Mindflair : Ittybit release

6 June 2024

Mindflair plc

("Mindflair" or the "Company")

New investment by Sure Valley Ventures UK So;ware Technology Fund

Sure Valley Ventures leads £1.5 million investment in IEybit

Mindflair Plc ("Mindflair" or the "Company"), the company inves@ng in next-genera@on technology focused on AI, notes the announcement made by Sure Valley Ventures ("SVV") for a new investment by Sure Valley Ventures UK SoOware Technology Fund ("SVV2"), in which it has an investment.

SVV and Mercuri have led a £1.5 million funding round for IVybit, a pioneering developer tools company. This funding will provide the necessary capital for IVybit to further its mission of making world-classAI-led media pipelines accessible to developers worldwide. The funding round was also supported by Oxford Capital, angel investors and Bal@c Ventures.

IVybit provides cuZng-edge APIs 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, IVybit empowers developers to filter unsafe uploads, enhance content searchability, and automate tagging and transcrip@on processes. A standout feature of IVybit's offering is its innova@ve AI-based compression tool (akin to those used by industry giants like Ne`lix and Meta) which ensures faster downloads and reduced storage costs without compromising visual quality. With this new funding, IVybit plans to expand its engineering and enterprise sales teams.

SVV2 is a venture capital fund, inves@ng in a range of private UK soOware 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 realisa@ons from, and upward revalua@ons of, companies in the SVV por`olio.

SVV2, which includes a cornerstone £50 million investment from the Bri@sh Business Bank through its Enterprise Capital Funds programme, was launched in March 2022.

Nicholas Lee, Director of Mindflair, commented:

"We are pleased to see another exci@ng investment being made by SVV in order to further develop our AI-focused investment por`olio. An investment in an innova@ve company like IVybit underscores our commitment to advancing AI technology and suppor@ng high-growth enterprises."

The Directors of the Company are responsible for the release of this announcement. The person who arranged for the release of this informa@on is Nicholas Lee, a director of the Company.

Enquiries:
Mindflair plc	Tel: [phone]
Nicholas Lee, Director
Nominated Adviser	Tel: [phone]
Cairn Financial Advisers LLP
Liam Murray / Ludovico LazzareZ

Broker	Tel: [phone]
Peterhouse Capital Limited	Tel: [phone]
Duncan Vasey/Lucy Williams

Notes to Editors

Mindflair plc (AIM: MFAI) is an investment company providing investors with access to a por`olio of next genera@on technology businesses focused on AI with significant growth poten@al. The Company is building an investment por`olio of high-tech businesses focused on Ar@ficial Intelligence, across such areas as Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of trac@on and the poten@al for exponen@al growth, due to increasing global demand for development in these sectors. For further informa@on, visit: hVp://www.mindflair.tech/.

Sure Valley Ventures (www.surevalleyventures.com) ("SVV") is a venture capital firm that invests in early-stage AI soOware companies in the UK and Ireland. Inves@ng in AI since the firm's incep@on in 2017, SVV has a strong track record of accelera@ng the growth of private AI companies through to Series A and beyond.

IVybit, based in Salford, Manchester, is a developer tools company focused on simplifying media file management for developers. Their technology has shown impressive results, including an 80% reduc@on in bandwidth costs for Strength:Lab and enhanced search func@onality for a large podcast client.. For further informa@on, visit: hVps://iVybit.com