Sure Ventures
PLC
11th July
2024
Portfolio Update Q1 2024, 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 (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 Q1 2024 is €1.09173 which is
an 11.9% decrease from its NAV as at Q4 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:
Fund I and Fund II
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
The fund has sold its exposure to
Smarttech247 which yielded a 1.07x gain. Smarttech247 was a small
position and the funds shall be used for follow on investments in
other portfolio companies.
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. The company continues to progress
well with a low cash burn.
Ambisense
Ambisence has been written off as an
investment after a difficult trading period and an inability to
raise funds to further progress the Business. This is reflective in
this NAV period and is part of the reason for the
11% decline.
Jaid
Jaid has had several award wins
throughout the last 6 months, 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. Jaid are winning deals with large
and medium sized financial organisations and we remain impressed by
the progress they are making.
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.
Cameramatics
Cameramatics is growing rapidly in
both Annual Recurring Revenue (ARR) and customer wins, notably
expanding into the US market and securing major contracts with
large logistics firms in the US and UK. The Business was chosen to
receive12 million Euros from the "Disruptive Technology and
Innovation Fund" to develop neural processing units for improving
driver safety. Key contract wins and renewals with clients like Van
Elle, Maritime, and Hendrick European are bolstering the company's
strength. As global demand for emission monitoring, safety
improvement, and vehicle compliance tracking rises, Cameramatics is
helping customers adapt to these changes effectively.
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. This has been
written off in the NAV to zero as per last quarter and is no longer
part of the portfolio.
Landvault
Landvault has been working on a
transaction to sell the Business which concluded and was announced
on the 09th of July 2024. This $450m dollar acquisition
will make a significant uplift in the NAV that fell by 11% Q1 2024
and will be recorded in the Q2 2024
NAV. We anticipate a circa 60-70% uplift in the
NAV on the back of this transaction.
Sure Ventures PLC NAV
The Sure Ventures PLC NAV at the
end of March 2024 sits at 82.53p. This represents a
14% decrease across the period, down from 96p per share at
the end of Q3 2023. The
decline in NAV was due to the writing off of Warducks and Ambisence
during the quarterly period. We anticipate a significant
uplift in the NAV on the back of the Landvault
acquisition.
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 circa 5% of the overall investment made by SV PLC 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
"Quarter one 2024 was a mixed
period, as we witnessed the write off of both Ambisence and
Warducks. That being said, we became aware of a major exit that
eclipsed those writes off's that has now been announced and closed
during the Q2 period.
Announcing a quarterly fall in NAV
is usually disappointing, but knowing a significant NAV uplift is
expected next quarter indicates this dip is temporary. This
situation underscores the importance of a diversified approach when
investing in seed-stage technology companies."
For further information, please
visit www.sureventuresplc.com or contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918
