Pires Investments (AIM:PIRI ) announced on Monday that VividQ Limited (“Vivid”), a portfolio company of Sure Valley Ventures (“SVV”) in which it holds 13%, has secured an additional £2.4m funding bringing its total funding round to £3.4m.
Vivid announced in December 2019 that it had secured the additional funding from FluxUnit and University of Tokyo Edge Capital, venture capital firms ‘well connected’ in the German and Japanese automotive markets, respectively.
Pires Investments confirmed its initial £1.1m investment into entrepreneur-led VC fund Sure Valley Ventures in late November 2019 in return for a 13% interest in SVV.
The company says that VividQ should now be ‘well positioned’ to progress its development of the next generation automotive display market and accelerate the adoption of its holographic software in the next generation of consumer electronics.
Shares in Pires Investments were trading flat at 2.05p during Monday trading.
In April 2019, SVV invested £500k in VividQ in preference shares at a pre-money valuation of £6.5m for a total stake of 5.23% fully diluted.
“This recent fund raising demonstrates the quality of the companies that Pires has exposure to through its investment in SVV, namely their ability to raise funds in difficult market conditions and from such high quality and knowledgeable investors,” said Chairman of Pires investments, Peter Redmond.
In December 2019, Pires announced the sale of Irish software firm, Artomatix, a portfolio company of Sure Valley Ventures, in a deal believed to be worth up to $60 million.
Pires has since achieved €803,274 representing ‘a significant return’ compared to its initial investment in SVV.
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