TIDMSURE
RNS Number : 7910B
Sure Ventures PLC
04 February 2020
SURE VENTURES PLC / ISIN: GB00BYWYZ460 / Ticker: SURE / Market:
SFS / Sector: Investment
4 February 2020
Sure Ventures plc ('Sure Ventures' or 'the Company')
Portfolio Update Q4 2019
Sure Ventures plc, a London listed venture capital fund which
invests in early stage software companies in the rapidly growing
technology areas of augmented reality ('AR'), virtual reality
('VR'), Internet of Things ('IoT') and Artificial Intelligence (AI)
in Fintech, is pleased to provide an update on its investment
portfolio.
SURE VALLEY VENTURES
Sure Ventures has made a total commitment of EUR7 million 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 EUR1.00 per share.
Sure Valley has several investments across the AR, VR, IoT and
AI sectors:
VR Education Holdings - http://immersivevreducation.com/
VRE is a ground-breaking developer of VR software and immersive
experiences with a specific focus on education and enterprise
learning and development. VRE's core platform is the Engage VR
platform that enables educators to develop VR education experiences
and enterprises to develop corporate learning and development VR
simulations for workplace training. The company has released five
major products to date and has recently signed a commercial
agreement with Deutsche Telecom for the launch of a 5G VR
device:
-- Apollo 11 VR: immersivevreducation.com/apollo-11-vr
-- Titanic VR: immersivevreducation.com/titanic-vr
-- Berlin Blitz: immersivevreducation.com/1943-berlin-blitz
-- Engage VR: immersivevreducation.com/engage-platform
-- Raid on the Ruhr: https://immersivevreducation.com/raid-on-the-ruhr/
WarDucks - www.warducks.com
Founded by former Facebook employee, Nikki Lannen, WarDucks'
mission is to build incredible, high quality, fun augmented and
virtual reality games. The company has six bestselling titles under
its belt, the latest two of which were Top Ten on PlayStation VR.
To take this product to the market, WarDucks completed a series A
round of EUR3.284 million in Q1, with new investors EQT investing
EUR2.58 million, Sure Valley following on to maintain it percentage
with EUR453,858.32 and existing investors making up the remaining
investment. The transaction completed on the 29 March 2019. This
represented a 4x unrealised uplift in our initial investment.
Nikki and her team received high public praise from Tim Cook
(Apple CEO) on the AR game being built and was quoted as saying
"WarDucks set out to create a game with fun, engaging and colourful
characters and they nailed it".
Wia - www.wia.io
WIA is a ground-breaking Internet of Things (IoT) cloud platform
https://www.wia.io/product, enabling developers to turn any type of
sensor device into a secure, smart and useful application in a
matter of minutes. WIA is the easiest and fastest way to link
sensors and devices to develop IoT applications. WIA's end-to-end
platform provides full device and application management, security,
data capture and storage, analysis, control, as well as the
seamless integration of enterprise systems. WIA also just lunched
its own hardware product called the "Dot One"
https://www.wia.io/dot-one as an entry level device for first time
makers
ProVision - www.provisioncameramatics.com
Provision is the leader in CameraMatics solutions for commercial
fleets, delivering products that allow fleet managers to reduce
fleet risk, increase driver safety and comply with growing
governance and compliance regulations. ProVision has merged four
key technologies: video input systems (cameras and scanners), smart
processing systems, communications systems and unique algorithmic
IP to deliver intelligent driver and fleet safety systems. To
support further growth and USA market entry the company has started
meeting investors to lead its series A round; we expect that round
to complete before the end of Q1 2020.
NDRC Arc Labs - http://www.arclabs.ie/
The NDRC@ArcLabs investment was structured as a subscription as
a limited partner to the Accelerator. The purpose of the
Accelerator is to source and develop 30 start-ups over two years
that Sure Valley has the right to invest in. The Accelerator is
running three calls for 10 start-ups over two years in areas that
are related to the fund's investment strategy of AR/VR, IoT and AI.
As a result of the Accelerator's programme significantly
overlapping with the Fund's investment areas, we see this
Accelerator being a source of proprietary deal flow.
Artomatix - https://artomatix.com/
As previously disclosed to the market, Artomatix has been sold
and this sale represented a 5x cash on cash return in a 14 month
period, thus highlighting the potential investment returns
available in such fast moving technology spaces.
Nova Leah
Nova Leah is the leader in cyber security for connected medical
devices and is an IoT investment by Sure Valley Ventures. Nova Leah
sells directly to the top medical device manufactures typically in
Boston, MA and the west coast of the USA. The company's first
product SelectEvidence helps medical device manufacturers identify
and address cyber-security issues throughout the manufacturing and
release process of their connected medical devices. Sure Valley
Ventures invested 750K euros in the company for 10.62% of the
business fully diluted. Antia Finnegan (CEO) is happy with progress
and Nova Leah is now working with six of the world's largest
medical device manufacturers.
