RNS Number : 2002Q
26 October 2021
26 October 2021
("Tern" or the "Company")
Tern Plc (AIM:TERN), the investment company specialising in the
Internet of Things ("IoT"), is pleased to provide an update on the
recent activities of the Company and its portfolio companies.
-- Significant business momentum, in line with Tern's previously
reported KPIs, has continued across all of Tern's principal
portfolio companies in recent months.
-- Device Authority launched KeyScaler Edge to address Edge IoT
security challenges alongside its second 'Virtual IoT Security
Summit' from 12 to 14 October 2021, covering some of the most
challenging current cybersecurity IoT issues in the identity and
access management (IAM) sector. With over 1,200 pre-registrations,
the summit attracted sponsored support and expert speakers from a
significant number of industry leaders. Microsoft participated in
four sessions over the three days, providing key insights into a
number of the key issues that Device Authority are solving for
-- In addition to new customer wins and repeat orders, Device
Authority have recently entered into further distribution
partnerships, including with Trusted Objects, a leading independent
player in cybersecurity technologies for embedded systems and cloud
device management platforms , and with Titan Automotive Solutions,
a leading provider of car connectivity solutions with a global
-- The adoption of FundamentalVR's haptics virtual reality
simulation solutions has continued to accelerate. Recent months
have seen FundamentalVR trading strongly, with significant new
business wins, including FundamentalVR's first urology procedure
and a significant win with a company previously using a
-- Wyld Networks has continued to make further significant
progress following its IPO on the NASDAQ First North Growth Market
in Stockholm on 2 July 2021. It has continued with the
commercialisation of Wyld Connect, securing purchase orders and
entering into additional partnerships. Wyld has also recently
strengthened its commercial position, with the company's first
published international patent applications.
-- InVMA has continued to experience strong sales growth for its
Industrial IoT connected asset software as a service (SaaS)
product, AssetMinder(R), with orders being secured with a number of
large international customers. InVMA have also further enhanced
their US presence, in particular with the addition of a recently
appointed Head of Product based in their Durham, North Carolina,
-- Talking Medicines continues to establish its recently new to
market PatientMetRx(R) data platform, capitalising on insights from
recent market research, run on behalf of Talking Medicines by
Kineticos Lifescience Consultancy, that highlights that 82% of
pharma industry executives interviewed plan to adopt 'social
listening' technology in the next five years, with 23% believing
that they will be using it on a daily basis. 68% do not have a
technology partner in place to provide this service . The
preparations to establish a US presence for Talking Medicines are
also underway to enable closer proximity to target decision makers
in 'Big Pharma'.
Commenting Al Sisto, CEO of Tern, said :
"I am very pleased to note the strong momentum that is
continuing with all of Tern's portfolio companies and to be able to
report their recent successes. The importance of the IoT continues
to accelerate and the adoption of the real world solutions that
Tern's portfolio companies are looking to provide is significantly
increasing, particularly as the need for many of these solutions
has become more urgent in light of the ongoing Covid-19
"We anticipate our portfolio companies making further progress
in the coming months, supported by Tern, and I look forward to
providing further updates on their development."
Device Authority Limited ("DA" or "Device Authority")
Device Authority, a global leader in identity and access
management ("IAM") for the Internet of Things, has continued its
business momentum, particularly that developed over the last 12
months, increasing its annual recurring revenue through its
subscription base and its modularised licence platform, KeyScaler.
Device Authority has also continued to innovate and launched its
latest major software release, which includes KeyScaler Edge, in
Device Authority launched KeyScaler Edge in October 2021 and DA
believes it is the first device identity centric IAM designed to
address the complex end-to-end challenges of IoT security lifecycle
management at the network edge. It is a lightweight version of DA's
KeyScaler that has been created specifically for network edge
nodes, with the ability to register, authenticate, and provision
security certificates and tokens to devices in the local network,
independent of an available internet connection. This allows
organisations the ability to automate Edge deployments to drive
efficiency at IoT scale and meet their compliance and regulatory
obligations for private local network deployments, with safety,
confidentiality, data theft/privacy, brand reputation, revenue
protection being important factors.
