24th Jul 2023 13:47
Forward Partners Group PLC - Investment firm focused on high-growth, early stage technology businesses - Invests GBP500,000 into an unnamed artificial intelligence platform as part of GBP2.4 million seed round. Adds that investee Koyo Loans has gone into a wind-down and transferred its existing loan books to a new service provider following some "difficulties". Says this results in a GBP2.3 million write-down in fair value for Forward.
Chief Executive Officer Nic Brisbourne says: "Generative AI is unleashing a wave of value creation and company creation that rivals the early days of the internet, making this a very exciting time to be in venture capital. The potential for productivity gains across a wide range of roles and industries is just immense.
"Our view is that AI will enrich our lives whilst also driving economic growth through productivity gains, and the risks should be managed through measured regulation."
Current stock price: 24.50 pence, trading flat on Monday
12-month change: down 46%
By Sabrina Penty, Alliance News reporter
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