LONDON - Infinite Reality ("iR"), a company specializing in next-generation technology with a focus on artificial intelligence (AI), has successfully secured an additional $3 billion in equity funding. This recent capital infusion has propelled the company's valuation to approximately $12.25 billion.
The funding news coincides with iR's announcement of a five-year agreement with Google (NASDAQ:GOOGL) Cloud and the launch of a new venture, the FIM SGP-Verse, in collaboration with Warner Bros Discovery (NASDAQ:WBD) Sports. These strategic moves are expected to further fortify iR's position in the technology sector.
Mindflair plc (AIM: MFAI), an investor in AI and other cutting-edge technologies, has acknowledged the positive development regarding iR's growing valuation. Mindflair has a vested interest in iR's success through its 13% direct stake in Sure Valley Ventures fund ("SVV1"), which holds equity in iR. Additionally, Mindflair possesses an indirect 6.1% interest via its holdings in Sure Ventures plc, which owns 25.9% of SVV1.
SVV1 became a shareholder in iR following the acquisition of its portfolio company Landvault in July 2024. The transaction, valued at $450 million in shares, contributed to iR's valuation increase at that time, following a $350 million fundraising effort that brought the company's worth to $5.1 billion.
Nicholas Lee, a director at Mindflair, expressed optimism about iR's financial trajectory, indicating a promising outlook for the future realization of their investment.
The venture capital fund SVV1 has a diversified investment portfolio, targeting software companies with innovative solutions in AI, machine learning, immersive technology, the metaverse, and cybersecurity. SVV1 is managed by Sure Valley Ventures, which is backed by notable sovereign investors such as the British Business Bank and Enterprise Ireland.
This financial milestone for iR, based on a press release statement, reflects the growing investor confidence in the technology sector, particularly in companies that are pioneering advancements in AI and the metaverse.
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