Pires Investments (PIRI ) said it has received proceeds in relation to the sale of the AI software firm Artomatix, one of the companies within the portfolio of Sure Valley Ventures.
In December 2019, Pires unveiled Sure Valley Ventures’s sale of Artomatix, an AI software company able to automate the creation of 3D content, to leading technology company Unity, at a valuation some 500% of the price of the original investment in the company.
Today, the London-listed investment firm which is focused on next generation technology said it will receive €0.796m of total net sale proceeds as a result of its 13% direct holding representing over a 70% return on Pires’ initial investment of £1.1 million in Sure Valley.
Pires said €721,274 was distributed to the company shortly after the completion of the sale with the balance remaining in escrow. Meanwhile, the Company also confirmed to investors that an amount of €75,478 has now been received thereby settling the outstanding balance.
Peter Redmond, Pires’ Chairman said, “The sale of the company clearly demonstrates SVV's ability to identify high-growth potential opportunities within the software technology sector.”
“Pires' investment strategy is to invest in companies with the ability to increase significantly in valuation post initial investment and subsequently deliver near-term cash returns to Pires and its shareholders. SVV's sale of Artomatix perfectly demonstrates this strategy. We look forward to updating the market on further developments within our portfolio in due course."
Pires has a c.20% interest in Sure Valley Ventures (SVV), a venture capital fund focused on investing in the software technology sector with a specific focus on Artificial Intelligence, the IOT and Immersive Technologies, Cyber Security, Machine Learning, Immersive Technologies and Big Data.
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Last month, Pires said its investee company, VividQ, a software and IP developer for holography, had undertaken a funding round of £11m ‘at a significantly higher valuation’ compared to the valuation at which Sure Valley Ventures made its initial investment.
Specifically, the funding round is expected to advance the adoption of VividQ's solutions across three applications; in automotive head-up displays ("HUD"), augmented reality ("AR") wearables, and bringing holography to consumer electronics, with holographic LCD screens.
VividQ, a Cambridge head-quartered business, is focused on powering the display revolution with Computer-Generated Holography and has secured over £17 million in funding to date.
Shares in Pires Investments have increased by over 25% in value since the beginning of 2021. The stock was trading 1.57% higher this morning at 6.45p following the news.
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.
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