Pires Investments (PIRI ) has provided an update to investors in relation to Sure Valley Ventures’ ("SVV") new investment in immersive entertainment company, Virtex VR Limited ("Virtex").
The next generation technology investment firm holds an interest in Virtex through its £1.1 million investment in entrepreneur-led VC fund SVV, in which the group holds 13% interest.
Pires detailed that SVV has now completed an initial investment in Virtex in order to accelerate the company's strategy to build a platform for the next generation of live, immersive entertainment within the virtual reality ("VR") gaming and esports industries.
According to research stated by the group, the VR market was estimated at USD 6.1 billion in 2020 and is expected to grow at a CAGR of 27.9% to reach USD 20.9 billion by 2025.
"We are pleased to note Sure Valley Ventures' new investment into immersive entertainment company, Virtex,” said Peter Redmond, Chairman of Pires Investments.
He added, “The company has experience in the VR gaming and esports industries, which, with SVV's financial and business support, will assist Virtex in executing its growth strategy and delivering a platform for next-generation of live, immersive entertainment."
Shares in Pires Investments have soared in value by over 200% since the beginning of November 2020 to open 0.41% lower this morning at 12.1p following the announcement.
Reasons to Follow
London-listed Pires Investments is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is focused on building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Augmented Reality and Virtual Reality ("AR/VR") and Big Data.
The Board believes its portfolio demonstrates evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
In December 2020, Pires announced its new venture into decentralised finance through a share subscription agreement into .DeTech Studio Limited developing a decentralised finance technology platform ("YOP"), providing Pires with a 15% equity interest in DeTech.
The company told investors that it believes decentralised finance technology platforms offer opportunities for growth and that it could capture a significant portion of the DeFi market.
Earlier this month, Pires said CameraMatics, a technology firm within the Sure Valley Ventures portfolio, had successfully raised in excess of €4m in a Series A funding round.
It has stated that the funds will be used to support further expansion of CameraMatics' US branch and drive forward the company's recent entry into the mainland European market.
Its roadmap for future product and software development aims to create more than 50 jobs in the next two to three years in Ireland, and other roles in the UK, US and mainland Europe.
Pires believes CameraMatics is ‘ideally placed in one of the world's fastest-growing sectors.’ It said CameraMatics has grown steadily since launching in Ireland in 2016 and now has over 400 customers globally, including some of the sector's leading and largest fleet operators.
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