Pires Investments notes Sure Ventures’ growth in 1Q22
Sure Ventures released a statement on Tuesday morning regarding its portfolio, including its principal investment in Sure Valley Ventures ("SVV"), in which the firm holds 25.9% interest.
As reported in yesterday’s statement, during 1Q22, SVV's NAV per share increased from €1.33 to €1.47 which, in turn, has driven Sure Venture’s NAV per share to a price of 128.9p, representing an 8.9% uplift compared to its NAV per share at 31 December 2021 of 118.3p.
This uplift follows on from a 10.4% increase in NAV during 4Q21. Pires, an investment company focused on next generation technology, has a 24.9% shareholding in SV which currently trades at 105p per share compared to SV plc's current NAV of 128.9p per share.
Sure Ventures found that 1Q22 growth in NAV was principally driven by the funding round secured by Getvisibility during this period when it raised €10 million in equity from the global venture capital company Alpha Intelligence Capital Fortino Capital Partners, respectively.
In particular, this funding round, which was based on the post-funding round valuation of Getvisibility, has resulted in a four-fold uplift on Sure Valley Ventures’ original investment.
Since 31 December 2021, SV committed a total of £5 million to the Sure Valley Ventures UK Software Technology Fund, a new fund that recently announced its first close of £85 million, which included a cornerstone investment of £50 million from the British Business Bank, an investment arm of the UK Government. This fund has already made its first investment.
More recently, VividQ, another principal investment, recently announced the launch of its Alpha Optical Engine Demonstrator at the SID Display Week Conference in California.
The technology displays high resolution 3D visuals with “excellent contrast and realistic focal depth” using Computer-Generated Holography, the process of engineering light in software.
Pires has a combined direct and indirect interest of circa 20% in SVV, a venture capital fund focused on investing in the software technology sector with a specific focus on Artificial Intelligence, the Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data. The company also has a direct shareholding in Getvisibility.
Pires told investors: "We are very pleased to note SV’s continued growth in NAV in 1Q, driven predominantly by the upward revaluation of Getvisibility following its latest funding round. VividQ, in which SV has invested in both directly and via SVV, continues to make operational strides, demonstrated by its recent unveiling of its Alpha Optical Engine Demonstrator."
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Pires Investments first invested in Sure Valley Ventures back in November 2019 as a way of accessing ‘an attractive and established portfolio of investments’ within the technology sector as part of the Company’s ongoing focus on developing a portfolio of technology investments.
Since then, the portfolio - 14 investments - has performed ahead of expectations, delivering both cash returns as well as a steady flow of upward revaluations of the portfolio companies.
Last month, Pires invested in the new venture capital fund - the Sure Valley Ventures UK Software Technology Fund - with the British Business Bank, an investment arm of the UK.
The new SVV fund is described by the investment company as a “significantly larger” fund with “much better economics” compared to the first. The fund is expected to target a range of technology markets, including the Metaverse, Artificial Intelligence and Cybersecurity sectors.
Pires, a technology-focused investment company, said it expects to invest up to £5 million in total over the life of the New SVV Fund which would provide it with a circa 5.9% interest.
The New SVV Fund will invest in a range of private UK software companies with a focus on companies in the Metaverse Artificial Intelligence and Cybersecurity sectors, it explained.
Pires is developing a portfolio of other investments in the technology sector, a number of which, such as Pluto Digital and Low6, it says ‘are progressing towards liquidity events.’
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