London venture capital firm pumps cash into British AI robotics business
Sure Valley Ventures, a London-listed investment firm which specialises in helping early-stage software companies to scale up, is set to expand its AI robotics portfolio with two new investments worth more than £2m.
The venture capital firm led a £2m funding round for PHINXT Robotics, an AI-led robotics company that creates software to allow warehouse operators to automate their operations.
The company, which was founded in 2022, aims to “simplify robotic deployments” and has already secured multiple contracts, including a deal with a major UK supermarket, as it gears up for European expansion.
With the global mobile robot market projected to reach an estimated $16bn (£12.4bn) by 2027, PHINXT’s long-term strategy includes extending its innovative technology to delivery drones and autonomous vehicles.
Sure Valley Ventures also announced it had a $1m (£778m) funding round for Vortex IQ, an AI-powered automation platform for e-commerce.
The investment will be used for US and European market expansion, boost sales and marketing, and support AI specialist hiring.
Vortex IQ has doubled its customer base in the past six months and formed strategic partnerships with BigCommerce and Adobe.
Its big-name clients include Nvidia, Harley Davidson, and Krispy Kreme, which is piloting Vortex IQ’s new AI DevOps tool in the UK and Ireland, with global roll out planned by end of 2024.
Nicholas Lee, the director of Mindflair, which has investments in both companies, said: “We are pleased to see Sure Valley Ventures making these new investments in two exciting companies that align with the vision of advancing AI technology.
“PHINXT Robotics and Vortex IQ are both at the forefront of their respective fields, and these investments further develop our AI-focused portfolio, supporting innovation and.”
Earlier this month the AI robotics sector was dealt a blow when the new Labour Government shelved £1.3bn of “unfunded” investment for UK tech and AI projects promised by the Conservatives.
The Department for Science, Innovation and Technology (DSIT) said no new funding for the programmes had been allocated in the previous Tory government’s spending plans, and therefore would not be taken forward.
It included £800m for the creation of an exascale supercomputer at the University of Edinburgh and £500m of additional funding for the AI Research Resource, a scheme which helps fund computing power for AI.