Tern puts another £0.52m into FundamentalVR

The AIM-traded firm said the investment in FundamentalVR was in the form of convertible loan notes, and was made as part of a wider fundraise by FundamentalVR from its existing institutional and other shareholders.

It said FundamentalVR had seen increased adoption of its virtual reality simulation solutions, and was continuing to gain traction as a result of the challenges of social distancing and the reduction in elective surgeries, together with the introduction of new capabilities.

Looking at its other investments, Tern said Device Authority had continued to accelerate its annual recurring revenue growth through its subscription base and its modularised licence platform, ‘KeyScaler’, aided by the increasing focus on internet-of-things (IoT) security, the launch of product enhancements, and the securing of further distribution partnerships.

Wyld Networks, meanwhile, had continued to make “significant” progress following its initial public offering on Nasdaq First North in Stockholm on 2 July, including the signing of further distribution partnerships in South America and south east Asia, and an agreement with Chevron.

InVMA was still enjoying growing sales and a strong sales pipeline, Tern said.

The global deployment of its ‘AssetMinder’ product had been further aided by the opening of InVMA's United States operation, with professional services firm Dexis now offering AssetMinder to customers in Belgium and France.

Finally, it said Talking Medicines had continued the roll-out of its ‘PatientMetRx’ data service, adding that a global pharmaceutical company had recently signed a commercial agreement with Talking Medicines to start using PatientMetRx.

“I am very pleased that the positive business momentum previously reported has continued and all of our portfolio companies have performed well in the year to date,” said chief executive officer Al Sisto.

“We expect this momentum to continue, building on recent commercial successes, as our portfolio of IoT focussed businesses seek to provide innovative and practical solutions to meet real world needs.”

Sisto said that in many instances, the wide-ranging effects of the Covid-19 pandemic had accelerated the adoption of such solutions, with the company believing all of its portfolio companies were “well-positioned for the future.

“With the proceeds of the recent fundraise in July we are also well positioned to support the further growth of our portfolio companies, including the additional investment in FundamentalVR announced today, and we look forward to providing additional updates at the time of the release of our interim results on 14 September.”

At 1245 BST, shares in Tern were up 2.35% at 19.19p.