RCS - Mindflair PLC - New investment by SVV UK Software Fund

MindflairAnnouncement

06/06/2024 09:00

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RNS Number : 4056R  Mindflair PLC  06 June 2024

6 June 2024

Mindflair plc

("Mindflair" or the "Company")

New investment by Sure Valley Ventures UK Software Technology Fund

Sure Valley Ventures leads £1.5 million investment in Ittybit

Mindflair plc, the company investing in next-generation technology focused on
AI, notes the announcement made by Sure Valley Ventures ("SVV") of a new
investment by Sure Valley Ventures UK Software Technology Fund ("SVV2"), in
which it has an investment.

SVV and Mercuri, an early stage venture capital firm, have led a £1.5 million
funding round for Ittybit (https://ittybit.com/) Ltd ("Ittybit"), a pioneering
developer tools company. This funding will provide the necessary capital for
Ittybit to further its mission of making world-class AI-led media pipelines
accessible to developers worldwide. The funding round was also supported by
Oxford Capital, angel investors and Baltic Ventures.

Ittybit provides cutting-edge APIs (application programming interface) and
tools designed to simplify the uploading, storing, and delivery of large
video, image, and audio files. Leveraging state-of-the-art computer vision
models, Ittybit empowers developers to filter unsafe uploads, enhance content
searchability, and automate tagging and transcription processes. A standout
feature of Ittybit's offering is its innovative AI-based compression tool
(akin to those used by industry giants like Netflix and Meta) which ensures
faster downloads and reduced storage costs without compromising visual
quality.  With this new funding, Ittybit plans to expand its engineering and
enterprise sales teams.

SVV2 is a venture capital fund, investing in a range of private UK software
companies with a focus on companies in AI and ML, Immersive Tech, Metaverse
and Cybersecurity sectors. The fund is run by the same SVV team which has been
highly successful in achieving a number of cash realisations from, and upward
revaluations of, companies in the SVV portfolio.

SVV2, which includes a cornerstone £50 million investment from the British
Business Bank through its Enterprise Capital Funds programme, was launched in
March 2022.  The Mindflair commitment to this fund is 6%.

Nicholas Lee, Director of Mindflair, commented:

"We are pleased to see another exciting investment being made by SVV in order
to further develop our AI-focused investment portfolio. An investment in an
innovative company like Ittybit underscores our commitment to advancing AI
technology and supporting high-growth enterprises."

 

The Directors of the Company are responsible for the release of this
announcement. The person who arranged for the release of this information is
Nicholas Lee, a director of the Company.

 

Enquiries:

 

 Mindflair plc                Tel: +44 (0) 20 3368 8961

 Nicholas Lee, Director

 Broker                       Tel: +44 (0) 20 7469 0935

 Peterhouse Capital Limited   Tel: +44 (0) 20 7469 0936

 Duncan Vasey/Lucy Williams

 

Notes to Editors

Mindflair plc (AIM: MFAI) is an investment company providing investors with
access to a portfolio of next generation technology businesses focused on AI
with significant growth potential. The Company is building an investment
portfolio of high-tech businesses focused on Artificial Intelligence, across
such areas as Internet of Things, Cyber Security, Machine Learning, Immersive
Technologies and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to increasing global
demand for development in these sectors. For further information, visit:
http://www.mindflair.tech/ (http://www.mindflair.tech/) .

Sure Valley Ventures (www.surevalleyventures.com
(https://cairnfin.sharepoint.com/Users/nicholaslee/Library/Containers/com.apple.mail/Data/Library/Mail%20Downloads/5A6620E3-FC43-41F2-85BF-ECD08A48DE0F/www.surevalleyventures.com)
) ("SVV") is a venture capital firm that invests in early-stage AI software
companies in the UK and Ireland. Investing in AI since the firm's inception in
2017, SVV has a strong track record of accelerating the growth of private AI
companies through to Series A and beyond.

Ittybit, based in Salford, Manchester, is a developer tools company focused on
simplifying media file management for developers. Their technology has shown
impressive results, including an 80% reduction in bandwidth costs for
Strength:Lab and enhanced search functionality for a large podcast client. For
further information, visit: https://ittybit.com (https://ittybit.com)

 

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