KV Kinisis Ventures Fund RAIF V.C.I.C. Plc
Portfolio Updates
Welcome to Q3 2024 Newsletter
Threedium
Threedium Poised for Over 100% Growth Amidst Challenging Economic Conditions
Despite the challenging macroeconomic environment, where many companies are striving for single-digit growth or experiencing revenue declines, I’m pleased to report that Threedium is on track to maintain over 100% growth from last year. Our unconsolidated Q3 results project £550k of new bookings, representing an impressive 124% growth compared to the same period last year.
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More importantly, the quality of our revenue has significantly improved. Since January, our Average Contract Value has increased by 26%, ARR revenue has surged by 133%, and the average contract length per client now extends to two years. Another key milestone is that 60% of our revenue is now driven by North America, further solidifying our global presence.
Key commercial wins in Q3 include our partnership with the Financial Times, where we will license our real-time 3D ad tech to enhance their advertising services. We’ve also secured a pilot project with Saks Fifth Avenue, positioning us for potential growth in the luxury retail and art gallery sectors. Additionally, the launch of Rimowa immersive ads across platforms like WeTransfer marks an important step in expanding our 3D ads revenue channel, allowing us to tap further into marketing budgets.
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As we head into Q4, our singular focus will be GROWTH. We aim to finalize and launch key product roadmap features that will enhance our market defensibility, reduce competition, and allow us to increase pricing. Our Q2 and Q3 marketing strategy is driving good traffic and qualified leads, which has given us good optimism. We will be marginally increasing our digital advertising spend to boost pipeline value and improve lead conversion, positioning us to surpass our year-end target of £3 million in booked revenue.
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Thank you for your continued support as we drive Threedium forward.
Mike Charalambous Angelides, CEO at Threedium
EMBIO DIAGNOSTICS
Global Expansion, Funding Success, and Industry Recognition
In Q3, EMBIO Diagnostics has made significant strides toward our ambitious growth and global expansion goals. We successfully closed a €1 million capital raise and successfully convinced an international panel of venture capitalists and scientists to match €1.5 million (Research and Innovation Foundation), positioning us to elevate our regional and global commercial reach. This capital will fuel the advancement of our up-and-coming airbeld™ product line. By leveraging our competitive advantage in air quality technology, we aim to position ourselves as leaders in the rapidly growing indoor air quality global market, which is valued at 10 billion USD.
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Furthermore, we secured advanced intellectual property registration for a novel activated carbon on-site testing application, strengthening our competitive edge and supporting our expansion into a new industry with a global market size of 9 billion USD.
As part of our expansion efforts, we are also preparing for a strategic rollout in the U.S., with upcoming visits to New York and Boston. During these trips, we will engage with the U.S.-Cyprus Chamber of Commerce, potential clients, investors, and influencers to lay the foundation for our 2025 growth strategy. This strategy includes improving existing product lines, enhancing our specialized resources, and executing a global commercialization strategy.
Constantinos Loizou, CEO at Embio Diagnostics
ASCANIO
Focused on Expanding our Tech Platform and international Commercial Partnerships
Over the past few months, our team has been diligently engaged in discussions with potential investors, both locally and internationally. These efforts are part of our strategic focus on raising growth capital to support our tech platform development and expand our commercial activities beyond Cyprus.
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In the meantime, we added two new clients to our roster, The Republic of Cyprus Commissioner of Communications and Bazaraki.com, each with its platform modules and training agenda.
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Lastly, we are developing our 2025 ASCANIO Maritime commercial strategy alongside our JV partners, Fameline Holdings, and we’ll be sharing more in the coming months.
George Tziazas, CEO at Ascanio
PROMED BIOSCIENCE
Promed Prepares for Major Milestones in its Global Expansion
Promed Bioscience continues its rapid growth trajectory, with key milestones set to further solidify its position in the regenerative medicine and 3D bioprinting sectors. The company anticipates the successful conclusion of its viral inactivation assessment by the end of October, a crucial step toward achieving FDA certification and securing its presence in the global market for medical implants.
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In November, Promed will host a key Korean client delegation at its offices in Cyprus following participation in the MEDICA Exhibition in Dusseldorf. Additionally, a promising new lead from Korea is scheduled to visit in January to sign a multi-year sales agreement, marking a major advance in Promed's expansion into the Asian market.
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On the R&D front, Promed is in the final stages of discussions with a Stanford spinoff from the USA, exploring a collaboration on lymphatic tissue regeneration technology. This partnership could see Promed’s innovative raw materials incorporated into advanced microsurgeries following cancer treatments as well for the treatment of neurodegenerative diseases, further underscoring the company’s commitment to cutting-edge medical advancements.
Costas Pitsilides, CEO at Promed Bioscience
HEROES MADE
Expanding Strategic Partnerships and Unveiling New Features
We are excited to share the latest developments as we enhance our platform and expand our educational impact. Our SEL Platform is being upgraded with a new Teacher Dashboard Interface, streamlining educators' workflows by tracking lesson progress, marking favorites, viewing class sentiment analytics, and accessing support documents all in one place. Additionally, we have relaunched our website with a fresh, user-friendly design, offering comprehensive product information and resources for schools and educators. We are scaling our platform deployment across select regions, supported by our expanding distribution network and strategic advisory team, including our collaboration with Edtech Consulting to develop market entry strategies for the USA and Canada and secure pilot programs.
