New investment by SVV UK Software Fund

Mindflair plc, the company investing in next-generation technology focused on AI, notes the announcement made by Sure Valley Ventures ("SVV") of a new investment by Sure Valley Ventures UK Software Technology Fund ("SVV2"), in which it has an investment.

SVV and Mercuri, an early stage venture capital firm, have led a £1.5 million funding round for Ittybit Ltd ("Ittybit"), a pioneering developer tools company. This funding will provide the necessary capital for Ittybit to further its mission of making world-class AI-led media pipelines accessible to developers worldwide. The funding round was also supported by Oxford Capital, angel investors and Baltic Ventures.

Ittybit provides cutting-edge APIs (application programming interface) and tools designed to simplify the uploading, storing, and delivery of large video, image, and audio files. Leveraging state-of-the-art computer vision models, Ittybit empowers developers to filter unsafe uploads, enhance content searchability, and automate tagging and transcription processes. A standout feature of Ittybit's offering is its innovative AI-based compression tool (akin to those used by industry giants like Netflix and Meta) which ensures faster downloads and reduced storage costs without compromising visual quality. With this new funding, Ittybit plans to expand its engineering and enterprise sales teams.

SVV2 is a venture capital fund, investing in a range of private UK software companies with a focus on companies in AI and ML, Immersive Tech, Metaverse and Cybersecurity sectors. The fund is run by the same SVV team which has been highly successful in achieving a number of cash realisations from, and upward revaluations of, companies in the SVV portfolio.

SVV2, which includes a cornerstone £50 million investment from the British Business Bank through its Enterprise Capital Funds programme, was launched in March 2022. The Mindflair commitment to this fund is 6%.

Nicholas Lee, Director of Mindflair, commented:

"We are pleased to see another exciting investment being made by SVV in order to further develop our AI-focused investment portfolio. An investment in an innovative company like Ittybit underscores our commitment to advancing AI technology and supporting high-growth enterprises."