Infinite Reality raises US$3 billion

Mindflair plc (AIM: MFAI), the company investing in next generation technology focused on AI, is pleased to note the public announcement by Infinite Reality ("iR") on 8 January 2025. Key information in this announcement includes:

• iR has raised additional equity of US$3 billion in cash, increasing iR's indicative valuation to US$12.25 billion.
• Execution of a 5 year deal with Google Cloud.
• Launch of FIM SGP-Verse in collaboration with Warner Bros Discovery Sports.

The first Sure Valley Ventures fund ("SVV1") has an equity shareholding in iR as a result of iR's acquisition of SVV1's portfolio company Landvault in July 2024, in a US$450 million all-share transaction. At the time of the acquisition, SVV1 had a 7% shareholding in Landvault. iR's publicly declared valuation at that time, following a US$350 million fund raising, was US$5.1 billion.

Mindflair holds a 13% direct interest in SVV1 and a 6.1% indirect interest via its holding in Sure Ventures plc who in turn has a 25.9% holding in SVV1.

SVV1 is a venture capital fund, investing in a range of software companies with a focus on companies in AI and machine learning, Immersive Tech, Metaverse and Cybersecurity sectors. SVV1 is one of a number of funds managed by Sure Valley Ventures whose sovereign-backed investors include the British Business Bank and Enterprise Ireland.

Nicholas Lee, Director of Mindflair, commented:

"We are pleased to see the increasing valuation of iR driven by a further significant cash investment being made into that business. This clearly bodes well for the future realisation of our investment."

Caution regarding forward looking statements