GCIMindflair-backed SVV3 fund leads $1.1m investment in AI innovator Inspeq AI
() , an AI-focused tech investment company, noted an announcement by Sure Valley Ventures (SVV) regarding the first investment by its Sure Valley Ventures 3 fund (SVV3). SVV is 25.9%-owned by Sure Ventures, in which Mindflair has a 21.3% shareholding. () is a venture capital firm investing in early-stage software companies in the areas of AI, augmented reality (AR), virtual reality (VR), and Internet of Things (IoT).
Mindflair said that SVV3 has led a US$1.1m funding round for Inspeq AI, a transformative full-stack AI Ops platform, alongside Delta Partners and other leading investors. Inspeq AI was founded by Apoorva Kumar and Ramanujam Macharla Vijayakumar who have prior experience at Microsoft, Meta, Amazon, and LinkedIn.
Inspeq AI plans to use the funds to invest in its full-stack LLM AI Ops platform, which assists developers in optimising all generative AI production and development. Additionally, Inspeq AI wants to expand its team in Applied AI, Data Science, and Full Stack Development, and extend its operations in Ireland, London, and India.
Nicholas Lee, Director of Mindflair, commenting: "It is encouraging to see the first investment being made by the third SVV fund into a growing company in the AI space. This investment again highlights the great potential within Mindflair's exciting AI focused investment portfolio."
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Mindflair notes the first investment by the SVV3 fund into a promising AI company, alongside other leading venture capital firms. Inspeq AI focuses on generative AI, aiming to enhance AI development through its comprehensive platform, which addresses AI performance issues throughout the Large Language Model (LLM) development lifecycle. Inspeq AI's advancements have notably reduced security and "hallucination" issues by up to 80%, significantly improving reliability. The company is led by an all-star team coming from Microsoft, Meta, Amazon, and LinkedIn. Markets reacted positively, driving shares 9% higher on Wednesday.
The SVV3 fund is managed by the same SVV team which has successfully realised cash and liquidity events, and upward revaluations, of a number of investments made by its first SVV fund, in addition to launching the £85m Sure Valley Ventures UK Software Technology Fund, backed by the British Business Bank. The SSV3 fund has to date received commitments of over €30m, of which Enterprise Ireland has committed to invest c. €15m in 15 high-growth AI software companies across the Republic of Ireland. Mindflair has a 16.0% interest in this fund.
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