Commenting on the launch of KeyScaler Edge, Darron Antill, CEO
of Device Authority, said: "We're delighted to bring KeyScaler Edge
to the market and help our customers with their IoT edge
deployments. Our BETA program has been a success within the
healthcare, retail and transport sectors."
In addition to new customer wins, Device Authority have recently
entered into further distribution partnerships, including with
Trusted Objects, a leading independent player in cybersecurity
technologies for embedded systems and cloud device management
platforms , and with Titan Automotive Solutions, a leading provider
of car connectivity solutions .
IoT security solutions have a requirement to be adapted to
manage the constraints associated with connected devices, including
limited computing capabilities, power consumption and scalability.
Trusted Objects is developing IoT security solutions to protect IoT
devices, including an innovative embedded secure libraries concept
for generic microcontrollers. Device Authority and Trusted Objects
have partnered to collaborate around software Root of Trust (RoT)
and security lifecycle management for IoT, enabling a robust
end-to-end solution to automate security into any application
without the need for expensive custom hardware. This is intended to
provide a number of benefits to the customer including:
-- pre-validated software development kits (SDK) to work on
generic chipsets and families of devices, providing a reduced cost
option for end customers;
-- an option to "retrofit" to existing IoT deployments, enabling
customers to increase security on existing devices;
-- enabling customers to meet new and evolving legislation; and
-- allowing security lifecycle management into any cloud application.
Further information about DA's partnership with Trusted Objects
and the technology is available via the webcast session at Device
Authority's recent Virtual IoT Security Summit here .
Device Authority has also recently entered into a partnership
with Titan Automotive Solutions ("Titan"), a leading provider of
car connectivity solutions. Device Authority's KeyScaler has been
enabled on Titan's cellular modules to enable 'out of the box'
vehicle to cloud trust and identity management and data privacy
solutions. This is aimed at solving several digital challenges in
the automotive industry, including:
-- vehicle digital identity and trust, enabling the secure
connecting of vehicle systems to cloud infrastructure;
-- vehicle ownership transfer, providing a secure and scalable
security solution to meet the needs of ownership transfer for
manufacturers, leasing companies, and car rental companies;
-- data privacy and compliance, using policy-driven crypto key
provisioning and management; and
-- secure over-the-air updates and code signing.
The partnerships with Trusted Objects and Titan Automotive
Solutions are in addition to Device Authority's existing
partnerships with leading IoT ecosystem providers, including AWS,
DigiCert, Entrust, Ericsson, HID Global, Microsoft, PTC, Thales,
Venafi and Wipro, amongst others.
Device Authority Virtual IoT Security Summit
Device Authority held its second 'Virtual IoT Security Summit'
from 12 to 14 October 2021, covering some of the most challenging
cybersecurity IoT issues in the identity and access management
(IAM) sector. With over 1,200 pre-registrations, the sessions
attracted diverse global organisations from the automotive,
cybersecurity, financial services, system integrator, healthcare,
Industrial Internet of Things (IIoT), insurance and government
sectors. These attendees geographically spanned Europe, the USA and
the Asia-Pacific regions, reflecting the breadth of international
interest in IoT cybersecurity.
The summit attracted sponsored support from industry leaders
Venafi / Jetstack, BSI, KORE and Jitsuin, and expert speakers from
Microsoft, KORE Wireless, Venafi, Jetstack, Jitsuin, BSI, Intel
Corporation, Imagination Technologies, InVMA Limited and Armored
Things, amongst others. Microsoft participated in four sessions
over the three days, providing key insights into a number of the
key challenges that Device Authority are solving for their
All of the Virtual IoT Security Summit sessions can be viewed
on-demand across each of the three days at: October 12 - Device
FVRVS Limited ("FundamentalVR")
FundamentalVR delivers virtual reality ("VR") haptic 'flight
simulators' for surgery creating a safe, measurable and repeatable
space to refine skills. FundamentalVR's goal is to transform the
way surgeons prepare, practice, and refine their skills. It has
built an immersive, surgical simulation application platform,
Fundamental Surgery, to provide medical professionals with the
opportunity to rehearse, practice, and test themselves within a
safe, controllable space that is as close to real-life as
As previously announced, the adoption of FundamentalVR's haptics
virtual reality simulation solutions, as a credible alternative to
in-person and on human learning, has accelerated as a result of the
challenges of social distancing and the reduction in elective
surgeries as a result of the Covid-19 pandemic. Recent months have
seen this trend continue, with FundamentalVR trading strongly, with
significant new business wins. Approximately 60% of the business
won in recent months has come from new customers with the remainder
being repeat sales to its existing customer base.
