KV Kinisis Ventures Fund RAIF V.C.I.C. Plc
Portfolio Updates
Welcome to Q1 2025 Newsletter
Threedium
Q1 FY25 was Threedium’s strongest Q1 to date, marked by rapid growth, operational efficiency, and continued product innovation
We achieved record ARR growth, driven by 10 new enterprise clients, a 93%+ renewal rate, and a reduction in sales velocity from 92 to 44 days. Revenue highlights include £378,259 in new revenue (+35%), license revenue up 89%, and MRR up 83%. Our enterprise license base has now grown to 52.
We completed Phase 1 of our restructuring, cutting overheads by 40% YoY. Phase 2, already underway, will deliver an additional 30% reduction by May.
Product innovation accelerated, with key updates including GenAI 2D-to-3D tools, a Prototyping Enhancer, Product Shot Generator, and enhanced User Behaviour Analytics.
We became an official AWS Retail Tech Partner, boosting global visibility. Demos are going live at AWS Innovation Hubs in NYC and Singapore, with our GenAI SDK gaining momentum with Mizuno, Asics, and Muji.
Commercial momentum continues in Q2, with large late-stage deals in play (Custom Workshop, Herff Jones, Louis Vuitton, and more). Our relationship with L’Oréal is expanding across brands like YSL, Valentino, Lancôme, and Armani.
We’re well-positioned for continued growth and category leadership in Q2 and beyond.
Threedium in the news:
📰 WIRED Magazine: Our US Expansion Success / Our CEO Interview
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Mike Charalambous Angelides, CEO at Threedium
EMBIO DIAGNOSTICS
Scaling Up: Mass Production, New Patents & Global Market Reach
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Q1 2025 vaulted EMBIO into scale-up territory. airbeld® EOS hit mass-production while unit costs plunged 50 %; Prometheus shaved another 10 %, and ATHENA’s next-gen spec sheet was locked, reinforced by two newly approved PCT patents primed for global filing. The airbeld® app launched on iOS + Android, our edge-AI joined NVIDIA’s elite program, and we became Cyprus’ first company listed under the WELL Standard, cementing category leadership in smart-environment diagnostics.
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Commercial velocity is broad-based: new distribution contracts in Greece, the United Arab Emirates, and Saudi Arabia, plus late-stage negotiations in Qatar, Spain, the UAE, and a second Saudi region, already place the funnel 33 % toward the 2025 target. Two Horizon Europe wins inject a high six-figure, multi-year stream of non-dilutive revenue, accelerating expansion across blue-economy and food-tech sustainability verticals.
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Headcount sits at 30 (+66 % YoY) and weekly manufacturing throughput is climbing, putting us on course to triple ARR in FY-25. Sharper unit economics, fortified IP, and a growing SaaS layer are converging into a valuation inflection point, prime big-league upside for growth-hungry investors.
​“EMBIO is now engineered for hyper-growth: we’ve proven we can cut costs, scale production, and open global channels in a single quarter,” says Constantinos Loizou, CEO at EMBIO Diagnostics. “With our platform de-risked and fresh, capital-efficient revenue streams secured across Europe and the Middle East, we’re executing toward market-defining leadership in environmental and deep-tech sensing.”
Constantinos Loizou, CEO at Embio Diagnostics
EMBIO CEO showcasing energy efficiency calls for product facilities in Valencia
ASCANIO
Raising the Bar: Capital, AI Upgrades & Immersive XR Wins
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Carrying over from Q4 2024, our primary focus remains on raising funds to evolve our training platform by incorporating AI and machine learning algorithms, as well as adding industry-specific modules. AI and machine learning in business, especially in our core focus areas of mission-critical, heavy manufacturing, and engineering training, have been at the heart of our vision and strategy, and the time to execute is now.
Raising capital is a roller-coaster experience, particularly at a time when venture capital markets are facing their own international challenges. But we remain determined and are actively executing a solid action plan.
In the meantime, our collaboration with Porfirios Glass produced an immersive XR demo of their photovoltaic technology, which was featured at NEOM Innovation and received an overwhelmingly positive response. With the successful first year of operations at the interactive learning center of the Pouroullion Foundation, we are now entering a phase of upgrades to further enhance student engagement.
We are also doubling down on our business partnership with ASCANIO Maritime and Fameline by co-developing a maritime shipping strategy, including a dedicated sales and marketing initiative. This effort will be guided by the findings of an industry training needs and wants research study we are currently conducting. Stay tuned for more soon.
George Tziazas, Joint CEO at Ascanio
Minister of Defence of Cyprus, Mr. Vasilis Palmas, at the ASCANIO offices on March 14, 2025
PROMED BIOSCIENCE
Driving Growth with Strategic Partnerships and
Expanding Capabilities
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Promed Bioscience is rapidly advancing its leadership in regenerative medicine and 3D bioprinting, hitting several strategic milestones that lay the groundwork for sustained global growth. Most notably, the company has secured a second multi-year contract with a leading South Korean medical implants manufacturer, valued at €29 million. This significant commitment not only reinforces Promed’s reputation in one of the fastest-growing biotech markets but also underscores the quality and reliability of its bioprinting processes.
