Ambisense Funding round

RNS Number : 0122K

Sure Ventures PLC

27 August 2021

 

Sure Ventures plc ('Sure Ventures' or 'the Company')

Ambisense Funding round

Sure Ventures is a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented reality ('AR'), Virtual reality ('VR'), Internet of Things ('IoT') and Artificial Intelligence (AI). We are pleased to announce an update and funding round completion of Ambisense, one of our portfolio companies via our investment into Sure Valley Ventures (ICABV).

SURE VALLEY VENTURES FUND

Sure Ventures made a €7million commitment to Sure Valley Ventures Fund ('Sure Valley') representing an interest in Sure Valley of approximately 25.9%.  This commitment was made at a price of €1.00 per share.

Ambisense

 Ambisense has successfully raised €3 million in a funding round led by BGF, one of Ireland's leading growth capital investors, and supported by existing investors, including SVV, Atlantic Bridge and Enterprise Ireland. As part of the funding, Mark Sykes of BGF has been appointed to Ambisense's Board and Graham Love has joined as Non-Executive Chairman.

The company, founded in Dublin City University in 2014 and led by founder Stephen McNulty, has operations in Dublin, the UK and the Netherlands. Ambisense combines Artificial Intelligence with reliable, field-deployable instruments that generate and analyse a continuous flow of data, enabling the prediction of environmental hazards before they occur. Its technology has already been successfully used on some of the world's largest infrastructure projects, and its newest product, AmbiAir, which monitors indoor air quality, can be used to minimise Covid-19 risk by allowing for the safe re-opening and operation of commercial offices, retail, education and healthcare facilities. 

The funds raised will accelerate Ambisense's ambition to create healthier, safer environments by preventing environmental hazards before they occur. Ambisense will continue R&D across its products and focus on building its client base to meet rising demand.

Gareth Burchell

"We would like to congratulate Stephen and the board of Ambisence on securing the investment required to take the company to its next stage of development. The sector was growing at a significant pace prior to COVID 19, but has gathered in pace during the pandemic. The ability to monitor air quality, to use the data to prevent problems before they occur and the advancements in IOT connectivity have created a market place full of opportunity for Ambisense".

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell	Sure Ventures plc	[phone]

Notes to Editors

Sure Ventures plc listed on the London Stock Exchange in January 2018 giving retail investors access to an asset class that is usually dominated by private venture capital funds.  Sure Ventures is focusing on companies in the UK, Republic of Ireland and other European countries, making seed and series A investments in companies with first rate management teams, products which benefit from market validation with target revenue run rates of at least £400,000 over the next 12 months.  Website: https://www.sureventuresplc.com/

 

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