KV Kinisis Ventures Fund RAIF V.C.I.C. Plc
Portfolio Updates
Welcome to Q1 2024 Newsletter
Threedium
A Promising Q1 - Strategic Achievements and Growth Opportunities
With the expected completion of Tapestry and related paperwork, revenue approached 900k GBR. Other key wins included onboarding new enterprises, such as Epson and Ulysse Nardin, and increasing our upselling by +50% to a few of our existing enterprise users. We've also announced some key partnerships that can support our exponential growth potential in winning new business and scaling distribution via our Partnerships with NVIDIA and Salesforce. These announcements were very positively welcomed by the market and we are already seeing our global brand equity becoming stronger.
On the marketing front, despite establishing a team, execution lagged due to the competing resource demands between marketing and customer needs. However, we will be ready to press the button for Q2, which will be a significant driver in building a solid pipeline of quality leads for Q2 and Q3.Product development saw slower progress than anticipated on roadmap items, though the establishment of a Product UX team and their initial work are promising signs.
Engineering adapted well to an agile framework, with effective planning and timelines set for key projects like migration, SOC2 compliance, and product enhancements including seamless integration of our native web solution into Apple Vision Pro and other XR Devices.
EMBIO DIAGNOSTICS
Setting the Standard in Air Quality Monitoring and Global Market Penetration
In Q1 2024, EMBIO Diagnostics Ltd has made significant steps, particularly highlighted by our commercial efforts and success in opening the Indoor Air Quality monitoring market locally, by creating awareness and setting the stage for innovation. The recent seminar on "Sick Building Syndrome," held in collaboration with Enterprise Europe Network Cyprus, the Cyprus Chamber of Commerce & Industry (CCCI) and the Ministry of Labor of Cyprus, which will be repeated in Athens, has significantly increased awareness amongst our target audience and empowered our team to accelerate its efforts, not only in the local market but also towards our international growth.
Kickstarting the new year, we have achieved higher sales targets, venturing into new market sectors such as offices, hospital facilities, and educational institutions. Coca-Cola HBC, for example, announced to its employees that it has implemented airbeld™ technology. We're also making headway in new target markets, such as Africa and the Middle East. Our participation in MWC 2024 and LEAP 2024, showcasing airbeld™, has broad and significant value, such as signing an agreement with Abdulla Fouad Group for the distribution of EMBIO products in the KSA.
Significant projects include the installation of airbeld™ IAQ systems in elementary schools in Cyprus through our partnership with "The Cypriot Children’s Health and Environment Observatory." Embio has been selected to be part of the FoodTech 500 for the third consecutive year, affirming our dedication to merging food safety, technology, and sustainability. We're thrilled at the potential of making an impact with our deep-tech technology and global scale within the industry. We have also filed the PCT/EP2024/054611 for our patent using B.EL.D™: method and system for checking and evaluating the activation of porous materials. The timing is essential to achieving our goals, so we decided to proceed with a seed+ round to accelerate growth. With more than 50% of the round size committed, we look forward to finalizing it in the next few months.
ASCANIO
Pioneering Mixed-Reality Solutions in the Middle East
In Q1 of 2024, ASCANIO significantly outperformed its previous year's sales, achieving over 560k EUR in sales which is 116% of the entire year sales of 2023, demonstrating the company's growing market acceptance and robust growth trajectory.
Amidst actively raising growth capital to support its international sales strategy and development plans, ASCANIO made substantial progress in its Middle East expansion. A key highlight was its participation in the ReflectFest pop-up in Riyadh, Saudi Arabia, and the subsequent invitation to LEAP 2024 by the Digital Government Authority of Saudi Arabia, where crucial connections were formed, and pivotal discussions with Saudi government officials underscored the importance of advanced training solutions.
These engagements represent significant milestones in ASCANIO's mission to bring its cutting-edge mixed-reality software to the Middle East, outlining a clear path for expansion in the region.
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PROMED BIOSCIENCE
Advancing Collaborative Solutions in Cancer Care
Promed's dedication to advancing regenerative medicine has been further bolstered by a recent visit from scientists and business representatives of a leading international company to our facilities in Limassol. Following a fruitful three-day engagement, we are now actively exploring opportunities for commercial collaboration in the regenerative medicine sphere.
Moreover, we are committed to enhancing and broadening our existing commercial and scientific partnerships with another prominent US-based regenerative medicine firm, thereby solidifying our position as a leader in research and development within the field.
Furthermore, the progress of our CollX3 triple atelocollagen complex in the mediSKIN clinical trial is unveiling promising prospects for the future. These results underscore its potential in formulating gels to address dermatological toxicities in oncology patients, marking yet another significant stride in our journey towards impactful healthcare innovation.
