GCIPires’ VividQ unveils £11 million funding round at ‘significantly higher valuation’
(AIM: PIRI ) said its investee company, VividQ, a software and IP developer for holography, has announced to investors a funding round of £11 million.
Pires, which holds an interest in VividQ via its investments in Sure Valley Ventures ("SVV") and Sure Ventures ("SV"), said the £11m proceeds from the funding round will be used to scale the team, expand into the Asia-Pacific region (APAC) and further product development, including HoloLCD, which turns consumer-grade screens into holographic displays.
Pires said this new investment round has taken place ‘at a significantly higher valuation’ compared to the valuation at which the initial investment was made by SVV and SV.
Specifically, the funding round will further advance the adoption of VividQ's solutions across three applications; in automotive head-up displays ("HUD"), augmented reality ("AR") wearables, and bringing holography to consumer electronics, with holographic LCD screens.
VividQ, a Cambridge head-quartered business, is focused on powering the display revolution with Computer-Generated Holography and has secured over £17 million in funding to date.
The Company’s technology is currently being used in the development of next-generation digital displays and devices by several manufacturers in the United States, China and Japan.
Founded in 2017, VividQ has made cutting-edge developments that achieve real-time Computer-Generated Holography with high image quality, at low power. The company collaborates with key providers to bring this technology to everyday applications, Pires said.
VividQ has worked with Arm, demonstrating mobile holographic display for the first time, while its other partners include Compound Photonics, Himax Technologies, and iView Displays.
Addressing shareholders, Chairman of Pires, Peter Redmond, said, "We are pleased to note VividQ's funding round of £11m, which will be used to scale the team, expand in APAC, further product development and the advancement of the adoption of VividQ's solutions for Computer-Generated Holography. Through VividQ's work, the potential for mass consumer adoption and usage of holographic displays is becoming ever more possible.”
Pires has a c.20% interest in SVV, a venture capital fund focused on investing in the software technology sector with a specific focus on Artificial Intelligence, the IOT and Immersive Technologies, Cyber Security, Machine Learning, Immersive Technologies and Big Data.
Shares in Pires Investments have increased by over 45% in value since the beginning of 2021. The stock was trading 1.20% higher this morning at 8.45p following the news.
Reasons to PIRI
(PIRI ) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is focused on building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Augmented Reality and Virtual Reality ("AR/VR") and Big Data.
The Board believes its portfolio demonstrates evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
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