REG - Sure Ventures PLC - Q3 2024 NAV Calculation and portfolio update

Sure VenturesAnnouncement

04/12/2024 07:00

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RNS Number : 6442O  Sure Ventures PLC  04 December 2024

Sure Ventures PLC

 

Q3 2024 NAV Calculation and portfolio update

 

Sure Ventures 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 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 Q3 2024 is €198.528  which is
down 1.7% from its NAV as at Q2 2024 and the fund is fully invested.

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 a relatively early stage, with
only 24% of this commitment made so far. The current NAV stands at £0.69468
and the portfolio has grown and at quarter end consists of 8 AI technology
companies.

Sure Valley Ventures Fund (ICAV)

Landvault

In July 2024 the company announced that they had accepted an offer of $450m
from Inifinite Reality Labs. This offer is a share-for-share transaction in
Infinite Reality which intends to list on Nasdaq. The reported valuation of
Infinite Reality was $5.1BN, which was underpinned by a new fundraise of $350m
at the same time as the acquisition.

 

Getvisibility

On the 18th of July 2024 Forcepoint announced a new GenAI Security Solution
and a collaboration with OpenAI, using Getvisibility's cutting-edge AI
technology. The new launch is set to transform the data security landscape by
providing end-to-end visibility into how and where sensitive data is being
used. The technology will integrate with some of the top Large Language Model
(LLM) providers and puts Getvisibility and its partners in a unique position
in the market to help organisations gain control of their GenAI security.

 

Getvisibility has experienced significant traction in the last six months,
reaching the milestone of 277 customers across 39 countries with multi-million
ARR. They recently launched their GenAI readiness suite which allows
organisations to test and contextualise and protect their data before they
share it with large language models.

 

Zenos (Formerly Virtex)

Zenos Technology Limited (Formerly Virtex) is an application that enables
Esports organisers to host their existing formats on a 3D entertainment
platform, offering millions of viewers a completely new viewing experience.

In Q3 Virtex rebranded to Zenos Technology. Zenos successfully delivered on a
few client milestones and deliverables, booking break even months on a P&L
basis. The company expanded its offering beyond immersive spectating
applications as demand has grown in areas such as broadcast/live production
software as well as software to support gaming events in special venues.

 

WIA Technologies

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

 

Engage XR

 

On 30th September, the Company announced that it has rolled out its 'School of
AI' to all its educational clients. Developed inhouse by the team at ENGAGE
XR, the School of AI creates an immersive learning environment, in which
students can speak to notable figures of history, powered by conversational
and generative AI.

 

 

Sure Valley Ventures Enterprise Capital Fund (ECF)

The fund is now in active deployment stage and has invested in 8 companies to
date and a short summary for each has been listed below:

RETinize

RETinize is developing an innovative software product called Animotive, that
is harnessing the latest VR technologies to transform the 3D animation
production process. The team have spent 30 years in the global film and TV
industry, creating and producing hit shows for the BBC, Channel 4, ITV, ABC
and CBS, amongst others.

JAID

Jaid is an AI-powered platform that extracts critical data from diverse
company and customer communications. It organizes the data into meaningful,
actionable insights and seamlessly integrates into existing workflows. JAID
are working with major banks, wealth managers, fund administrators and
clearing banks on a global basis.

Captur AI

Captur has made significant progress on new business and product features in
the last quarter. They have launched their real-time camera SDK into
production, which is now being used by tens of thousands of users per month.
They have continued to grow their market lead in mobility with plans to launch
with new clients in the US and AUS markets in H1'24. They are also expanding
into delivery and logistics and are in late-stage negotiations with a Fortune
100 retailer in the US.

Ittybit Ltd

Ittybit offers an advanced developer tool that optimizes media file management
for

enterprises by leveraging a proprietary ML-based compression algorithm. As
video content

has surged to comprise 82% of consumer IP traffic, traditional hosting tools
have lagged,

leading to high costs and inefficiencies in media storage, which has increased
fivefold to over

5 zettabytes in the past five years. Ittybit addresses this by enabling
developers to upload,

store, extract rich data, convert, compress, and deliver media files
efficiently, reducing

bandwidth usage by up to 90%.

Vortex IQ Ltd

E-commerce merchants face significant challenges in optimising their online
store

performance. Traditional analytics and BI tools offer historical data without
actionable steps,

leaving merchants guessing on improvements. Vortex IQ transforms this
landscape. Their

proprietary AI workflows identify and analyse data, offering clear insights
and

recommendations. Through their low-code/no-code interfaces, they streamline

implementation, eliminating guesswork and saving up to 40% in time and
operational costs.

 

Phinixt Robotics Ltd

 

Phinxt provides a decentralized edge computing software solution to automate
warehouses by enabling real-time synchronization between robots from various
OEMs, significantly enhancing automation efficiency. With 90% of warehouses
still manual due to the high costs and complexity of current robotic options,
Phinxt addresses this by offering a cloud platform that allows 10x simpler
robotic deployments with zero upfront costs. Their robot-agnostic system
ensures seamless integration and operation of diverse robots without
on-premise IT infrastructure, making it adaptable and affordable. Amidst labor
shortages and rising e-commerce demand, Phinxt enables autonomous robot
operation with high flexibility, allowing easy swapping of different robot
makes without software changes.

 

Stylus (Learncycle Ltd)

 

Stylus delivers an AI-powered marking solution aimed at reducing teacher
workload and addressing the recruitment and retention crisis in education. By
automating the marking of paper-based assessments, Stylus significantly cuts
down the time teachers spend on grading. The platform provides detailed,
personalized feedback for students, enhancing their learning experience.
Teachers can easily scan completed assessments, which are then processed by
Stylus's AI to provide immediate feedback and follow-up questions,
streamlining the evaluation process and helping to alleviate teacher burnout.

 

Purple Transform Limited

 

Purple Transform provides a cutting-edge SaaS platform, SiYtE™, designed to
address dataoverload and enhance safety and security in large infrastructures
like rail networks. By leveraging advanced AI and machine vision, the platform
transforms existing cameras into smart sensors, delivering real-time alerts
and predictive analytics. It seamlessly integrates with current IoT sensors
and camera systems, optimizing operational efficiency and reducing costs for
organizations managing extensive sensor networks.

 

SURE Ventures PLC  NAV Calculation

The NAV of Sure Ventures PLC for Q3 2024 is 139p, which represents a 6%
decrease for the period. This decrease was largely due to the foreign exchange
(USD-GBP) movement on the holding in Infinite Reality. This is something we
may look to hedge going forward until the position has been realised. The NAV
calculation for Q3 2024, leaves the Sure Ventures PLC share price trading at a
38.84% discount to its net asset value.

 

Director Comments

" Q3 2024 has seen the AIFM team deploy capital into 3 new portfolio
investments in the "Enterprise Capital Fund" and we are very happy with the
inclusion of Purple Transform, Phinixt Robotics and Stylus. All three are
exciting AI technologies, solving real life problems, with unique and
cutting-edge software solutions.

The Inifinte Reality uplift significantly boosted our NAV for Q2 2024 and we
look forward to the next 3-4 months in Fund 1, with a number of the more
mature companies in the portfolio beginning to look for exits. We would like
to remind shareholders at this point, that on receipt of sale proceeds and
subject to board approval, we would look to return cash to shareholders via a
special dividend (in accordance with Investment trust tax rules) and we will
update the market in due course.

 

 

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

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

 

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