Admix Ltd
Admix has developed a Supply-Side Platform ('SSP'), which
enables developers to monetise their content by creating, managing
and sell advertising inventory. Being an SSP, Admix is a broker
that sells developers (think WarDucks) inventory programmatically
at scale. Being programmatic automatises the buying/selling
process. Admix enables, for the first time, VR/AR inventory to
become immediately available to thousands of advertisers connected
to the existing ecosystem, which provides VR/AR developers with
instant revenue. Sure Valley invested $500 thousand at a pre-money
of $5,000,000 for a shareholding of 7% fully diluted in the
business, with a right in the investment docs to get to 10% at the
next round should Sure Valley choose to. The company is growing
with a significant headwind and we anticipate a series A funding by
the end of Q1 2020.
VividQ Ltd
VividQ is a deep tech software company with world-leading
expertise in 3D holography: the next generation display technology.
Holography has long been considered the ultimate display
technology. The science fiction ideal of engineering and
manipulating light to produce 3D projections appealed to the
imagination of millions through franchises such as Star Wars or
Star Trek. Holography overcomes these issues and paves the way for
immersive 3D without the need glasses at all. VividQ disrupts
existing ways of creating 3D images, such stereo or
autostereo-display, to power the next generation of holographic VR
headsets, AR smart glasses, and automotive head-up displays. Sure
Valley Ventures invested GBP500k in preference shares at a
pre-money valuation of GBP6.5m for a total stake of 5.23% fully
diluted. Sure Valley Ventures invested alongside Fluxunit and UTEC
and adoption of the technology is accelerating, announcing
partnerships with Himax and Compound Photonics, with a strong
pipeline developing with some of the world's leading and well-known
brands.
Ambisence
Ambisense's Ambilytics(TM) platform optimises the delivery of
environmental risk assessment on some of the world's largest
infrastructure projects across industrial, Oil & Gas and Waste
Management verticals, partnering with global multinationals such as
CEMEX, SGS & Arcadis. Ambilytics(TM) encompasses both IoT and
AI solutions, combining information from remotely deployed field
devices with contextual data sources such as weather, satellite,
geophysical and operational data to build machine learning
models.
Ambisense has developed a toolkit to enable customers to build
fully customisable, web-enabled instruments to acquire and analyse
the data required quickly and cost-effectively. Each element can be
tailored to different needs whether a client wants to measure gas,
air or water quality or anything in between.
DIRECT INVESTMENTS
Investments made directly by Sure Ventures plc:
Immotion PLC
Immotion is a UK based company that creates its own high-quality
VR content and enhances the immersive experience by coupling this
content with motion simulation. Sure Ventures made a GBP500,000
investment in February 2018. Immotion's Q1 trading update released
on the 15th of January 2020 showed a strong pace of headset
deployment, with 93 headsets to be installed by the end of Q1. They
have installed their out of home headsets in the London Sea Life
Centre on the South Bank and numerous aquariums and entertainment
sites. The company forecasts EBITDA breakeven at or around the end
of Q1 and continue to see a strong pipeline.
VividQ
In addition to the Sure Valley Ventures stake of GBP500K, Sure
Ventures has also made a direct investment into VividQ of GBP500k
at the recommendation of the AIFM. The board identified the
opportunity as a suitable and complimentary investment for Sure
Ventures and agreed that this was an exciting deep technology
company that could have developed a solution that changes the way
that people view content in 3D. Holography could be the next
generation of display technology and the types of companies that
are early stage adopters of VividQ's software offers shareholders
and exciting opportunity. We remain excited about the progress
being made here and anticipate that 2020 could be a
transformational year for the company.
Sure Ventures Director, Gareth Burchell, said, "We remain
pleased and positive about the progress made by the AIFM this
quarter. The sale of Artomatix has demonstrated the potential for
value creation in our chosen investment areas and a 5x cash on cash
return in such a short space of time was very pleasing indeed. We
have constructed a portfolio that has a potential that we believe
is far greater than the current mark to market valuation used in
our NAV calculation and we look forward to updating the market on
the progress of not only our current portfolio, but further
investment opportunities being progressed in our pipeline of
deals."
ENDS
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell Sure Ventures plc +44 (0) 20 7186 9951
St Brides Partners (Financial
Isabel de Salis PR) +44 (0) 20 7236 1177
Notes to Editors
Sure Ventures plc listed on the London Stock Exchange in January
2018 giving retail investors access to an asset class that is
usually dominated by private venture capital funds. The Company
aims to provide investors with a diversified exposure to three
rapidly growing markets: augmented reality/virtual reality, fintech
and Internet of Things. Sure Ventures is focusing on companies in
the UK, Republic of Ireland and other European countries, making
seed and series A investments in companies with first rate
management teams, products which benefit from market validation
with target revenue run rates of at least GBP400,000 over the next
12 months.
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END
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