Mindflair : SVV RNS

5 June 2024

Mindflair plc

("Mindflair" or the "Company")

New investment by Sure Valley Ventures III Limited Partnership

Sure Valley Ventures leads $1.1 million investment in Inspeq AI

Mindflair plc (AIM: MFAI), the company invesCng in next-generaCon technology focused on AI, notes the announcement made by Sure Valley Ventures ("SVV") regarding the first investment by Sure Valley Ventures III Limited Partnership ("SVV3 Fund"), in which it has an investment.

SVV3 has led a $1.1m funding round for Inspeq AI, a transformaCve full-stack AI Ops plaXorm, alongside Delta Partners and a number of other leading investors.

Inspeq AI aims to become the trusted source of safe and reliable AI development, enhancing generaCve ("Gen") AI applicaCon deployment with its comprehensive plaXorm designed for effecCve and efficient producCon. The plaXorm addresses AI performance issues throughout the Large Language Model ("LLM") development lifecycle, ensuring opCmal safety and ethical compliance. Inspeq AI's advancements have notably reduced security and hallucinaCon (events in which machine learning models produce outputs that are coherent and grammaCcally correct but factually incorrect or nonsensical) issues by up to 80%, significantly improving reliability and trustworthiness.

The company was founded by Apoorva Kumar and Ramanujam Macharla Vijayakumar, who have prior experience at Microsod, Meta, Amazon, and LinkedIn.

Inspeq AI plans to invest these new funds into their full-stack LLM AI Ops plaXorm, which assists developers in opCmising all Gen AI producCon and development phases, from tesCng and evaluaCon to monitoring, performance, and guard-railing of B2B and Enterprise AI applicaCons. It will also expand its team in Applied AI, Data Science, and Full Stack Development, and extend its operaCons in Ireland, London, and India. Inspeq AI's mission is to provide businesses with tools to confidently deploy AI soluCons in producCon environments, miCgaCng AI-related risks and fostering a trustworthy and secure AI future.

The SVV3 Fund has to date received commitments of over €30 million, of which Enterprise Ireland has commiied to invest 50% or circa €15 million and plans to invest in 15 high growth AI sodware companies in sectors such as Enterprise, Immersive Technologies and Cybersecurity across the Republic of Ireland. Mindflair has a 16.0% interest in this fund.

The SVV3 Fund is managed by the same SVV fund team which, to date, has been successful in achieving cash realisaCons/liquidity events from, and upward revaluaCons of, a number of investments made by the first Sure Valley Venture Fund as well as launching the £85 million Sure Valley Ventures UK Sodware Technology Fund backed by the BriCsh Business Bank.

Nicholas Lee, Director of Mindflair, commented:

"It is encouraging to see the first investment being made by the third SVV fund into a growing company in the AI space. This investment again highlights the great potenCal within Mindflair's exciCng AI focused investment porXolio."

The Directors of the Company are responsible for the release of this announcement. The person who arranged for the release of this informaCon 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 Lazzares
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 porXolio of next generaCon technology businesses focused on AI with significant growth potenCal. The Company is building an investment porXolio of high-tech businesses focused on ArCficial Intelligence, across such areas as Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of tracCon and the potenCal for exponenCal growth, due to increasing global demand for development in these sectors. For further informaCon, visit: hip://www.mindflair.tech/.

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

Delta Partners (www.deltapartners.com) is a venture capital firm that invests in early-stage startups in Ireland. For over 30 years, Delta Partners has been supporCng entrepreneurs to build great businesses. Having invested in over 140 companies with exits generaCng €1.8 billion, Delta has a track record of investment performance with LPs including Enterprise Ireland, Bank of Ireland, and Fexco, as well as the family offices of successful Irish technology entrepreneurs.

Enterprise Ireland is the Irish government organisaCon responsible for the development and growth of Irish enterprises in world markets who works in partnership with Irish enterprises to help them start, grow, innovate and win export sales in global markets. In this way, it supports sustainable economic growth, regional development and secure employment. www.enterprise-ireland.com