Pires Investments’ Getvisibility secures further €1.1m equity funding round
(PIRI ) noted that the artificial intelligence-based data discovery platform company, Getvisibility, has secured a €1.1m equity funding round led by a new investor.
Pires, an investment company focused on next generation technology, originally invested €0.25 million in Getvisibility back in March 2020. The company also holds an indirect investment in Getvisibility through its investment in Sure Valley Ventures ("SVV") a VC fund focused on investing in the software technology sector of which Pires holds 20% interest in.
Today, the company explained that Getvisibility has secured a €1.1m equity funding round led by a new lead investor Herb Hribar, a director of ScienceLogic, Inc., a leading provider of AI-based operations technology which recently completed its own US$105m funding round.
This funding round also comprised follow-on investment from existing investors and the conversion of outstanding convertible loans into equity, including participation from Pires, SVV, Enterprise Ireland, Zefone (trading as Smarttech247) and Manifold Investments.
Pires is investing €62,000 to maintain its current shareholding, with this new funding taking place at a significant premium to the valuation at which Pires made its original investment.
Following this funding, Pires will have a total interest of circa 10% in Getvisibility, comprising a direct interest of 5.4% and an indirect interest of 4.4%. Pires noted that the consideration for this further investment has been satisfied from the company’s existing cash resources.
In addition, Herb Hribar, an experienced telecom, media and technology executive, has joined the board of Getvisibility as Chairman to support its customer and partner activities in the US.
The funds will be used to enhance Getvisibility’s go-to-market capability and deepen its technology and research in order to accelerate the disruption of the industry's approach to understanding and protecting its valuable, sensitive and regulated data while it accelerates customer growth and services customers in Europe and the MENA region, the group noted.
The company also highlighted that Getvisibility has recently expanded its product offering by adding Google's platform capabilities and a new Data Breach Risk report which it said will help businesses measure and benchmark their security and data governance capabilities.
"We are delighted with the appointment of Herb Hribar as Chairman of Getvisibility and the recent funding round. His wealth of knowledge as a telecoms industry veteran will prove invaluable and we wish him all the best in this new role. Pires is also pleased to be making a further investment in Getvisibility,” said Peter Redmond, Chairman of Pires Investments.
He added that the company believes that Getvisibulity’s “industry-leading AI capabilities” means the company is well positioned to capitalise on the expected growth in this sector.
Herb Hribar, Chairman of Getvisibility, commented, “Ronan and Mark are exceptional technologists as well as business leaders and have created a company that I believe will transform and disrupt the rapidly growing data confidentiality and protection space.”
He added, “Given recent events, we are all aware of the dangers posed by cyber criminals. Getvisibility addresses these threats and enables our customers to identify and eliminate vulnerabilities before they cause harm. With this investment, we can build on the foundation already well established to accelerate growth of customers and technology."
Shares in Pires Investments have nearly doubled in value since the beginning of 2021. The stock was trading 2.63% higher this morning at 9.75p following the announcement.
Reasons to PIRI
Pires Investments (PIRI) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is focused on building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Augmented Reality and Virtual Reality ("AR/VR") and Big Data.
The Board believes its portfolio demonstrates evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
In December 2020, Pires announced its new venture into decentralised finance through a share subscription agreement into DeTech Studio Limited developing a decentralised finance technology platform ("YOP"), providing Pires with a 15% equity interest in DeTech.
The company told investors that it believes decentralised finance technology platforms offer opportunities for growth and that it could capture a significant portion of the DeFi market.
Follow News & Updates from here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.