Portfolio Update and NAV Calculation Q3 2023

Sure Ventures PLC

12 December 2023

 

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

Portfolio Update Q3 2023, NAV Calculation and Director commentary

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 provide an update on the Company's investment portfolio.

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. The current NAV of the Sure Valley Ventures ICAV as of Q2 2023 is €1.34388 which is a 2.9% decrease from its NAV as at Q2 2023.

Sure Valley has several investments across the AI, AR, VR and IoT sectors and the major contributing factors and commentary on underlying portfolio companies that has driven this NAV calculation are as follows:

Smarttech247 Group PLC

Smarttech247 signed a deal with VisonX for 900K euros over a 3-year period, signed a strategic partnership with Splunk on digital resilience and won a new contract of 400K euros with the Irish Government. It was an eventful period with a business update displaying the progress the business is making.

Cameramatics

The company is making significant progress in building its reoccurring revenue model and are gaining traction in the vehicle safety, fuel efficiency and accident reduction. The company has successfully won new contracts in the US, Europe, UK and Ireland. The company have a diverse spread of clients with some large UK, European and US logistic Businesses rolling out their technology across their fleets. The growth trajectory Cameramatics is on gives us great faith in the future.

Getvisibility

Getvisibility has successfully onboarded 35 new channel partners in the last quarter, taking the number of active customers to 184. This level of growth is translating to an increase in annual reoccurring revenue and the company are building their presence with the partnership with Forcepoint. The partnership allows Forcepoint to offer corporate clients a data classification tool, powered by Getvisibility using the Company's patented AI technology.

Wia Technologies Ltd

WIA https://www.wia.io/ is an Internet of Things (IoT) company with a ground-breaking cloud platform https://www.wia.io/product, enabling developers to turn any type of sensor device into a secure, smart, and useful application in a matter of minutes. WIA is the easiest and fastest way to link sensors and devices to develop IoT applications. WIA's end-to-end platform provides full device and application management, security, data capture and storage, analysis, control, as well as the seamless integration of enterprise systems. During the quarter Wia closed out a deal worth up to €2m with global logistics firm for rollout of energy monitoring across 5 million square metres of property in 14 countries.

Sure Valley Ventures Enterprise Capital Fund

Sure Valley Ventures ("SVV") has led a £2.2 million seed round in Captur, a company that has built an enterprise AI platform for real-time, rules-based image recognition. Existing investors, MMC Ventures and Ascension Ventures participated in this round, along with other investors including ex-Deliveroo, and enterprise AI investors Concept Ventures and Two Culture Capital, backers of ElevenLabs and Electric AI.

Captur's visual AI solution is fast to implement and offers product owners easy-to-embed APIs and SDKs that act as a smart camera within their mobile apps. Captur is currently being used in the delivery sector for drivers to map doorways and verify the correct address, reducing delivery to incorrect addresses and fraud by up to 40%.

Captur aims to expand its visual AI automation technology across the logistics, transportation, and automotive sectors and to integrate its solutions into modern enterprise's logistics. The company's customers include Forest, Dott, and Moove, and discussions are taking place with prominent logistics firms and Fortune 100 retailers. With operations in Europe, Captur plans to enter the US market next year.

Sure Ventures PLC NAV

The Sure Ventures PLC NAV at the end of September 2023 sits at 113p. This represents a 1.739% decrease across the period, down from 115p per share at the end of Q2 2023. This means that the Sure Ventures share price trades at a 21.68% discount to its NAV.

The Sure Valley Ventures Enterprise Capital fund commitment has such a small weighting to the NAV of Sure Ventures PLC until deployment increases. It currently equates to 1.63% of the overall investment to date. Despite this, AI technologies are beginning to create a new wave of exciting software solutions and the pipeline continues to build.

Director Commentary:

"There has been little change in the NAV of both Sure Ventures PLC or either of the Sure Valley Ventures Funds. The small decline in NAV is largely due to costs of running the fund and the PLC. This is a unique position to be in, with many Companies' finding it very hard to raise money in the present climate without undergoing a down-round.

The Sure Valley Ventures portfolio has continued to perform well in difficult market conditions, and we have a number of Investee Companies that are discussing possible funding rounds or possible exits. The Sure Valley Ventures team are continuing to build pipeline traction in the UK fund, and we have seen another portfolio addition in Captur AI in the quarterly period. We are pleased with overall progress.

There is no doubt that the possibilities, opportunities, and enterprise potential of AI technology is becoming more apparent in our day-to-day lives. The team are seeing some exciting technologies, and we look forward to the continued deployment by the Fund management team"

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

Gareth Burchell

Sure Ventures plc

[phone]

 

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