Mineral & Financial Invest. Limited Investment Update: Ideon Receives VC Investment (3492Z)
14 Settembre 2022 - 8:01AM
UK Regulatory
TIDMMAFL
RNS Number : 3492Z
Mineral & Financial Invest. Limited
14 September 2022
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Ideon Technologies Receives Silicon Valley VC
Investment
HIGHLIGHTS:
-- Ideon Technologies has received US$15.0M Series-A Investment from Playground Global LLC
-- The value of Ideon, and M&FI's investment has increased more than 9 times in 2 years
-- M&FI's investment in Ideon, based on this financing, will be valued at C$1.35 million
GEORGE TOWN, CAYMAN ISLANDS, September 14, 2022 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the
"Company") is pleased to provide an update on its investment in
Ideon Technologies Inc. ("Ideon"). Ideon is a company in which
M&FI holds 1.4% on a fully diluted basis of the issued share
capital of the Company.
M&FI has been notified today that Ideon has received a
US$16.0M new equity investment, US$15.0M from Playground Global
Fund III ("Playground"). This investment will result in Playground
owning circa 20% of Ideon. M&FI's original investment was made
in June 2020, and has participated with top-up investments in all
of Ideon's subsequent capital raises. Based on the resulting
valuation from this Series A financing by Playground, M&FI's
investment in Ideon is worth C$1.348M (approximately GBP874,500).
M&FI are advised that the proceeds of this equity raise will be
used by Ideon for general corporate purposes.
Ideon is a private company with very limited liquidity. There
can be no guarantee of what value M&FI will achieve for its
holding on disposal. At this stage, the Company have not determined
how this revaluation will be reflected in the M&FI's Net Asset
Value but given the relative performance of other investments in
the M&FI portfolio, it is not expected to have material impact
on the overall performance.
Playground Global was founded in January 2015 by an alumnus of
former Google, Apple and Microsoft employees. They have US$825M
under active management. Based on publicly available information,
Playground have had 11 investment "Exits" of which there have been
multiple "Unicorn" investment exits (i.e. company valuations in
excess of US$1.0B) which include Relativity, Fabric, PsiQuantum,
Branch, Cruise, Next Silicon and Virta Health. Playground's current
investment portfolios have a total of 50 companies. Playground's
investment strategy is to commit capital in companies run by its
founding teams with winning concepts in deep tech sectors and
"game-changing" enterprise products.
Ideon Technologies Inc. is a world pioneer in the application of
cosmic-ray muon tomography. Ideon's Discovery Platform(TM) provides
x-ray-like visibility up to 1 km beneath the Earth's surface, much
like medical tomography images the interior of the body using
x-rays. Using proprietary detectors, imaging systems, inversion
technologies, and artificial intelligence, Ideon maps the intensity
of cosmic-ray muons underground and construct detailed 3D density
profiles of subsurface anomalies. Ideon's discovery Platform can
identify and image anomalies such as mineral and metal deposits,
air voids, caves, and other structures with density properties that
contrast with the surrounding earth.
FOR MORE INFORMATION:
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247
Katy Mitchell and Ben Good, WH Ireland Limited +44 207 220 1666
Jon Belliss, Novum Securities Limited +44 207 382 8300
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBRGDCBUBDGDX
(END) Dow Jones Newswires
September 14, 2022 02:01 ET (06:01 GMT)
Grafico Azioni Mineral & Financial Inve... (LSE:MAFL)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Mineral & Financial Inve... (LSE:MAFL)
Storico
Da Lug 2023 a Lug 2024