New business wins include FundamentalVR's first urology
procedure and a significant win with a company previously using a
competitor's product. The business is maintaining its focus on the
strategic areas of the market where they see high growth potential,
in particular ophthalmology, interventional, robotics and
regenerative, and where their platform is most differentiated. The
sales and marketing efforts are making steady progress within all
Validation work with partners is starting to be published, with
New York University Langone issuing a validation study in September
2021 highlighting the improved skills transfer of FundamentalVR's
HapticVR service over normal VR. This is backed up by a smaller
study by the NHS and a second study that is expected to be
published later this year.
InVMA Limited ("InVMA")
InVMA has continued to experience strong sales growth for its
Industrial IoT connected asset software as a service (SaaS)
product, AssetMinder(R) in recent months, with orders being secured
with a number of large international customers who are looking to
connect their assets to AssetMinder(R), particularly as the
Covid-19 crisis has accelerated the need for contactless monitoring
of factory and remote assets. InVMA has a strong sales pipeline and
it is continuing to build its recurring revenue base.
InVMA have also further enhanced their US presence, AssetMinder
USA, in particular with the addition of a recently appointed Head
of Product based in the Durham, North Carolina, office.
Wyld Networks AB (publ) ("Wyld Networks" or "Wyld")
Wyld Networks has continued to make further significant progress
following its IPO on the NASDAQ First North Growth Market in
Stockholm on 2 July 2021. In particular, it has continued with the
commercialisation of Wyld Connect, its hybrid satellite terrestrial
low-power wide-area network (LPWAN) IoT solution, securing purchase
orders and entering into additional partnerships. Wyld has also
recently strengthened its commercial position with the company's
first published international patent applications.
Recent purchase orders
In September 2021, Wyld Networks signed a contract with Eutelsat
S.A ("Eutelsat"), one of the world's leading satellite operators,
worth SEK 900,000 (approximately GBP76,000) to deliver five
satellite IoT test terminals. Eutelsat's fleet of Low Earth
Orbiting (LEO) satellites, called ELO (Eutelsat LEO for Objects),
will offer global IoT coverage enabling sensors to transmit data,
irrespective of their location, demonstrating the fundamental
complementarity between terrestrial networks and satellite
technology. The five satellite test terminals that will be
delivered by Wyld in Q4 2021 support both satellite LPWAN and
terrestrial LPWAN connectivity as part of the test phase of the
Eutelsat ELO programme.
Additionally in September 2021, Wyld Networks announced that it
had signed a contract with Bayer Crop Science, a world leader in
agriculture and part of the multinational Bayer Corporation. Bayer
placed an initial purchase order worth SEK 320,000 (approximately
GBP27,000) with Wyld Networks to develop a satellite IoT terminal
and sensor to collect data from beehives.
As satellite IoT adoption accelerates, particularly in the 85%
of the world's surface where there is no cellular coverage, Wyld
Networks has continued to build out its partnership network
recently signing agreements with Chevron Corporation, the
multinational energy company, AgroCognitive, a South America based
smart precision agriculture platform for sustainable, efficient and
profitable food production and KWS, a leading seed specialist
providing innovative solutions for farmers around the globe, to
implement Wyld Connect, its LPWAN satellite IoT solution.
Patent and Trademarks
Wyld has also recently strengthened its commercial position with
the publication of the company's first international patent
applications aimed at protecting Wyld's technology. In its
strategic efforts to protect its intellectual property assets and
long-term value, Wyld Networks has also secured key trademarks
associated with the Wyld brand and products.
