TIDMTERN
RNS Number : 6261V
Tern PLC
11 August 2022
11 August 2022
Tern Plc
("Tern" or the "Company")
FundamentalVR Fund Raise
Further to the announcement dated 31 May 2022, Tern Plc
(AIM:TERN), the company focused on value creation from Internet of
Things ("IoT") technology businesses, is pleased to announce that
FVRVS Limited ("FundamentalVR"), has closed a second tranche of its
Series B fund raising round, securing an additional GBP5 million in
new investment (the "FundamentalVR Series B second tranche") from a
new institutional investor at the same valuation as the first
tranche, which was an uplift of 35% from the previous book
valuation of Tern's holding prior to the Series B fund raising.
Highlights
FundamentalVR has now raised a total of GBP13.2 million in
Series B funding ("FundamentalVR Series B"), from a new
institutional investor and its existing investors:
-- As previously announced on 31 May 2022, Tern converted the
GBP570,000 in loan notes and accrued interest it held in
FundamentalVR into equity in the business and has not invested
additional new money in this FundamentalVR Series B second
tranche;
-- The FundamentalVR Series B is intended to provide
FundamentalVR with funding to enable the business to focus on
accelerating its annual recurring revenue growth through the
significant pipeline of opportunities it has, together with
launching new data and analytical products, and establishing a
US-based artificial intelligence innovation centre;
-- Prior to the second tranche of the FundamentalVR Series B
fund raise Tern held 20.0% of FundamentalVR's equity. With the
completion of the GBP5 million FundamentalVR Series B second
tranche, Tern will hold 16.58% of FundamentalVR's equity (before
any dilution on exercise of any future FundamentalVR employee share
options), valued at GBP4.8 million at the valuation implied by the
FundamentalVR Series B funding round.
Commenting Al Sisto, CEO of Tern, said :
"We are delighted that FundamentalVR has secured the funding to
take advantage of the significant market traction it has gained in
the last eighteen months, particularly with growth in annual
recurring revenues, and the opportunities it is seeing.
"Given our focus on funding and assisting the earlier stages of
our company's development it is appropriate that we have not
committed further capital at the Series B stage. However, with the
funds raised we believe FundamentalVR has the potential to generate
significant future value for Tern and its shareholders and we are
delighted to continue to remain one of its largest
shareholders.
"FundamentalVR provides Tern and its shareholders with exposure
to the rapidly growing medical simulation market using low cost
open-system IoT devices. It is quickly building its annual
recurring revenues and the lifetime value of its contracts, and we
believe that the business will be an attractive target for a trade
buyer or for an IPO in due course. In the meantime, we look forward
to continuing to participate in the value it is creating."
FundamentalVR Fund Raise
Prior to the FundamentalVR Series B Tern had a holding of 26.9%
in FundamentalVR, plus a loan convertible into FundamentalVR equity
of GBP530,000 and accrued interest of GBP39,932. As at 31 December
2021, the date of Tern's last published book valuation, this
holding had an audited book value of GBP3.6 million. Including the
convertible loan notes , Tern has invested GBP2.9 million in
FundamentalVR since May 2018.
Following the two tranches of FundamentalVR Series B funding of
GBP13.2 million, Tern now has a holding of 16.58% in FundamentalVR
(before any dilution on exercise of any future FundamentalVR
employee share options) , with an unaudited book valuation of
GBP4.8 million, representing a 35% uplift on the 31 December 2021
book value of Tern's holding and an uplift of 62% over the amount
invested by Tern in FundamentalVR to date. The change in the
valuation and uplift of GBP6.3 million and 77%, respectively, as
disclosed in the announcement on 31 May 2022, has come to light as
a result of the calculations relating to the new holding following
the FundamentalVR Series B second tranche.
Further information on FundamentalVR
Since Tern's initial investment in FundamentalVR in May 2018 the
business has focussed on the commercialisation of its haptics
virtual reality simulation solutions, as a credible alternative to
in-person and on human learning. The adoption of FundamentalVR's
solutions accelerated as a result of the challenges of social
distancing and the reduction in elective surgeries as a result of
the Covid-19 pandemic and this trend is continuing.
Today, FundamentalVR is the world's first scalable medical
simulation platform to combine virtual reality and haptics through
data, artificial intelligence, and multimodal learning.
FundamentalVR's patented HapticVR(TM) technology mimics the
physical touch of surgical actions which allows users to experience
the sights, sounds, and physical sensations of real-life surgery.
Scalable and hardware agnostic, the platform immerses users in a
controlled training environment that lowers the surgical risk to
patients.
Deployed in over 30 countries, FundamentalVR's high-fidelity
simulations help life sciences, pharmaceutical, and med-device
companies deploy medical innovations in disciplines from
ophthalmology to robotics, gene therapy, and more. The growth
investment will enable further development of HapticVR(TM) , the
machine learning data insights product, and geographic expansion
throughout the US. FundamentalVR's multiuser platform enables
medical institutions, hospitals, and surgical educators, to scale
professionally accredited surgical training throughout their
organisations. Partnerships with hospital groups, including
flagship clients and investors Mayo Clinic and Sana Kliniken, will
help drive further growth. FundamentalVR has continued to trade
strongly in the past year, with significant new business wins and
long-term contracts secured.
Further information on FundamentalVR may be found at:
https://www.fundamentalvr.com
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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END
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August 11, 2022 09:05 ET (13:05 GMT)
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