Pires' portfolio companies making good progress
(), which invests in next generation technologies directly and through funds managed by Sure Valley Ventures (SVV) and Sure Ventures plc (SV plc), has updated on its portfolio.
1. Sure Valley Ventures (SVV):
SVV1: SVV's first fund has completed its investment phase and is now in the realisation phase. It has achieved three liquidity events, with more expected in the near future. Notable developments in the portfolio include:
- LandVault: A metaverse builder that raised an additional $3 million for global expansion and development of innovative technologies.
- Everyangle: A Dublin-based computer-vision company that raised €2.7 million to accelerate sales and expansion in the US and UK.
- (): A global AI-based cybersecurity business that had a successful listing on the London Stock Exchange's AIM market, experiencing a significant increase in share price.
- (): A VR technology company that launched ENGAGE Link, a metaverse platform for enterprises, and achieved positive revenue growth.
- Cameramatics: A fleet management solutions provider that raised £3 million for expansion into new geographies and showcased its AI-powered collision avoidance system.
- Buymie: An on-demand grocery service planning to expand into the UK, with speculation about a potential acquisition by Dunnes Stores.
SVV2: Launched in March 2022, this fund has made two investments:
- RETìníZE: A creative-tech company that raised £2 million for the global rollout of its VR software product, Animotive.
- Jaid: A platform offering AI as a Service (AIaaS) solutions that raised £3 million for expansion and diversification.
SVV3: Pires announced its agreement to invest in SVV's new venture capital fund, SVV3, which will focus on high-growth AI software companies in the Republic of Ireland.
2. Sure Ventures plc (SV plc):
Pires holds a 22.6% shareholding in (), which invests in early-stage software companies in areas like Augmented Reality, Virtual Reality, Internet of Things, and Artificial Intelligence. SV plc's principal investment is a 25.9% interest in SVV1 and a commitment to SVV2. It also holds direct shareholdings in VividQ and ().
3. Direct Investments:
a. GetVisibility: A cybersecurity company specializing in data visibility and control, experiencing rapid growth with an increase in enterprise customers. It plans to invest in creating its own AI academy.
b. Emergent Entertainment: A next-generation entertainment company focused on emerging technologies and launching VR games like Peaky Blinders. It is in discussions for co-development projects with leading organizations and has revised its 2023 revenue forecasts upwards.
c. Low6: A sports gaming technology company focused on fan engagement. It raised new funds and established partnerships, including a 3-year contract as the NHL's free-to-play provider. Trading is in line with expectations.
View from Vox
It's been a difficult year for Pires, which has seen its shares slip as its areas of investing focus fell out of favour with investors. At 2.05p, that leaves them trading at a 60% discount to net assets, which seems overly wide given the increasing adoption of the technologies in targets - including AI, augmented reality, and cybersecurity - as can be seen by the momentum behind many of its portfolio companies.
Pires also secured a two-year £1.235 million unsecured loan facility to provide additional funding flexibility, and said that liquidity events from SVV1, along with the loan facility, will support the advancement of its investment strategy.
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