LONDON, UK: Tern Plc (AIM:TERN), the corporate focused on worth creation from Internet of Things (IoT) technology businesses, notes that following the settlement for Tern to take part within the brand new Sure Valley Ventures UK Software Technology Fund, introduced on 2 March 2022, the brand new SVV Fund has undertaken its first investment.
The SVV Fund has led a £2 million seed funding round, with the SVV Fund offering a £1 million funding in RETìníZE Limited, an award-winning creative-technology firm based in Belfast, Northern Ireland.
RETìníZE is developing an innovative software program product, Animotive, that’s harnessing digital actuality applied sciences to transform the 3D animation manufacturing process. The funding is designed to drive RETìníZE’s growth plan for the subsequent two-years and the worldwide rollout of Animotive.
Tern’s contribution to the SVV Fund’s funding in RETìníZE will be covered by the roughly £90,000 initially invested by Tern within the SVV Fund, as beforehand announced.
The SVV Fund are joined in RETìníZE’s funding spherical by investors from the UK, USA, Ireland and the Netherlands, including: TechStart Ventures, who’re following on from their 2019 pre-seed investment; VGC Partners; Clarendon/Co-fund NI; Lonely Horse Investments; Bertram van Munster and Elise Doganieri, the multi Emmy award-winning producers behind the CBS hit present ‘the Amazing Race’; and Ben Morrow, Senior Product Manager, Adobe Aero (Adobe’s AR creation tool).
Commenting, Al Sisto, CEO of Tern said: “We are delighted to see the SVV Fund make their first investment. In RETìníZE they’re investing in an thrilling firm developing innovative technology that matches thoroughly with Tern’s existing participation within the digital actuality space. As a member of the SVV Fund’s Investor Committee, I look ahead to working with RETìníZE, with a view to benefiting each RETìníZE and Tern’s wider community of companies.”
RETìníZE CEO, Phil Morrow, said: “We are thrilled to have Sure Valley on board as our lead investor – they’ve a deep knowledge of the creative tech sector and what impressed us most was the time they took to actually perceive and problem our long-term goals and objectives. This funding will supercharge our growth trajectory and can allow us to take Animotive to the worldwide market.”
Sure Valley Ventures Principal, Isabelle O’Keeffe, said: “We are delighted to have the ability to support RETìníZE because the primary funding of our recently launched software program fund, because it enters this thrilling new phase. We recognise that the immersive software program sector is poised for exponential growth, and the plans that RETìníZE has for Animotive will place the corporate on the forefront of this expansion. We will proceed to identify new alternatives in Metaverse, AI and Cybersecurity as we deploy our Fund II capital, with a spotlight on companies, like RETìníZE, that are bringing a disruptive innovation to market.”
www.ternplc.com