Tern PLC: FundamentalVR Series A Funding Round (899965)
30 Ottobre 2019 - 8:00AM
UK Regulatory
Tern PLC (TERN)
Tern PLC: FundamentalVR Series A Funding Round
30-Oct-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014.
30 October 2019
Tern Plc ("Tern" or the "Company")
FundamentalVR Series A Funding Round
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that FVRVS Limited ("FundamentalVR"),
a leading virtual reality ("VR") training and data analysis technology
platform and one of Tern's existing portfolio companies, has closed a GBP4.3
million Series A funding round, including a GBP0.5 million convertible loan
note conversion, with a post-money valuation of GBP11.3 million. This funding
round allows for further investment into FundamentalVR's Fundamental Surgery
education platform, the first surgical simulation software system to deploy
HapticVR(TM), combining VR with cutting-edge haptics (the sense of touch).
The implicit price of the syndicated funding represents a 27% uplift on the
investment of GBP1.9 million made by the Company in FundamentalVR in May and
October 2018. Following the funding round, Tern's shareholding in
FundamentalVR will be 26.9% with a valuation of GBP3.0 million, representing a
fair value increase of GBP0.6 million.
The funding round was led by Downing Ventures, with participation from Epic
Private Equity and Brighteyes Ventures. Leading medical institutions also
participated in the funding round, including Mayo Clinic, one of America's
leading centres of medical excellence, and Sana Kliniken, one of Europe's
leading medical organisations and the third largest hospital organisation in
Germany, which is a strong endorsement of the quality of FundamentalVR's
offering.
In conjunction with this funding round , Tern has converted, at a 20%
discount to the current fundraising price, GBP0.5 million of convertible loan
notes advanced to FundamentalVR (plus interest). Tern provided these
bridging loans to FundamentalVR between April and September 2019.
Based on FundamentalVR's latest statutory accounts for the year ended 31
December 2018, FundamentalVR had net assets of GBP817,952 at that date and
incurred a loss for the year of GBP2,040,368.
Tern CEO, Al Sisto, said, "We identified early on that FundamentalVR's team
was developing a platform that was very special. A training and data
analysis offering which could revolutionise the skills development of
surgical practice, while at the same time creating a database of significant
importance to the industry. We are delighted that the value and relevance of
this exciting business and its entire staff has been recognised by this
outstanding syndicate of new investors we helped solidify."
"This is an important milestone for FundamentalVR and it epitomises Tern's
strategy to invest in great teams and ideas, not only through the provision
of capital, but also with active support and advice for the benefit of our
shareholders. Changing the approach to learning and deploying new procedures
and products in the world of healthcare is of critical importance for
everyone's future and FundamentalVR is leading the way. We look forward to
announcing further important developments from the company."
**ENDS**
Enquiries
Tern plc Via Newgate Communications
Al Sisto, CEO
Sarah Payne, Finance Director
Allenby Capital Limited Tel: 0203 328 5656
(Nomad and Joint broker)
David Worlidge/Alex Brearley
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Christopher Furness
Newgate Communications Tel: 020 3757 6880
PR
Elisabeth Cowell/Megan Kovach
ISIN: GB00BFPMV798
Category Code: MSCH
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 25848
EQS News ID: 899965
End of Announcement EQS News Service
(END) Dow Jones Newswires
October 30, 2019 03:00 ET (07:00 GMT)
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