15 August 2024
Mindflair
plc
("Mindflair" or the "Company")
New investment by Sure Valley
Ventures UK Software Technology Fund
Mindflair plc, the company investing
in next-generation technology focused on AI, is pleased to note the
announcements by Sure Valley Ventures ("SVV") of two new
investments by the Sure Valley Ventures UK Software Technology Fund
("SVV2") in PHINXT Robotics Ltd ("PHINXT
Robtics") and Vortex IQ Limited ("Vortex IQ"), in which Mindflair has an investment.
PHINXT Robotics
SVV has led a £2 million funding
round for PHINXT Robotics, an innovative AI-led robotics software
company that is redefining warehouse automation. Founded in 2022,
PHINXT Robotics is revolutionizing warehouse automation with a
cloud-based platform that aims to simplify robotic deployments and
offers a flexible subscription model. By coordinating robots using
edge technology, PHINXT reduces setup complexity tenfold, enabling
businesses to increase profits and productivity. The company has
secured several contracts, including with a major UK grocery
retailer, and plans to expand into Europe. With the global mobile
robot market set to reach $16 billion by 2027, PHINXT long term
vision is to extend its technology to delivery drones and
autonomous vehicles.
Vortex IQ
SVV has also led a $1 million
funding round for Vortex IQ, an AI-powered automation platform for
e-commerce. Vortex IQ's AI-driven platform provides actionable
insights and seamless implementation, enhancing efficiency and
Customer Lifetime Value. Positioned to meet the growing demand for
intelligent automation, it offers tools for staging, coding, data
backup, and migration. The investment will be used for US and
European market expansion, boost sales and marketing, and support
AI specialist hiring. The investment follows after success in
Techstars' Spring 2024 cohort and the company doubling its customer
base organically in the past six months and forming strategic
partnerships with BigCommerce and Adobe. Notable clients include
Nvidia, Harley Davidson, and Krispy Kreme, which is piloting Vortex
IQ's new AI DevOps tool in the UK and Ireland, with global rollout
planned by end of 2024.
Nicholas Lee, Director of Mindflair,
commented:
"We are pleased to see SVV making
these new investments in two exciting companies that align with the
vision of advancing AI technology. PHINXT Robotics and Vortex IQ
are both at the forefront of their respective fields, and these
investments further develop our AI-focused portfolio, supporting
innovation and."
About PHINXT Robotics
PHINXT Robotics is a leader in
AI-powered robotics automation, providing a cloud-based platform
that enables seamless collaboration among various types of
autonomous robots. The platform supports warehouse automation and
has the potential to expand into other areas such as delivery
drones and autonomous vehicles.
About Vortex IQ
Vortex IQ is an AI-driven e-commerce
automation platform designed to enhance operational efficiency
through actionable insights and seamless implementation, empowering
merchants to achieve greater success in the digital
marketplace.
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
|
|
Broker
Peterhouse Capital
Limited
Duncan Vasey/Lucy
Williams
|
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 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.