Participated · Equity · Jan 2022

Konektio builds AssetMinder, an industry-focused IoT SaaS platform that enables remote monitoring, predictive maintenance, and intelligent data analysis for asset management. The company was founded by Patrick Nash, Jan Hemper and Jon Hill and was previously known as InVMA. It employs around 20 staff at its Chesterfield headquarters and has recently opened an office in North Carolina. Konektio plans to use new funding to further develop the product, expand its sales and marketing team, and create several new highly-skilled roles at its headquarters. The company aims to grow sales in international markets and accelerate its international expansion. Financial details reported include a £2.1 million raise in December 2021 to support these initiatives. InVMA designs, builds and supports secure solutions that link connected devices to customers' systems, aiming to deliver real business value and competitive advantage. Its core offering focuses on IoT enablement to create new revenue streams, enhance customer satisfaction and improve operational efficiency. Since Tern's initial investment, InVMA has secured new customers in OEM, Oil and Gas, Asset Rental and Software markets, contributing to a significant expansion of its delivery capability in the UK. Tern Plc has provided repeated funding support and, after a further £125,000 investment, has invested £375,000 in total. The partnership with Tern has, according to InVMA's managing director, helped the company significantly improve growth rates and stay ahead of competitors. The current funding arrangement allows Tern to maintain a 50% stake but states that if InVMA meets certain sales milestones and no further payments are made, Tern's holding would decrease to 18.75%. InVMA develops solutions that connect ‘things’ to customers' systems to drive real business value and competitive advantage in the IoT space. The company focuses on building secure applications on a robust, scalable platform to support connected products and connected operations. InVMA is described as a key strategic partner for Device Authority, and Tern expects synergies from adding InVMA to its portfolio. Based on InVMA's statutory accounts for the 15 months ended 31 October 2016, the company had net liabilities of £29,183 and reported a profit of £114,772 after a write back of losses/costs related to transactions with related parties. For the year to 31 October 2017, Tern expects InVMA to achieve contracted sales order bookings of at least £750,000. The management team is led by Pat Nash and intends to remain focused on core objectives while growing with Tern's financial and strategic support.

Led · Equity · Dec 2021

Device Authority develops the KeyScaler platform and KSaaS cloud service to deliver zero-trust identity and access management for enterprise IoT. Its technology is positioned to address rising IoT security needs as analysts and Microsoft recognized KeyScaler as ‘Rising Azure Technology.’ The company highlights expanding use cases across customers and is focused on growing its presence in North America. Device Authority says its platform solves real market problems around device and data trust amid increasing IoT adoption. The article cites market context from Fortune Business Insights showing rapid IoT market growth and high rates of attempted IoT-focused cyberattacks, underscoring demand for the company’s offerings. Recent board appointments signal strengthened governance and cyber-industry expertise supporting its growth. Device Authority provides identity and access management (IAM) for IoT, focusing on medical/healthcare, industrial, automotive and smart connected devices. Its flagship KeyScaler® platform offers automated device provisioning, authentication, credential management, policy‑based end‑to‑end data security/encryption and secure updates. KeyScaler uses Dynamic Device Key Generation (DDKG) and PKI Signature+ to simplify trust for IoT devices and the broader IoT ecosystem. The company has been working with Venafi since joining Venafi’s Machine Identity Management Development Fund in 2019 to build protections against supply‑chain attacks on software updates. Venafi and Jetstack are collaborating with Device Authority to bring Machine Identity Management powered by Kubernetes to the IoT edge. Device Authority partners with a range of ecosystem providers (including AWS, Ericsson, Entrust, HID Global, Microsoft, PTC, Thales, Venafi and Wipro) and operates offices in San Ramon, California and Reading, UK. Device Authority builds IoT identity and access management solutions centered on its KeyScaler™ software platform. KeyScaler automates device provisioning, credential management, secure updates, and policy-driven data encryption, and incorporates patented Dynamic Device Key Generation and PKI Signature+ technology. The company partners with major ecosystem providers including Amazon Web Services, Dell, DigiCert, Intel, PTC, and Symantec. Device Authority has offices in Bracknell, UK and Fremont, California. Management says it is preparing for market entry and will use new financing to further strengthen and develop KeyScaler. The article does not disclose revenue or user metrics. Device Authority is described as a global leader in policy- and device-driven IoT security and was named a Gartner Cool Vendor in 2016. Its KeyScaler IoT security platform offers automated device provisioning, credential management, secure updates and policy-driven data encryption. The company has signed partnerships with Intel, Dell, DigiCert and Cumulocity, which it cites as evidence of growing market demand. In October 2016 Tern Plc led a £2.5 million funding round, investing £2.0 million and becoming a majority holder. Following the fundraising Tern owned 56.9% of the issued capital and 50.6% of the A preference shares. The company plans to use the proceeds to expand its sales, marketing and development teams, accelerate product development and meet increased demand in Industrial and Healthcare IoT markets. DeviceAuthority provides advanced security and device authentication that validates the identity of devices for multi-factor and machine-to-machine (M2M) applications. The company’s core technology focuses on device identity rather than just user identity. DeviceAuthority is based in Fremont, California and was founded in 2013; Talbot Harty is CEO. The company raised a Series A round (amount undisclosed) to support growth. It intends to use the funding to expand sales, marketing and channel development activities. DeviceAuthority is hiring as it scales its commercial operations.

