley Ventures Fund
('Sure Valley') representing an interest in Sure Valley ICAV 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 2025
is €2.43022, which has decreased by 2.125% from its NAV as at Q1 2025 and
the fund is fully invested. The change was due to FX on fund positions.

SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND (ECF)

Sure Ventures PLC has a £5m commitment and owns approximately 6% of the
overall fund. The investment period is still at an early stage, with only 20%
of this commitment funded so far. The current NAV stands at £0.69305, an
increase of 0.03% and the portfolio has grown and at quarter end consists of
13 AI technology companies.

Sure Valley Ventures Fund (ICAV)

Updates on some of the notable ICAV portfolio company's below:

 WIA

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. This generates considerable time and cost savings for teams who would
have previously had to spend many months on 100,000's of lines of code to try
to build out their own IoT cloud infrastructure.

 

Wia has successfully agreed an extension of multi-million-euro major energy
monitoring project from 14 countries to 32 countries across the globe.

 

Cameramatics

CameraMatics is a disruptive technology for Fleet and Driver Risk Management.
The

CameraMatics SaaS-based full-stack platform is a modular software platform
based on Camera Technology, Vision Systems, AI, Machine Learning and
Telematics, combined with Fleet Safety modules that help fleet operators to
drive new safety standards across their fleet and drivers.

 

SV PLC has invested a further 200K euros, alongside both old a new investors,
by way of a loan note, to assist with expansion. Cameramatics has won and is
currently closing some significant contract wins. The annual ARR is building
to a significant size, and the Business is competing Globally for fleet
tenders.

 

Infinite Reality/Napster

In December 2024, the investor presentation disclosed that iR had raised $3BN
on a post money valuation of $12.25BN, this information was later announced
publicly. Given this information was now in the public domain, this decision
was made to uplift the Fund's position. After both internal and external (with
auditors) discussions, the decision was made to revalue the holding to reflect
this increased valuation, with a 20% discount applied to reflect the
illiquidity of the position.

 

In April 2025, iR announced the acquisition of Touchcast for $500m and stated
that the deal

uplifts the iR valuation to $15.5BN. SVV decided not to uplift their valuation
to reflect this, given the uncertainty surrounding routes to liquidity.

 

We continue to seek to obtain more financial information from the company
around valuation so that we can evaluate our current rationale and look to
make more informed decisions as to the valuation of our holding.

 

Sure Valley Ventures Enterprise Capital Fund (ECF)

There were 2 new Investments during the quarter, which are detailed below. We
now have exposure to 13 Investments via the Enterprise Capital Fund, and the
pipeline continues to remain strong:

Literal Labs

Literal Labs is a University of Newcastle spinout company that has developed a
software architecture based on propositional logic and Tsetlin Machine
technology. This approach results in a solution that is orders of magnitude
more efficient in terms of energy consumption and computation complexity.

 

The LL approach has been designed for deployment in edge environments,
exhibiting superior efficiency, delivering enhanced speed, energy
conservation, and a compact footprint, without any diminution in accuracy.

 

As an addition to the SVV portfolio this would provide diversification away
from the

application layer, provide further exposure to the Edge AI market and fits
thesis wise in

terms of our outlook on AI, specifically more compute/inference on edge and
more

efficient compute in terms of energy expenditure required to sustain the
growth rates.

in AI.

 

Elelem Intelligence

Elelem is a UK-based GenAI analytics company co-founded by Tom Salvat and Dr
Tom Wilson. Salvat (CEO) is a seasoned entrepreneur who previously scaled the
AI content marketing startup Concured to multi-million ARR. Wilson (CTO), a
PhD in Astrophysics, has deep expertise in NLP, LLM observability, and AI
systems. Together, they bring strong founder-market fit in enterprise AI and
content intelligence.

 

Elelem has developed an analytics platform that gives enterprises visibility
and control over how their content is indexed and used by generative AI
systems. Its core suite includes a GenAI observability dashboard and a unique
"Block & Tackle" content governance protocol (MCP) that redirects AI
crawlers to structured, trackable endpoints. The solution protects IP,
enhances content visibility, and optimises AI-driven web traffic, positioning
Elelem as a first mover in the emerging GenAI infrastructure catego.

 

The founding team brings exceptional experience in content AI: CEO Tom Salvat
previously scaled Concured to multi-million ARR in AI content marketing, while
CTO Dr Tom Wilson (PhD Astrophysics) is an LLM observability expert with deep
NLP and platform architecture credentials.

 

SURE Ventures PLC NAV Calculation

The NAV of Sure Ventures PLC is £1.686, which is down 4.09% from last
quarter. This fall is due to FX rate change on positions within the underlying
fund. The current share price of 82.5p, represents a 51.06% discount to the
NAV.

 

Gareth Burchell-Director Comments

"The performance of the ICAV continues to bode well for more potential exits.
Cameramatics and WIA continue to perform well. Cameramatics is building its
revenue and landing some large, international contracts with major logistics
companies and we were happy to support their need to bolster working capital.

We understand Infinite Reality/ Napster continues to look at facilitating a
potential exit for investors from Landvault and other acquired holders of
their stock. We will update the market as soon as we hear more on the
potential exit.

The new Investments in the Enterprise Capital fund increase the portfolio to
13 Companies. The diversification and level of pipeline deals is impressive,
and we look forward to further additions as the strategy of the fund
develops."

 

 

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

 

 

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