Mindflair (MFAI) reported continued progress across its AI portfolio in the six months ended 30 June 2026, alongside a further cash realisation from CameraMatics and new investments across the Sure Valley Ventures funds.
The company generated €600,000 from a partial realisation of its CameraMatics investment as part of a €49 million investment into the business by a new investor. Mindflair retained an interest in CameraMatics following the transaction.
The disposal marked the sixth cash realisation from Sure Valley Ventures Fund 1 since inception, following previous exits including Smarttech247, Artomatix and Getvisibility, the latter generating total proceeds of about £2.6 million in April 2025.
Several portfolio companies also reported operational progress. Mirror Security is supporting encrypted AI inference for a Middle East sovereign AI programme and expanding into the US and Singapore, while Recurvia secured a €2.4 million European Innovation Council grant. Vizgard won a US Defense Innovation Unit contract with Syzygy Integration, Stylus was named National Education Startup of the Year, Disseqt AI won the KPMG Global Tech Innovator Ireland 2026 competition and Literal Labs won the AI Research & Innovation category at the Global AI Excellence Awards 2025.
Mindflair now has direct and indirect investments in more than 40 enterprise AI software companies.
Sure Valley Ventures Fund 2 made six new investments during the period, including Ralio, ManaMind, Xylo, Souk and Buzztrail, with a sixth investment yet to be announced. Two further investments were completed after the period end, taking the portfolio to 25 companies. Mindflair also increased its participation in the fund from 6.1% to 7.8%.
Sure Valley Ventures Fund 3 made two investments during the period in Overpath and Audrey AI, followed by two further investments after the period end, taking its portfolio to nine companies.
Net asset value at 30 June 2026 was £7.656 million, compared with £9.412 million at the end of 2025, mainly reflecting lower valuations for Napster and Sure Ventures and the administration of Nova Leah. NAV per share was 1.454 pence, compared with Mindflair's share price of 0.375 pence on 16 September 2026, representing a 74% discount to NAV. Period-end cash rose to £683,000 from £610,000.
Mindflair’s Director Nicholas Lee said: “The Company continues to invest in high growth AI companies with focused commercial applications with the aim to deliver cash realisations from its portfolio, which includes the recent partial realisation of its investment in CameraMatics whilst, at the same time, retaining an interest in a company experiencing high growth.
Mindflair provides investors with exposure to a comprehensive portfolio of AI companies through a publicly listed entity at a significant discount to the Company's underlying net asset value. The enterprise AI sector continues to be an exciting area, benefitting from the significant investment in underlying models and infrastructure and applying such technologies to real businesses to improve their revenues and productivity. Mindflair is well positioned to benefit from this focus and represents an excellent way for public market investors to gain exposure to this investment class.”
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The CameraMatics realisation adds to Mindflair’s record of generating cash from its portfolio while retaining exposure to developing AI businesses. Meanwhile, continued investment activity and progress across several portfolio companies provide further evidence of momentum within the underlying portfolio.