9 July 2024
Mindflair plc
("Mindflair" or the "Company")
Infinite Reality agrees to acquire Landvault, a Sure Valley Ventures portfolio company, for
Mindflair plc, the company investing in next-generation technology focused on AI, notes the announcement made by Infinite Reality ("iR"), that it has agreed to acquire Landvault for
SVV1 has a 7% shareholding in Landvault, and Mindflair has a 13% direct interest in SVV1 and a 5.3% indirect investment in SVV1 via its holding in Sure Ventures plc. The purchase consideration for Landvault would comprise new shares in iR and it is expected that this company will be seeking a listing on Nasdaq in Q3 2024 through a combination with its SPAC partner, Newbury Street Acquisition Corp.
Based on the figures set out above, this disposal has the potential to generate proceeds for Mindflair of circa
Furthermore, iR has also today announced a
Further details will become available once iR publishes details of its proposed listing on Nasdaq, although there can be no guarantee that a listing of iR will ultimately take place.
iR is an innovation company powering the next generation of digital media and ecommerce through AI and immersive technologies. iR's virtual worlds enable brands and creators to fully control how they distribute content, engage audiences, and monetize their creations while maintaining ownership of their data. With deep expertise in
The company is backed by a number of investors including RSE Ventures, Liberty Media, Lux Capital, Lerer Hippeau, MGM, CAA, T-Mobile Ventures, Courtside VC, Exor, Terracap, IAC, Live Nation, DJ and producer Steve Aoki, rock band Imagine Dragons, NBA player Rudy Gobert, Interscope Records, and more. For more information, go to theinfinitereality.com.
SVV1 is a venture capital fund, investing in a range of 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.
SVV1, which includes a cornerstone
Nicholas Lee, Director of Mindflair, commented:
"This is a very exciting and potentially material development for Mindflair given its significant exposure to SVV1. We very much look forward to further news regarding iR's proposed listing."
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 Nicholas Lee, Director
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Tel: +44 (0) 20 3368 8961
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Nominated Adviser Cairn Financial Advisers LLP Liam Murray / Ludovico Lazzaretti |
Tel: +44 (0) 20 7213 0880 |
Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams
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Tel: +44 (0) 20 7469 0935 Tel: +44 (0) 20 7469 0936 |
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/.
Sure Valley Ventures (www.surevalleyventures.com) ("SVV") is a venture capital firm that invests in early-stage AI software companies in the
Caution regarding forward looking statements
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