Sure Ventures
Plc
Sure
Ventures plc ('Sure Ventures' or 'the
Company')
Portfolio
Update Q4 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 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
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 Q4 2023 is €1.24 which is a 7%
decrease from its NAV as at Q3 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:
Portfolio Update of Investee Companies
Captur
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.
Everyangle
Everyangle, whose computer vision
solutions help retailers improve efficiencies, optimise operations
and reduce loss, recorded over 200% growth in 2023 alone. They have
recently expanded their product suite with advanced demographic
analytics, enhancing their market-leading footfall solution. Recent
product enhancements around Customer Identification and Speed of
Service have been designed to reveal genuine convertible traffic,
optimise retail service efficiency and elevate customer
satisfaction.
Smarttech247
Smarttech247 recently announced a
significant contract with a global pharmaceutical solutions
organisation worth €900,000 over three
years. The Company was also recognised again as one of the
fastest growing tech companies in 2023 by Deloitte. Further updates
include the announcement of a brand new AI Assistant, a pioneering
AI capability for cybersecurity operations, and the extension of
its robust cybersecurity framework to wider markets.
Wia
Wia, a leading player in smart
technology solutions, announced the closure of a landmark 5-year
contract with one of the world's most prominent logistics
companies. The agreement, valued at €1.5 million, underscores the
industry's shift towards sustainability and the pressing need for
efficient resource management.
Ambisense
Ambisense recently signed a strategic
contract with Tuath Housing Association with a value of c.€400k, to
deliver 600 healthy homes for their tenants. During the quarter,
they were accepted onto the £80M Efficiency East Midlands dynamic
purchasing system for Damp Proofing, Mould & Associated Works
as a supplier of sensors and data for monitoring mould and damp
across England and Wales. Ambisense also launched Project Empower
with HACT, Oaklee Housing, Coastline Housing and the University of
Exeter. Using IoT sensors and advanced analytics, they are
empowering tenants to make informed decisions about their
homes.
Jaid
Jaid has had several award wins
throughout the quarter, including at the Fintech Finance awards
where they won in the AI category, recognising the impact and
innovation of their AI solutions on the fintech space.
GetVisibility
GetVisibility was recently certified
by the IMDA, Infocomm Media Development Authority, in Singapore,
joining an elite group of organisations recognised for delivering
exceptional software solutions. This is a significant achievement
as GetVisibility inaugurates Singapore as its headquarters for
southeast Asian operations. GetVisibility Founder Ronan Murphy was
also selected to join the 14-member AI Advisory Council for the
Government of Ireland during the quarter, joining the likes of
OpenAI and Amazon.
Retinize
Retinize launched their real-time
collaborative VR platform, Animotive, in 2023 and now has 250 users
signed up and several new features added. The team were also
invited to present Animotive at 10 Downing Street during an event
on the Northern Ireland investment ecosystem and were one of only
two companies selected.
VividQ
VividQ has been making headway with a
major technological breakthrough. In a world-first, pioneering 3D
deep-tech start-up VividQ shares images of real holograms projected
through high-performance 4K display hardware. The ability to
deliver 'retina resolution' computer-generated holograms means that
next-generation VR headsets will be able to offer unparalleled
levels of immersion and realism to users.
VividQ is using this major technology
breakthrough to also announce two new commercial developments. The
combination of these technical and commercial developments
highlights that holography is no longer just something you find in
a far-away galaxy but a core technology that is critical to the
success of next-generation VR and AR experiences.
During the quarter the company raised
£3.2m to create a 2 year available cash runway. The funds were
raised at a price which was less than the previous round and this
has therefore reduced the value of VividQ. This has, in turn,
impacted the NAV of Sure Ventures. The Funds raised were necessary
to capitalise on future opportunities. We are not concerned about
this down round of funding which is more of a market phenomenon
than a reflection on VividQ.
Cameramatics
Cameramatics have continued to grow
both ARR and customer wins, its expansion into the US market and
major contract wins with large logistics Businesses in the US and
the UK. The Business was chosen and will receive funding from the
"Disruptive Technology and Innovation Fund"
to develop next generation neural processing units to improve
driver safety. The funding was in the region of 12m Euros. Contract
wins and renewals with clients such as Van Elle, Maritime &
Hendrick European are continuing to move the company from strength
to strength. The need to monitor emissions, improve safety and
enhance/track vehicle compliance is gaining traction globally,
Cameramatics assists its customers with this evolving
environment.
Warducks
Warducks has gone into liquidation,
as it struggled to find funding to further its game launch, in what
is a difficult period for gaming Businesses globally.
Sure
Ventures PLC NAV
The Sure Ventures PLC NAV at the
end of December 2023 sits at 96p. This represents a 15% decrease across
the period, down from 113p per share at the end of Q3 2023. The
decline in NAV is due, almost entirely, to the recent funding round
valuation of VividQ and means that the Sure Ventures share price
now represents a 13% discount to 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 2% 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 Comments
"The funding for VividQ was essential
to provide a cash runway for the business to develop groundbreaking
technology. It is disappointing that our exposure to it has reduced
the Sure Ventures PLC NAV by 15% quarter on quarter. The portfolio
as a whole is performing well, and our share price still sees us
trading at a significant discount to the reported NAV as at
December 2023.
The progress being made by several of
the portfolio companies gives us genuine cause for optimism of
exits that would have a significant effect on the Sure Ventures NAV
and market Capitalisation. The progress being made by
Getvisibility, Cameramatics, WIA, Smarttech247 and others underline
the quality of the portfolio and one sale would likely return close
to the market cap of Sure Ventrues PLC".
For further information, please
visit www.sureventuresplc.com or contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918
