Q4 2025 NAV Calculation and Portfolio Update

Sure Ventures PLC

31 March 2026

 

Sure Ventures PLC

Q4 2025 NAV Calculation and portfolio update

Sure Ventures PLC ("Sure Ventures" or "The Company") is a London listed venture capital fund which invests in early-stage software companies in the rapidly growing technology areas of Artificial Intelligence (AI), Augmented Reality ('AR'), Virtual Reality ('VR') and the Internet of Things ('IoT'). We are pleased to provide an update on the Company's investment portfolio.

SURE VALLEY VENTURES FUND (ICAV)

Sure Ventures made a €7million commitment to Sure Valley Ventures Fund ('Sure Valley') representing an interest in Sure Valley ICAV of approximately 25.9%. This commitment was made at a price of €1.00 per share. The current NAV of the Sure Valley Ventures ICAV as of Q3 2025 is €2.18585. This represents a decrease of 10% from its NAV as at Q3 2025 and the fund is fully invested. The change was due to a write down of 30% to our Napster position.

SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND (ECF)

Sure Ventures PLC has a £5m commitment and owns approximately 6% of the overall fund. The investment period is still at an early stage, with only circa 30% of this commitment funded so far. The current NAV stands at £0.71527, an increase of 3.2% during the quarterly period, in which the portfolio has grown and now consists of 17 Companies as at the end of December 2025.

Sure Valley Ventures Fund (ICAV)

Updates on some of the notable ICAV portfolio company's below:

Zenos Technology (Formerly Virtex)

Zenos Technology Limited (Formerly Virtex) is an application that enables Esports organisers to host their existing formats on a 3D entertainment platform, offering millions of viewers a completely new viewing experience.

In Q4 2025, Zenos secured key partnerships with major esports events which target the use of its Zenos Twin technology for advanced virtual production and broadcast uses. Zenos also successfully made first steps to expanding the use of its technology beyond esports into general gaming infrastructure, including AI use cases that require large amounts of detailed game state data.

Zenos completed a first close of a $3.2M Seed funding round at the end of January with participation from All Iron Ventures, Global Founders Capital, Sure Valley Ventures, Possible Ventures, Graph Ventures and strategic angels and personalities in esports and sports. Sure Valley Ventures invested £250K as part of this Seed round.

Napster Inc

In December 2025, Napster disclosed that the previously announced $3.5bn investment had not materialised and that they no longer expect to receive the funds. They stated that the shares associated with this transaction would be removed from the Cap Table (along with the cash receivable on the balance sheet) and that the share price would be materially unchanged. Following this news, SVV decided to take a deeper discount to the Company's stated share price and marked this down by 30% and is this provision is represented in our NAV calculation.

CameraMatics

CameraMatics is a disruptive technology for Fleet and Driver Risk Management. The

CameraMatics SaaS-based full-stack platform is a modular software platform based on camera technology, Vision Systems, AI, Machine Learning and Telematics, combined with Fleet Safety modules that help fleet operators to drive new safety standards across their fleet and drivers.

The sales momentum at Cameramatics has been strong both in the UK and the US. With a major contract signed with a large US logistics Business of $3.7m in Q4 2025, with an overall contract value expected to exceed $12m. They have also started rolling out their technology to a major UK logistics Business of a similar, if not larger contract value.

Sure Valley Ventures Enterprise Capital Fund (ECF)

One new Investment closed in the 3^rd quarter, which is detailed below. We now have exposure to 17 investments via the Enterprise Capital Fund, and the pipeline continues to remain strong. There were three new Investments made in the last quarter (ANQA, ASTUT & ZENOS):

ANQA

Anqa is a London-based startup building an AI-native risk orchestration platform for regulated payment providers. Its system automates third-party onboarding processes-like KYB, AML, credit, and fraud checks-using embedded AI agents, a compliance-grade data infrastructure, and a growing library of reusable, audit-ready workflows.

This aligns tightly with SVV's thesis: a vertical, AI-native SaaS play tackling a digitally underserved, regulated, high-value sector with clear defensibility via workflow reuse and domain expertise.

ASTUT

Astut is an Oxford-based spinout building a neuro-symbolic decision intelligence platform designed for situations where traditional AI fails, particularly in areas where there is little or no historical data. Astut was founded by Professor Peter Grindrod, CBE, and Dr. David Green with the goal of creating an explainable, constraints driven AI system that helps organizations make defensible decision in

novel, high-risk environments where traditional AI systems are not reliable.

CEO Peter Grindrod is an established mathematician at Oxford, with over 300 publications in

the area of applied maths, AI, and data science. CTO Dr. David Green has a PhD in computer science with industry experience in building products for highly regulated industries.

ZENOS

Zenos transforms the broadcast and viewership capability of games, enabling experiences previously impossible in any live entertainment category, such as letting viewers position themselves within the gaming world.

Leveraging proprietary data to train new AI models: AI models trained on this data can unlock further viewership applications such as personalized viewing experiences based on players profiles, real-time predictive analytics, AI driven avatars and digital twins, esports training agents, and dynamic monetization opportunities like automated sponsor overlays.

CAPTUR

Captur is a Computer Vision for AI powered workflow automation. Enterprises with modern logistics use Captur's smart camera to analyse images, give live feedback, automate compliance, and ultimately improve user experience at scale. The company is the first AI platform that enables product and growth teams to achieve real-time image verification on their mobile apps without building custom models.

Captur is on target to reach $3.5m in ARR by the end of Q3 2026. They have recently completed a flip into a Delaware C-Corp to take advantage of significant US market enquiries. SVV invested $850k dollars as part of a $6m series A funding round to help them achieve this.

STYLUS

Stylus is a new paradigm for educational assessment and improvement using AI in a marking service of unprecedented detail, accuracy and scale. Offering schools and school groups entirely novel insight into student writing, whilst offering teachers the time and wherewithal to act on that insight.

Stylus is rapidly cutting through the UK schools market, working closely with the Department for Education. The company have just secured 50 new schools in one month.

VIZGARD

Vizgard develops edge-based visual AI software forDefence and Security, enabling real-time intelligence and automated control of precision camera platforms. Vizgard have achieved a 10X increase in its ARR & SaaS revenues during the year, alongside global deployment of FortifAI and the successful build and launch of UnifAI.

SVV initially agreed to invest £1m into Vizgard with £500k up front and £500k predicated on the company hitting 12 milestones. Every milestone has been met and so the second £500k was invested.

SURE Ventures PLC NAV Calculation

The NAV of Sure Ventures PLC at the end of Q4 2025 is 152.9p (or £1.52p), which is down 10.0531% % since last quarter. This decrease was due to a a decision made to write down its position in Napster Inc by 30%. The SVV board note that the share price trades at 45p and represents a discount of 70% which we believe significantly undervalues the progress of the SVV fund(s) investments.

Gareth Burchell-Director Comments

"The discount to NAV that we are currently trading at is frustrating for the board and its current shareholders, but represents a great opportunity for new investors. The 70% discount to NAV would give new investors exposure to some maturing companies from our Irish fund (ICAV) and some exciting AI software technologies in our British Business Bank backed UK fund.

The progress of Companies such as Cameramatics from fund 1 and follow on rounds in both Stylus and Captur in fund 2 are examples of growth potential from within the portfolio exposure that has been created"

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell

Sure Ventures plc

[phone]

 

END