Led · Equity · Nov 2020

Talking Medicines is a Glasgow- and London-based social intelligence company serving the pharmaceutical industry. It provides an AI-based data technology platform that uses Artificial Intelligence, Machine Learning and Natural Language Processing to capture and analyse patient conversations and behaviours. The company maps the patient voice from social media and connected devices to regulated medicine information to build data points that reveal trends and patterns in patient sentiment. That intelligence is sold to pharmaceutical companies to support more patient-centric marketing and decision-making. Talking Medicines is led by CEO Jo Halliday with co-founders Dr Elizabeth Fairley and Dr Scott Crae. The company plans to use the new funding to launch and roll out an AI data platform and recruit nine new NLP data tech employees. Talking Medicines has raised £2.5m to date, including three prior seed rounds.

Participated · Convertible Note · Oct 2019

FundamentalVR builds a medical-simulation platform that combines virtual reality and haptics with data, artificial intelligence, and multimodal learning. Led by CEO Richard Vincent, the company delivers immersive multi-user 'Blended VR' simulations underpinned by HapticVRTM interactions on the Fundamental Surgery platform. The platform enables full rehearsal of medical and surgical procedures and provides deep data insight into competency and skills development to drive consistency and compliance across training programs. Its high-fidelity simulations are deployed in over 30 countries and help life-science, pharmaceutical, and med-device companies deploy innovations across disciplines from ophthalmology to robotics and gene therapy. FundamentalVR intends to use the new funding to further develop HapticVRTM and to expand geographically throughout the U.S. The company has raised over $30 million to date following the latest round. FundamentalVR has developed a virtual reality training and data analysis platform often described as a “flight simulator for surgeons.” Its Fundamental Surgery education platform is the first surgical simulation software to deploy HapticVR, which combines VR with advanced haptics to recreate the sense of touch. The technology has been recognised by The New York Times and Fast Company, was named to TIME Magazine’s Top 50 inventions of 2018, and received SXSW’s Interactive Innovation Award in 2019. The new funding is aimed at developing the company’s flight-simulator-style offering for surgical training. The Series A included conversion of a £0.5 million convertible loan note and resulted in a £11.3 million post-money valuation. Strategic medical backers such as Mayo Clinic and Sana Kliniken joined the round alongside venture investors. FundamentalVR is a London, UK and Boston, MA–based virtual reality training and data analysis technology platform. Led by CEO and founder Richard Vincent, the company offers Fundamental Surgery, a SaaS platform that combines virtual reality with haptics to create a low-cost, scalable flight-simulator experience for trainee and qualified surgeons. The company raised £1.1m in funding from Tern Plc (AIM: TERN) to continue development of its platform. It signed a three-year agreement with Mayo Clinic to deploy Fundamental Surgery in its centers of excellence and to jointly develop immersive new products. Mayo Clinic is deploying the company’s current surgical training simulations in its centers in Arizona, Florida and Minnesota to help train surgeons on spinal pedicle screw placement, posterior hip replacement and total knee arthroplasty procedures. The funding will be used to continue FundamentalVR’s efforts to develop its platform.

Led · Debt Financing · Mar 2015

Cryptosoft Limited is an investee company operating in the cloud and mobile technology sector. Tern Plc has agreed to provide up to an additional £400,000 to support Cryptosoft's growth plans, in addition to a previously announced £300,000. The funds are intended to build the salesforce, improve the company's web presence, and extend capabilities to pursue opportunities in the UK and North America. The financing comprises a £10,000 subscription for 10,000 A Ordinary Shares issued at par and a £390,000 loan facility. Following the subscription, Tern will continue to own 100% of the A Shares while management retains all 150 B Ordinary Shares, with Tern owning approximately 98.6% of the aggregate A and B shares. The loan is secured by a first charge over all assets, carries 5% interest, allows drawdowns in £50,000 instalments, and is repayable in instalments by 31 December 2017; outstanding balances are convertible into A Shares at par. The facility includes a £25,000 arrangement fee.