Getvisibility, an investee company of the technology-focused investment firm,Pires Investments (PIRI , has secured €10 million in funding from several new investors.
The funds come from Alpha Intelligence Capital (“AIC”), a global venture capital firm which invests in deep artificial intelligence/machine learning technology-based companies and Fortino Capital Partners (“Fortino”), a B2B software venture capital and growth equity firm.
Certain existing investors, including Pires Investments, Sure Valley Ventures (“SVV”) and Manifold Investments Limited have also made follow-on investments alongside AIC and Fortino and other additional new investors into Getvisibility, an AI-based data company.
Pires, which made an original investment of €250,000 into Getvisibility back in March 2020, with a follow-on investment of €62,000 in June 2021, announced this morning that it will be investing an additional €50,000 from its existing cash resources as part of this funding round.
Since its initial investment in 2020 from Pires Investments, Getvisibility has reportedly made ‘significant progress’ such that, based on the post funding round valuation, Pires’ direct stake in Getvisibility (including its additional investment) is now valued at around €1,500,000 or over four times its total investment cost to date since it made its first investment two years ago.
Pires also has a further interest in Getvisibility via its 13% interest in SVV and an indirect interest through its holding in Sure Ventures plc, which together are now valued at circa €1.33m. Pires’ interest in Getvisibility, in aggregate, is therefore now valued at c.€2.83m.
Getvisibility, which uses artificial intelligence to classify and secure unstructured information, provides risk and compliance assessments as well as enforcing protection on sensitive data.
The company operates across the US, Europe and the Middle East and North Africa with a presence in several industry sectors including banking, healthcare and the public sector.
Getvisibility’s clients include a leading global producer of energy and chemicals, a major airport group, one of the largest financial institutions in the Middle East as well as United States government entities operating in the pharmaceutical and manufacturing sectors.
The funds raised in this latest funding round will be used to build out the senior management team, further develop the route to market and deliver the company’s near-term strategic plan.
Commenting on the funding round, Nicholas Lee, Director of Pires Investments commented: “We are very excited about the progress that Getvisibility has made to date and the significant increase in the value of our investment. The products and services offered by Getvisibility are becoming even more critical in today’s world given the rapid growth in cybercrime and constant attacks on IT systems and data that are taking place globally on a daily basis.”
He commented: “This latest funding round to raise €10 million, led by global venture capital investors AIC and Fortino, clearly validates the excellent investment that Getvisibility has represented to date and strongly endorses the company’s business prospects going forward.
Lee noted that Getvisibility is now “well funded and clearly set on a path to make even greater progress”, adding”: “This is yet another example of the exciting results that are being achieved by Pires from its investment portfolio, indicating the potential of this portfolio going forward.”
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