(AIM: PIRI ) updates investors on its holding in Sure Valley Ventures ("SVV") in relation to Admix, which has developed a programmatic monetisation platform for gaming and other entertainment developers.
Two years after its initial seed funding, London-based start-up Admix has extended the Series A funding round announced in June 2020, raising a further $1.5 million from strategic gaming investors, bringing the total raised from the round to $8.5 million.
Marcus Segal, previously Chief Operating Officer of Zynga Studios and Nigel Morris, previously Chief Executive Officer of Dentsu Aegis, joined the round, alongside a number of unnamed executives working in the gaming and advertising industries in which Admix operates.
The proceeds of the fundraise are intended to be used to accelerate the development of the Admix's stack for game publishers - it currently caters to c. 300 - and to grow its technology team to 30 developers by the end of 2020.
Admix is a company within the SVV portfolio and 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 artificial intelligence, the internet of things and immersive technologies.
Admix is positioning itself as the provider of infrastructure for brands to engage with a growing number of gamers, which follows the rapid rise of casual and mobile game players as a result of the COVID-19 pandemic.
Shares in PIRI have been on an upward trend over the past three months from 3.15p to open up 1.11% at 4.55p following this announcement.
Peter Redmond, Chairman of Pires commented: "Only two years after its initial seed funding, this extension of the funding round announced earlier this summer demonstrates the excitement surrounding Admix's platform for gaming and entertainment developers at the moment.
“In-play advertising, a substantial and developed market, has seen considerable growth as a result of the COVID-19 pandemic and we expect this trend to continue in the coming years.”
"We believe that Admix's novel approach to game advertising at scale positions the company perfectly to benefit from the increased demand in this market. The additional funding and the inclusion of notable industry figures participating in this extended fundraise will no doubt allow Admix to continue its rapid growth path and, as such, we look forward to updating the market with Admix's progress in due course."
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