The published patent application, titled 'Systems and methods
for establishing and operating a resilient and low-latency outband
overlay communications network', concerns Wyld Network's core
technology and has been published through the Patent Cooperation
Treaty (PCT)*, which covers most of the major industrial countries
of the world. (*PCT application number: PCT/EP2021/053561.
Publication number: WO2021/160867A1).
The registered trademarks secured are for the names Wyld(TM),
Wyld Mesh(TM), Wyld Fusion(TM), and Wyld Connect(TM).
Commenting, Alastair Williamson, CEO of Wyld Networks, said: "We
are very pleased to have got our first international patent
application published as well as having secured several key
trademarks. As a growing tech company, our intellectual property is
a strategic asset and - alongside the people who make Wyld Networks
- our most valuable asset. Therefore, protecting our know-how and
brand is essential. It gives us competitive edge and it creates and
protects long-term value for the company and our shareholders."
On 30 September 2021, Wyld Networks announced the appointment of
Henrik Hedelius as a director to strengthen the Wyld board.
Henrik Hedelius, born in 1966, studied Business Administration
and Economics at Stockholm University. He is chairman of the board
of FUUD AB (publ) and SASHED AB and a board member of Vembla AB,
Bergman & Beving Aktiebolag, Addtech AB and The Cloud Factory
AB. He has previously been a senior advisor at UB Markets, CEO and
partner at Hedelius & Berthelius, Head of private M&A at
Kaupthing Bank, managing director at Storebrand Investments Sweden,
and a project manager at Swedbank Markets.
Talking Medicines Limited ("Talking Medicines")
Talking Medicines is a data technology company using Artificial
Intelligence ("AI"), Natural Language Processing ("NLP") and
Machine Learning ("ML") as social listening technologies to give
patients a voice. Talking Medicines uses leading technologies to
structure and decode what patients are saying by medicine brand.
They continue to focus on establishing their recently new to market
PatientMetRx(R) data platform capitalising on insights from recent
market research. An independent study run on behalf of Talking
Medicines by Kineticos Lifescience Consultancy has reinforced the
opportunity for Talking Medicines and PatientMetRx(R), indicating
that 82% of pharma industry executives interviewed plan to adopt
social listening technology in the next five years, with 23%
believing that they will be using it on a daily basis. 68% do not
have a technology partner in place to provide this service.
Commenting Jo Halliday, CEO of Talking Medicines, said:
"COVID-19 has shone a light on the need for pharma to adopt new
digital technologies and to use actionable data more effectively.
During the pandemic people have flocked to social media, making
less frequent visits to GPs and Consultants, as their medicine
regimes have inevitably been impacted. The good news is that pharma
professionals are clearly already thinking about this. They're
prepared to step up their efforts and investments to adopt tech-led
forms of social listening that are tailored to the needs of the
pharma sector as a means of gathering better patient intelligence
and improving brand performance."
The PatientMetRx(R) data platform relies on patient feedback
sourced as unstructured text from social platforms to input into
Talking Medicines proprietary AI/ML models. Talking Medicines have
partnered with Socialgist to accelerate and scale access to that
Commenting on the partnership: Jay Krall, Chief Product Officer
at Socialgist, said: "A decade ago, healthcare providers weren't
among the first industries to derive useful insights from public
social media. Now, leading firms like Talking Medicines are helping
them achieve a new understanding of the patient experience. We're
proud to partner with them to increase signal for analysts and
researchers, while ensuring privacy protection."
Talking Medicines offers pharmaceutical marketeers a
transformative way to access their patient voice by medicine type.
Talking Medicines are focusing on building their sales pipeline on
the World's top 20 pharma companies, with showcases such as the
'Bristol Myers Squibb Global Innovation Week Request For Solution'
being used. The preparations to establish a US presence for Talking
Medicines are also underway to enable closer proximity to target
the decision makers in 'Big Pharma'.
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) email@example.com
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