New SVV1 Investment in EVERYANGLE

RNS Number : 5763E

Pires Investments PLC

31 October 2022

 

31 October 2022

Pires Investments plc

("Pires" or the "Company")

New SVV1 Investment in EVERYANGLE

Pires Investments plc (AIM: PIRI), the investment company focused on next-generation technology, is pleased to provide an update in relation to a new investment completed by the first Sure Valley Ventures fund ("SVV1") in EVERYangle Ltd, trading as EVERYANGLE, a Dublin-based, computer-vision company that helps physical retailers, hospitality venues, and convenience service stations to optimise operations.

EVERYANGLE has raised €2.7 million in a seed fundraise which will be used to accelerate sales, invest in ongoing product development and drive further expansion in the US and UK. The funding round was led by Sure Valley Ventures, Act Venture Capital and Furthr VC (formerly DBIC Ventures), with participation from Enterprise Ireland.

EVERYANGLE's platform uses computer vision and machine learning to analyse CCTV footage rapidly and cost effectively at-scale to help retailers, hospitality and fuel station operators gain rich in-store customer insights, reduce loss and optimise their operations. The company plans to increase its headcount over the next 24 months with recruitment underway for key hires in machine learning, data science, software engineering, product management and sales. EVERYANGLE has developed strategic go-to-market partnerships with major vendors including Cisco and SAP, global distributors such as TD Synnex, as well as international reseller partners including CDW and WWT. These extensive partnerships enable EVERYANGLE to serve sectors such as retail, hospitality, manufacturing and healthcare, with customers including Mulberry, Peloton and Oxford Industries.

Pires has a combined direct and indirect interest of circa 20% in SVV1, 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. 

Nicholas Lee, Director of Pires, commented:

"This represents an exciting new investment by SVV1. As the number of CCTV cameras is rapidly increasing globally, EVERYANGLE's platform enables its customers to gain valuable insights, reduce losses and optimise their operations.

"This investment is expected to be the final new investment by SVV1 as the fund now enters its realisation phase which, going forward, should lead to attractive exits and cash returns for the Company."

Enquiries:

Pires Investments plc Nicholas Lee, Director	Tel: [phone]
Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams	Tel: [phone] Tel: [phone]
Financial media and PR Yellow Jersey Sarah Hollins Henry Wilkinson Annabelle Wills	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, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, 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/

About EVERYANGLE

Established by David Owens in 2019, EVERYANGLE is focused on helping retailers, hospitality venues and convenience service stations to better understand their customers in-store, reduce loss and optimise operations through computer vision technology.

Its platform includes solutions for:

· Brick-and-Mortar Retail Store Performance

· Demographic Customer Footfall Analysis

· In-Store Customer Engagement

· Checkout Scan Avoidance

· Stockroom Utilisation

· Labour Code 'Rest Break' Compliance

· PPE Compliance

The Company is headquartered in Dublin.

For further information, visit: www.everyangle.ai

This communication is a "Reach" announcement. Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained in this announcement is of a non-regulatory nature. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.

 

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