Pires Investments PLC Investment in Sure Valley Ventures (7391X)
23 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMPIRI
RNS Number : 7391X
Pires Investments PLC
23 December 2019
Pires Investments PLC
("Pires" or the "Company")
Investment in Sure Valley Ventures - sale of Artomatix
Further to the announcement made by the Company on 21 November
2019, confirming the Company's initial investment of GBP1.1m into
Sure Valley Ventures ("SVV"), the Board announces that it has been
advised by SVV that an agreement has been signed to sell one of the
companies within the SVV portfolio, Artomatix, for cash to a
leading technology company. Artomatix provides an artificial
intelligence platform that is able to automate the creation of 3D
content.
When realisations are made within SVV, the proceeds are
distributed to the fund's investors. As a result of this sale, the
amount accruing to Pires is expected to be around EUR803,000, of
which EUR718,000 will be distributed shortly, with the balance
expected in 18 months, subject to certain terms and conditions as
is customary for transactions of this type. Pires has around a 13%
interest in SVV.
The sale of Artomatix represents a cash multiple of around 5x
the initial investment made by SVV and demonstrates the quantum and
speed with which potential returns can be generated from the SVV
portfolio. Furthermore, the return achieved by Pires is even more
significant given that the Company only recently completed its
investment.
SVV is a venture capital fund founded by Barry Downes and Brian
Kinane, in partnership with Shard Capital, focused on investing in
the software technology sector with a specific focus artificial
intelligence ("AI"), the internet of things ("IoT") and augmented
and virtual reality ("AR/VR"). SVV currently has a portfolio of
nine investee companies at different stages of development.
Peter Redmond, Chairman said:
"The sale of Artomatix represents a very substantial return from
our investment in SVV over a matter of months - our investment in
SVV is proving to be an even more exciting investment than we
initially expected. We look forward to good progress being made at
the other companies within the SVV portfolio and expect further
positive developments in the portfolio during 2020."
Brian Kinane, Co-founder and General Partner, Sure Valley
Ventures said:
"The sale of Artomatix is a further demonstration that the focus
of Sure Valley Ventures on the machine and deep learning sector is
an effective strategy and one where we believe many of our
portfolio companies will benefit from the global secular trend of
substantial capital investment in the use of AI to automate
traditional labour-intensive knowledge industries."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
Nominated Adviser Tel: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
Liam Murray/Tony Rawlinson
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Sure Valley Ventures Tel: +353 87 9075535
Barry Downes, Managing Partner
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END
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