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Our inclusion in the AWS Marketplace through GG4L's SchoolDay Collection represents a breakthrough in how SEL solutions are made accessible to schools worldwide. By simplifying and streamlining the procurement process, GG4L and SchoolDay are transforming how educational institutions access essential tools, allowing us to bring Social and Emotional Learning (SEL) to schools more efficiently and at scale. This partnership harnesses AWS’s extensive reach and GG4L’s trusted network, creating a unique pathway for SEL adoption.
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Our Print Line, tailored for markets with limited tech infrastructure, has secured a contract and is in talks for similar agreements with distributors in Romania, Japan, and Chile. As we move forward, our priority is to finalize key distribution agreements for our SEL Platform and Print Line, expand international contracts, and continue advancing our SEL offerings to transform education. Thank you for your ongoing support and belief in our mission.
Maria Lavithi Howard, CEO at Heroes Made
IREROBOT
Team Growth, Strategic Partnerships, and New Innovations
We're excited to announce that Prof. Hong Z. Tan, an internationally renowned haptics scientist and technology pioneer, has joined our team as an R&I advisor, further enhancing our innovation capabilities. We are also happy to welcome two talented professionals to the IREROBOT team. Berkiye Sonustun, our new Business Development Officer, brings a fresh perspective as a PhD neuroscientist, and Rodinos Sazeides, our new R&D Engineer (Embedded), strengthens our projects with his systems expertise. We also celebrated the impressive achievements of our interns, whose final projects have provided valuable insights for future developments.
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In the UK, our company has made significant strides in promoting and testing ACETT. We have established valuable contacts in Derby to engage the Deaf community in ACETT trials and have partnered with two major UK hospitals for comprehensive testing and deployment. Additionally, we've connected with an audiology center in Nottingham that supports cochlear implant users, with operational-level testing anticipated to begin in Q1 2025, following the launch of ACETT's release version. In addition, two ACETT devices are currently being tested by a commercial partner with NHS ties, and a local XR company has agreed to test our pre-release HGLOVE prototype, launching in November. Finally, our advanced discussions with Metaverse musical app providers and XR developers in the UK aim to integrate ACETT and HGLOVE, enhancing digital accessibility for Deaf users and improving immersion for general users. What's more, HGLOVE comes with an SDK, where developers could easily integrate haptic effects to their environments, giving them the ability to simply add our own haptic-ready objects or build upon our SDK and create something unique. These collaborations mark an important step in bringing our innovative technology to those who will benefit most while also giving us access to an extended market.
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Our IP assets have expanded with the approval of one PCT claim while we await news on the second. IREROBOT LTD kicked off the first day of GITEX Global 2024, the world's largest tech and startup show, with an exciting milestone—an interview with CNN Arabic! We engaged in a dynamic and insightful discussion about our cutting-edge haptic products, HGLOVE and ACETT. The interview, led by the brilliant CNN Arabic news presenter and reporter, Ms. Hadeel Jbour, and her incredible team, provided a fantastic platform to showcase our innovative work. Additionally, substantial connections were made with UAE, Taiwanese, and Indian companies, opening exciting business opportunities in immersive XR with haptics incorporation in various domains.
Evagoras Xydas, CEO at Irerobot
HYDROGEN ENERGY SYSTEMS
Building a Sustainable Future
As we advance our position in the hydrogen industry, we actively pursue avenues to foster growth and innovation. Our team continues exploring various hydrogen production methods, including evaluating different processes that could strengthen our capabilities and enhance efficiency.
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Additionally, we continue to open doors to strategic partnerships and market opportunities that we hope will position our company for long-term success.
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These efforts are key to our mission of delivering value to our shareholders while addressing the world’s transition to sustainable energy. We remain committed to staying agile and adaptable in this evolving landscape and look forward to sharing further updates on our progress.
Scott Waite, CEO at Hydrogen Energy Systems
DAREFORE
Strategic Investment and Launches First Product for Cyclists
Darefore has recently secured a strategic investment from Kinisis Ventures and joined the KV Fund I portfolio. Darefore is a proprietary biometrics system combining wearable technology and smart data-driven methodologies, focused primarily on sports performance enhancement and injury prevention. Founded and operated by Marios and Panayiotis Kyriakou, Darefore is headquartered in Paphos.
Q3 was very productive for our company since we now have the first version of the Darefore tech suite performance system for cyclists available for purchase. Thanks to the support from KV Fund, we have also initiated the effort to expand our marketing and sales channels across Europe and started planning our entry into the US e-commerce market, strategically positioning ourselves for long-term growth.
Darefore has recently announced the partnership with 6x Ironman and 7x 70.3 champion triathlete Matt Hanson, a seasoned professional triathlete and coach with a proven track record of success, as a brand ambassador. The partnership aims to raise awareness about the importance of proper positioning in cycling and inspire athletes of all levels to improve their efficiency and achieve their goals. Hanson's expertise and influence will be instrumental in driving Darefore's mission to empower cyclists worldwide.
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Key updates during the Q3 include the following milestones:
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iOS: The Darefore App is officially live on the AppStore, marking a major milestone in completing our comprehensive ecosystem. This ecosystem integrates our Sensor, Web platform, Android mobile app, and Garmin Datafield for Garmin Devices.
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Coach Account Implementation: The platform allows athletes to connect with coaches and share their data for personalized guidance and training plans.
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Subscription Account management (Basic, Premium).
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Drag Coefficient Metric: Calculating this crucial metric is essential for competitive cyclists and is the primary metric they are most interested in. The Drag Coefficient is calculated based on the posture and the back inclination of the athlete.
Marios Kyriakou, CEO at Darefore