Pires Investments PLC VividQ raises additional funds of GBP2.4 million (9571H)
30 Marzo 2020 - 8:00AM
UK Regulatory
TIDMPIRI
RNS Number : 9571H
Pires Investments PLC
30 March 2020
Pires Investments plc
("Pires" or the "Company")
VividQ raises additional funds of GBP2.4 million
Pires is pleased to provide an update on its investment in Sure
Valley Ventures ("SVV") in relation to VividQ Limited ("VividQ"), a
company within the SVV portfolio.
Following on from SVV's initial GBP1 million investment in
VividQ, the company announced on 16 December 2019 that it had
secured additional funding of GBP2.4 million from two new
investors, FluxUnit - OSRAM Ventures ("FluxUnit") and University of
Tokyo Edge Capital ("UTEC"), making a total of GBP3.4 million for
this funding round.
Fluxunit is the independent venture capital arm of OSRAM, a
global photonics company. UTEC is a seed/early-stage
technology-focused venture capital firm associated with academic
institutions such as The University of Tokyo. These two new
strategic investors are well connected in the German and Japanese
automotive markets, respectively.
VividQ ( www.vivid-q.com ) is a software company with leading
expertise in 3D holography. VividQ's software is able to bring
real-time computer generated holography to everyday applications
which is expected to drive the mass adoption of holographic
displays in consumer electronics. Currently, holographic displays
powered by VividQ's software are being implemented by original
equipment manufacturers in the US, China, and Japan, in
applications ranging from augmented reality smartglasses to
automotive head-up displays. With this funding, VividQ should be
well positioned to progress its development of the next generation
automotive display market.
These additional funds should enable VividQ to accelerate the
adoption of its software in the next generation of consumer
electronics, and to scale up the number of integration projects
with chipmakers and micro-display manufacturers. The company
expects the first holographic devices powered by VividQ to be
released in 2020.
Pires has a circa 13% interest in SVV. SVV is a venture capital
fund focused on investing in the software technology sector with a
specific focus on augmented and virtual reality ("AR/VR"),
artificial intelligence ("AI") and the internet of things
("IoT").
Chairman, Peter Redmond said;
"This recent fund raising demonstrates the quality of the
companies that Pires has exposure to through its investment in SVV,
namely their ability to raise funds in difficult market conditions
and from such high quality and knowledgeable investors."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Pires Investments plc
Peter Redmond, Chairman Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray
Ludovico Lazzaretti
Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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.
END
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