In addition, we recently joined forces with Theramir, RSL Revolutionary Labs, and Vet Ex Machina to officially launch the MiRACULOUS project. This initiative aims to advance innovative therapeutic solutions for cancer patients by addressing a long-neglected complication: malignant wounds. Leveraging our expertise in collagen's role in wound healing, we are spearheading the development of an atelocollagen-based hydrogel.
This groundbreaking approach integrates collagen, stem cell, and exosome technologies to revolutionize wound care, exemplifying our commitment to pushing the boundaries of medical innovation for the benefit of patients worldwide.
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HEROES MADE
Expanding Impact and Establishing Key Partnerships in Education
Heroes Made is delighted to update our community on the significant strides we've made recently as we expand and enrich our educational platform. The year started with an important milestone, announcing our official launch in the USA. At the end of January, we had the privilege of attending BETT, the premier EdTech conference in the UK. This event offered us an invaluable opportunity to connect with educators, distributors, and resellers, further expanding our network and potential for impact. Meeting with the Minister of Education of Cyprus and her delegation was particularly gratifying.
Our expansion continues as we are in the process of onboarding private schools in Norway, marking another step in our journey to bring innovative learning solutions to students worldwide. In addition, we established a partnership with Eduvision, a key distributor that extends our reach into Europe, Asia, and the Middle East.
On the content front, we're continuously enhancing our platform with new lessons, ensuring we provide the most engaging and effective educational experiences. We're also nearing the completion of our efforts to localize our content into Greek. This move will enable us to introduce Social Emotional Learning (SEL) skills to Greek-speaking elementary schools, reinforcing our commitment to inclusive and accessible education.
The recent coverage of Heroes Made by over 400 international media outlets has significantly increased our visibility and opened doors to ongoing conversations and potential partnerships. This attention underscores the growing interest in our innovative approach to education and the potential for broader adoption of our platform. We're incredibly grateful for the ongoing support from our investors and the entire Heroes Made community.
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IREROBOT
Breaking Ground with ACETT and Pioneering Advances in Haptic Innovation
IREROBOT LTD made a notable appearance at the 4YFN 2024 conference in Barcelona, Spain. The company's haptic glove drew considerable interest, reinforcing IREROBOT's strategic move into this new product domain. The spotlight, however, was on ACETT (Auditory Communication Enhancement Through Touch), IREROBOT's premier product. ACETT, which aims to make the acoustic world accessible to Deaf individuals via tactile means, is on the brink of finalizing a B2B partnership, setting the stage for a substantial market breakthrough. Adding to the event's highlights, Evagoras Xydas, IREROBOT's founder, leveraged an unexpected chance to deliver an elevator pitch on the main stage, effectively communicating the company's ambitions and promises. The IREROBOT booth emerged as a focal point for C-level executives and industry scouts, indicating broad interest from multiple business sectors. IREROBOT is in follow-up talks with interested parties.
In addition, two patent applications for the ACETT technology have been completed, and PCTfilings have been made. The company has also obtained the final PCB design for the ACETT device, which is being sent to Greece for further compliance testing. Anticipated to receive CE certification in 2024, the ACETT device is poised for launch.
Moreover, negotiations are underway with two British companies. One, possessing a database of 5 million Deaf individuals, shows keen interest in a partnership to promote ACETT, while the other, a planner of virtual musical events, seeks to make these experiences accessible to Deaf individuals and enhance acoustic immersion for all attendees.
IREROBOT is also preparing two proof-of-concept projects in telemedicine in collaboration with a government-supported Greek company. Additionally, there are plans to demonstrate the haptic glove to Threedium's US clientele on April 15th. Lastly, IREROBOT has relocated to new offices in the vibrant center of Nicosia, positioning itself among a community of innovative startups and companies.
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HYDROGEN ENERGY SYSTEMS
HES's Strategic Strides in Europe's Green Hydrogen Revolution
HES continues to make significant strides toward commercialization. Collaborating closely with our industrial partner, we are finalizing a comprehensive case study for our maiden installation.
This endeavor will showcase our pioneering efforts and commitment to driving innovation in Europe's industrial sector. In concert, we are pleased to report substantial progress in obtaining certification for our hydrogen solution.
This milestone will underscore the reliability and safety of our system, bolstering confidence among potential clients and stakeholders alike. Likewise, we are working on our proprietary software solution that will automate and measure key performance indicators, including emissions, enhancing the efficiency and transparency of our solution.
In aggregate, we believe these three efforts will provide the company with a solid foundation to raise the necessary capital to execute our business plan. Lastly, we will continue to move forward with the green hydrogen project, gathering critical information and prospecting for additional pilot partners and suppliers.
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AG CATALYTIC SOLUTIONS
Strategic Partnership and Technological Expansion
We continue to work on the final stages of our agreement with a strategic partner to acquire and expand on our technology. Once we complete the transaction, we will make a joint announcement and share our vision and plans for the future.
