Mindflair investee Retinize raises £1.6m in equity round to advance 3D animation tech
() , an AI-focused tech investment company, noted a recent announcement by indirect investee Retinize regarding a successful £1.6m equity round. Retinize is a portfolio company of Sure Valley Venture's SVV2 fund. Mindflair owns 23.8% of Sure Valley Ventures and has direct and indirect interest in SVV2.
Notably, Retinize's £1.6m investment round took place at a higher valuation than its value at the time of SVV2's initial investment. The funding round was supported by QUBIS, the commercialisation arm of Queen's University Belfast, and Innovation Ulster, the investment vehicle of Ulster University.
Nicholas Lee, a Director of Mindflair, commenting: "We are pleased to see Retinize being backed by new investors QUBIS and Innovation Ulster and to see the progress it is making in the creative technology space."
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Mindflair's indirect investee Retinize has announced a milestone equity raise that should significantly accelerate the commercial growth of Animotive, its enterprise platform for 3D animation production. This is good news for as it should boost the value of the asset's future realisation.
Retinize is a pioneering software company based in Northern Ireland whose flagship product is an AI-enhanced 3D animation solution aimed at transforming 3D production. The new capital, comprising of £1.3m in equity funding and £300k in grant funding, will allow Retinize to significantly scale operations and expand its footprint. Animotive is already being used by some major TV and film production companies.
In addition to the aforementioned participation by QUBIS and Innovation Ulster, representing Northern Ireland's two main universities, the round included follow-on investments from Sure Valley Ventures, Techstart Ventures and Co-Fund NI, with additional backing from angel investors.
The SVV2 fund invests in UK-based software companies with a focus on 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%.
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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