GCIMindflair-backed SVV2 fund leads $3m investment in AI innovators PHINXT Robotics and Vortex IQ
() , an AI-focused tech investment company, noted that Sure Valley Ventures has led two new funding rounds via its SVV2 software technology fund in PHINXT Robotics and Vortex IQ. Mindflair owns 23.8% of Sure Valley Ventures and has direct and indirect interest in SVV2.
Sure Valley Ventures has led a £2m funding round for PHINXT Robotics, an innovative AI-led robotics software company focused on warehouse automation. PHINXT was founded in 2022 and seeks to disrupt warehouse automation with its cloud-based SaaS platform aiming to simplify robotic deployments. PHINXT claims to reduce setup complexity tenfold by coordinating robots using edge technology.
Sure Valley Ventures has also led a £1m funding round for Vortex IQ, an AI-powered automation platform for e-commerce. Positioned to meet the rapidly growing demand for intelligent automation, the platform offers tools for staging, coding, data backup, and migration. The investment will be used for US and European market expansion, to boost sales and marketing, and support AI specialist hiring.
Nicholas Lee, Director of Mindflair, commenting: "We are pleased to see SVV making these new investments in two exciting companies that align with the vision of advancing AI technology. PHINXT Robotics and Vortex IQ are both at the forefront of their respective fields, and these investments further develop our AI-focused portfolio."
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Sure Valley Ventures, which is 23.8%-owned by Mindflair, has announced two new investments totalling £3m into AI innovators PHINXT Robotics and Vortex IQ via the SVV2 technology fund. SVV2 invests in UK-based software companies with a focus on the AI and ML, immersive tech, metaverse, and cybersecurity sectors, and is backed by a cornerstone £50m investment from British Business Bank. The Mindflair commitment to SVV2 is 6%.
PHINXT has recently secured significant contracts, including with a major UK grocery retailer and plans expansion into Europe. PHINX is well-positioned to innovate within the large global mobile robot market, set to reach US$16bn by 2027. The company also plans to extends its technology to delivery drones and autonomous vehicles.
The investment into Vortex IQ follows the company's success in Techstars' Spring 2024 cohort, and the doubling of its customer base over the past 6 months and signing of new partnerships with BigCommerce and Adobe. Notable clients of Vortex IQ include Nvidia, Harley Davidson, and Krispy Kreme, which is piloting Vortex IQ's new AI DevOps tool in the UK and Ireland, expected to launch globally by end of 2024.
In our estimation, remains undervalued, given the scope for material valuation uplift of the companies within its portfolio, evidenced by today's and other recent announcements. Continued projected growth of the AI sector, and progress reported so far across the SVV1, SVV2 and the new SVV3 funds through which invests, have bolstered investor confidence in the company's portfolio. Still, 's NAV/share remains very attractive compared to its current share price.
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