23 January 2025
Mindflair
plc
("Mindflair" or the "Company")
New investment by Sure Valley
Ventures UK Software Technology Fund
and Correction to previous
announcement
Sure Valley Ventures leads
£1.5 million investment in Vizgard
Mindflair Plc ("Mindflair" or the
"Company"), the company investing in next-generation technology
focused on AI, notes the announcement made by Sure Valley Ventures
("SVV") for a new investment by Sure Valley Ventures UK Software
Technology Fund ("SVV2"), in which it has an
investment.
SVV has led a £1.5 million funding
round for Vizgard,
a cutting-edge AI company specialising in distributed AI solutions
for defence and public safety applications. This funding will
accelerate Vizgard's ambition to enhance camera-based systems'
capabilities through its proprietary FortifAI software platform.
The funding round also included participation from
Midwich Ignite
and Focal.
Vizgard's FortifAI platform is able
to leverage low-power, commercially available processors to enhance
systems such as security cameras, counter-drone technologies, and
unmanned vehicles. By combining traditional computer vision with
advanced Deep Learning models, FortifAI offers precise, real-time
threat identification, automatic camera control, and
privacy-preserving features like face blurring. Founded in
2021 by former Royal Navy submariner Alex Kehoe, Vizgard addresses
critical gaps in defence AI implementation, as highlighted by the
House of Commons Defence Committee. The company has secured
significant contracts from the Ministry of
Defence, HMGCC Co-Creation, several leading defence technology
companies and a major UK transport organisation. Vizgard's
customers include Sesanti, a leading British camera manufacturer
and multiple national-remit police departments. The company is also
part of a £12 million Innovate UK consortium.
Nicholas Lee, Director of Mindflair,
commented:
"We are
pleased to see another investment led by SVV, particularly in a
company as innovative as Vizgard. This aligns perfectly with our
strategy of investing in AI-focused technologies, and we look
forward to seeing Vizgard's growth and its contribution to the
sector."
Correction to previous announcement
The following amendment has been
made to the 'Proposed Share Option Scheme' announcement released on
22 January 2025 at 7 a.m. under RNS No 1952U. There was a
typographical error in the third bullet point of Nicholas Lee's
options in which the last tranche of the proposed options was
stated as vesting upon the Company's share price increasing to 34.0
pence. The correct figure is 4.0 pence. The corrected text reads
"the remaining options vest upon
the Company's share price increasing to 4.0 pence per Ordinary
Share, measured over a consecutive 5-day period (a circa 260%
increase from the current share price)."
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
|
Tel: +44 (0) 20 3368 8961
|
|
Nominated Adviser
Cairn Financial Advisers
LLP
Liam Murray
Ludovico Lazzaretti
|
Tel: +44 (0) 20 7213 0880
|
|
Joint broker
Peterhouse Capital
Limited
Duncan Vasey/Lucy
Williams
|
Tel: +44 (0) 20 7469 0935
Tel: +44 (0) 20 7469 0936
|
|
Joint broker
Shard Capital Partners
LLP
Damon Heath
|
Tel: +44 (0) 20 7601 6100
|
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 UK and Ireland.
Investing in AI since the firm's inception in 2017, SVV has a
strong track record of accelerating the growth of private AI
companies through to Series A and beyond.
Vizgard is a veteran-founded AI
software company based in the UK. Its FortifAI platform integrates
traditional computer vision with advanced Deep Learning models to
enhance Defence and Public Safety systems. For further information,
visit: www.vizgard.com.
