Investment in security solution platform PreCog

RNS Number : 1873S

Pires Investments PLC

15 March 2021

 

15 March 2021

Pires Investments plc

("Pires" or the "Company")

Investment in security solution platform PreCog

Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, announces that it has invested £250,000 in Polience Limited ("PreCog"), a security solution platform company that provides data intelligence to combat crime, terrorism and protect vulnerable people, as part of a £1 million fundraising round.  The funding for this investment has been satisfied from Pires' existing cash resources. Sure Valley Ventures ("SVV"), in which Pires has an effective overall interest of circa 20%, has invested the remaining £750,000 from the round.

Governments, organisations and the owners of assets are increasingly focused on identifying parties and individuals who may represent a security threat. Security services and organisations are therefore investing in real time solutions that can help provide them with additional intelligence to use their resources more efficiently and effectively, so they can act in a more proactive and preventative way.

PreCog provides a comprehensive security solution that, through their software platform and IoT hardware infrastructure, can monitor people flow and detect the movement of persons of interest thereby ensuring that locations are protected from those who wish to cause damage. PreCog is able to collect and analyse data to provide unique, scalable and actionable intelligence that helps its clients to combat organised crime, human trafficking and terrorism.

PreCog was incorporated in January 2020 and has participated in and been supported by the Microsoft for Startups programme and, via this programme, has established a partnership with Arrow ECS, a world-leading distributor and contract manufacturer. As part of this relationship, Arrow is manufacturing the hardware components for the PreCog system.

The proceeds of this funding round will be used for product development, the further expansion of the PreCog team and for working capital purposes in order to help scale the company.

Further information on PreCog can be found at: https://precog.com/ .

As announced on 12 February 2021, Pires has a circa 20% overall effective interest 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 and Immersive Technologies.

Peter Redmond, Chairman of Pires, commented:

"We are delighted to announce this investment in PreCog, both directly and via Pires' interest in SVV. PreCog has developed a security solution platform to provide unique data intelligence which we believe can be ground-breaking in its ability to combat crime and terrorism. With the proceeds raised in this funding round, we expect to see PreCog scale up significantly. We look forward to updating the market on this investment in due course."

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

Enquiries:

Pires Investments plc Peter Redmond, Chairman Nicholas Lee, Director	Tel: [phone]
Nominated Adviser Cairn Financial Advisers LLP Liam Murray/Ludovico Lazzaretti	Tel: [phone]
Joint Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams	Tel: [phone] Tel: [phone]
Joint Broker Tennyson Securities Peter Krens	Tel: [phone]
Financial media and PR Yellow Jersey Sarah Hollins Henry Wilkinson	Tel: [phone]

Notes to Editors

About Pires Investments plc

Pires Investments plc (AIM: PIRI) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.

The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Immersive Technologies, Big Data and digital assets, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.

For further information, visit: https://piresinvestments.com/ .

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

END

 

 

MSCFFFEIVTISLIL