30th Mar 2020 16:22
(Alliance News) - Pires Investments PLC on Friday said its investee company Sure Valley Ventures has raised an additional GBP2.4 million in relation to VividQ Ltd.
Sure Valley Ventures is a venture capital fund focused on investing in the software technology sector with a specific focus on AI, the internet of things, and augmented and virtual reality. Pires holds around a 13% stake in Sure Valley. VividQ is a 3D software company within Sure Valley's portfolio.
Pires said it has secured a total of GBP2.4 million of funding from FluxUnit - OSRAM Ventures and University of Tokyo Edge Capital, which when added to Sure Valley's initial investment of GBP1 million, takes the total amount raised in the funding round to GBP3.4 million.
Fluxunit is the independent venture capital arm of global photonics company OSRAM. University of Tokyo Edge Capital is a technology-focused venture capital firm associated with academic institutions such as The University of Tokyo.
"This recent fund raising demonstrates the quality of the companies that Pires has exposure to through its investment in Sure Valley Ventures, namely their ability to raise funds in difficult market conditions and from such high quality and knowledgeable investors," said Pires Chair Peter Redmond.
Pires Investments expects VividQ's first holographic devices to be released in 2020.
Shares in Pires were trading 4.8% higher at 2.15 pence each on Monday afternoon in London.
By Ife Taiwo; [email protected]
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