REG - Sure Ventures PLC - Q4 2025 NAV Calculation and Portfolio Update

Sure VenturesAnnouncement

Tue 07:00

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RNS Number : 6772Y  Sure Ventures PLC  31 March 2026

Sure Ventures PLC

 

Q4 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 Q3 2025
is €2.18585. This represents a decrease of 10% from its NAV as at Q3 2025
and the fund is fully invested. The change was due to a write down of 30% to
our Napster position.

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
circa 30% of this commitment funded so far. The current NAV stands at
£0.71527, an increase of 3.2% during the quarterly period, in which the
portfolio has grown and now consists of 17 Companies as at the end of December
2025.

Sure Valley Ventures Fund (ICAV)

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

Zenos Technology (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 Q4 2025, Zenos secured key partnerships with major esports events which
target the use of its Zenos Twin technology for advanced virtual production
and broadcast uses. Zenos also successfully made first steps to expanding the
use of its technology beyond esports into general gaming infrastructure,
including AI use cases that require large amounts of detailed game state data.

 

Zenos completed a first close of a $3.2M Seed funding round at the end of
January with participation from All Iron Ventures, Global Founders Capital,
Sure Valley Ventures, Possible Ventures, Graph Ventures and strategic angels
and personalities in esports and sports. Sure Valley Ventures invested £250K
as part of this Seed round.

 

Napster Inc

 

In December 2025, Napster disclosed that the previously announced $3.5bn
investment had not materialised and that they no longer expect to receive the
funds. They stated that the shares associated with this transaction would be
removed from the Cap Table (along with the cash receivable on the balance
sheet) and that the share price would be materially unchanged. Following this
news, SVV decided to take a deeper discount to the Company's stated share
price and marked this down by 30% and is this provision is represented in our
NAV calculation.

 

 

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.

 

The sales momentum at Cameramatics has been strong both in the UK and the US.
With a major contract signed with a large US logistics Business of $3.7m in Q4
2025, with an overall contract value expected to exceed $12m. They have also
started rolling out their technology to a major UK logistics Business of a
similar, if not larger contract value.

 

Sure Valley Ventures Enterprise Capital Fund (ECF)

One new Investment closed in the 3(rd) quarter, which is detailed below. We
now have exposure to 17 investments via the Enterprise Capital Fund, and the
pipeline continues to remain strong. There were three new Investments made in
the last quarter (ANQA, ASTUT & ZENOS):

ANQA

 

Anqa is a London-based startup building an AI-native risk orchestration
platform for regulated payment providers. Its system automates third-party
onboarding processes-like KYB, AML, credit, and fraud checks-using embedded AI
agents, a compliance-grade data infrastructure, and a growing library of
reusable, audit-ready workflows.

 

This aligns tightly with SVV's thesis: a vertical, AI-native SaaS play
tackling a digitally underserved, regulated, high-value sector with clear
defensibility via workflow reuse and domain expertise.

 

ASTUT

 

Astut is an Oxford-based spinout building a neuro-symbolic decision
intelligence platform designed for situations where traditional AI fails,
particularly in areas where there is little or no historical data. Astut was
founded by Professor Peter Grindrod, CBE, and Dr. David Green with the goal of
creating an explainable, constraints driven AI system that helps organizations
make defensible decision in

novel, high-risk environments where traditional AI systems are not reliable.

 

CEO Peter Grindrod is an established mathematician at Oxford, with over 300
publications in

the area of applied maths, AI, and data science. CTO Dr. David Green has a PhD
in computer science with industry experience in building products for highly
regulated industries.

 

ZENOS

 

Zenos transforms the broadcast and viewership capability of games, enabling
experiences previously impossible in any live entertainment category, such as
letting viewers position themselves within the gaming world.

 

Leveraging proprietary data to train new AI models: AI models trained on this
data can unlock further viewership applications such as personalized viewing
experiences based on players profiles, real-time predictive analytics, AI
driven avatars and digital twins, esports training agents, and dynamic
monetization opportunities like automated sponsor overlays.

 

 

CAPTUR

 

Captur is a Computer Vision for AI powered workflow automation. Enterprises
with modern logistics use Captur's smart camera to analyse images, give live
feedback, automate compliance, and ultimately improve user experience at
scale. The company is the first AI platform that enables product and growth
teams to achieve real-time image verification on their mobile apps without
building custom models.

 

Captur is on target to reach $3.5m in ARR by the end of Q3 2026. They have
recently completed a flip into a Delaware C-Corp to take advantage of
significant US market enquiries. SVV invested $850k dollars as part of a $6m
series A funding round to help them achieve this.

 

 

 

STYLUS

 

Stylus is a new paradigm for educational assessment and improvement using AI
in a marking service of unprecedented detail, accuracy and scale. Offering
schools and school groups entirely novel insight into student writing, whilst
offering teachers the time and wherewithal to act on that insight.

 

Stylus is rapidly cutting through the UK schools market, working closely with
the Department for Education. The company have just secured 50 new schools in
one month.

 

VIZGARD

 

Vizgard develops edge-based visual AI software forDefence and Security,
enabling real-time intelligence and automated control of precision camera
platforms. Vizgard have achieved a 10X increase in its ARR & SaaS revenues
during the year, alongside global deployment of FortifAI and the successful
build and launch of UnifAI.

 

SVV initially agreed to invest £1m into Vizgard with £500k up front and
£500k predicated on the company hitting 12 milestones. Every milestone has
been met and so the second £500k was invested.

 

 

SURE Ventures PLC NAV Calculation

The NAV of Sure Ventures PLC at the end of Q4 2025 is 152.9p (or £1.52p),
which is down 10.0531% % since last quarter. This decrease was due to a a
decision made to write down its position in Napster Inc by 30%. The SVV board
note that the share price trades at 45p and represents a discount of 70% which
we believe significantly undervalues the progress of the SVV fund(s)
investments.

 

Gareth Burchell-Director Comments

"The discount to NAV that we are currently trading at is frustrating for the
board and its current shareholders, but represents a great opportunity for new
investors. The 70% discount to NAV would give new investors exposure to some
maturing companies from our Irish fund (ICAV) and some exciting AI software
technologies in our British Business Bank backed UK fund.

The progress of Companies such as Cameramatics from fund 1 and follow on
rounds in both Stylus and Captur in fund 2 are examples of growth potential
from within the portfolio exposure that has been created"

 

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

Gareth Burchell

Sure Ventures plc

+44 (0) 20 7186 9918

 

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