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To support this expansion, Promed is transforming its existing R&D facility into a fully scaled manufacturing operation. This shift will enable the company to meet the heightened production demands dictated by its new contract. A targeted fundraising round is now underway to procure state-of-the-art bioprinting and quality-control equipment, ensuring timely delivery and adherence to the strict regulatory standards that govern medical-grade implant production.
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In parallel, Promed has entered into a collaboration with a leading German biotech firm to develop customized collagen scaffolds for lab-grown meat applications. By leveraging its deep expertise in collagen engineering, Promed will help drive innovation in the alternative-protein industry, an area projected to see explosive growth in the coming years.
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Together, these initiatives, anchored by major contracts, facility expansion, and cross-industry partnerships, demonstrate Promed Bioscience’s unwavering commitment to quality, innovation, and market leadership. As the company scales operations and diversifies its product portfolio, it is well-positioned to capitalize on evolving opportunities in both medical and biotechnology sectors.
Costas Pitsilides, CEO at Promed Bioscience
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South Korean medical implants manufacturer visits Promed Bioscience in Limassol, Cyprus.
HEROES MADE
From Poland to the U.S.: Heroes Made’s SEL Momentum Accelerates
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This quarter marked a major breakthrough as our first Polish school adopted Heroes Made and committed to championing our program, validating both our model and message in a new market. Back in the U.S., we’ve kicked off our commercialization strategy just as the social-emotional learning (SEL) market is poised to soar from $2.8 billion today to $12.9 billion by 2030.
With 49 states and 23 EU nations developing national SEL frameworks, the opportunity has never been clearer. To fast-track our U.S. entry, we signed a trial agreement with a dedicated edtech sales team to begin direct outreach to schools—an initiative we’ll scale up further once we secure additional funding.
At the same time, Heroes Made went live on the SchoolDay Platform (formerly GG4L), granting educators seamless, privacy-compliant access and removing traditional adoption barriers. We’re also deepening our connections with decision-makers: in partnership with Global Education Partners, we’ll co-host a panel featuring Heads of School and Well-Being from international schools in key growth regions, and we’ll showcase alongside SchoolDay at ISTE 2025 in San Antonio, a premier global EdTech gathering.
With a nomination for the ‘Best of ISTE Awards 2025’ in hand and our platform ready for rapid deployment, we’re actively raising funds and seeking investor partners to fuel this next phase of growth.
Maria Lavithi Howard, CEO at Heroes Made
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IREROBOT
Touching the Future: IREROBOT’s Q1 Haptic Breakthroughs
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The past quarter has been a period of exciting growth and strategic engagement for IREROBOT LTD, from high-profile summits to key industry partnerships. On February 12–13, Evagoras Xydas represented IREROBOT at the DOERS Summit in Athens, engaging with entrepreneurs, investors, and business leaders to showcase our vision and advancements in haptic technology.
From March 3–6, IREROBOT participated in 4YFN Barcelona, the startup platform of MWC 2025. This premier event facilitated high-value discussions with key industry players. A major highlight was our strategic partnership with HTC VIVE, opening new avenues for innovation in immersive experiences. Additionally, ongoing discussions with a major electronics manufacturer hold great potential for future collaboration.
At IREROBOT, we are excited to collaborate with Promtek Ltd by delivering a tailored sensory and learning system that brings advanced haptic intelligence into their robotic solutions. Building on our deep expertise in haptics and human-machine interaction, we are developing technology that enhances the robot’s ability to sense, adapt, and operate with greater precision in industrial environments. This collaboration highlights IREROBOT’s growing role in driving innovation in smart automation and sensory systems.
The adoption of XR continues to accelerate across training, entertainment, and cultural applications, further emphasizing the growing need for realistic haptic feedback. IREROBOT’s haptic glove is well-positioned to democratize intuitive and immersive touch experiences, addressing the increasing demand for tactile realism in virtual environments.
Looking ahead, IREROBOT has been selected to participate in Kinisis Ventures' USA roadshow in New York City the week of April 28. Alongside other innovative startups, we will showcase our technology, pitch to investors, and connect with potential customers and strategic partners, further strengthening our presence in the US market.
Beyond events, Evagoras Xydas was invited by the University of Cyprus to deliver a seminar on "Innovating Through Haptics: The IREROBOT Journey," highlighting our advancements in assistive and immersive technologies.
As we continue to expand our strategic collaborations and technological innovations, IREROBOT remains committed to shaping the future of digital interactions, immersive experiences, and assistive applications.
HYDROGEN ENERGY SYSTEMS
From Scrap to Fuel: HES’s Aluminum Hydrogen Revolution
HES is pioneering a breakthrough in aluminum-based hydrogen production, combining innovative chemistry with strong commercial promise. Over the past three months, we have validated the economic viability of our process by confirming the high market value of our aluminum-derived by-product. This discovery not only unlocks an attractive new revenue stream but also drives down our overall cost of hydrogen production, creating a compelling value proposition for partners and investors alike.
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Building on this momentum, HES is formalizing several strategic partnerships that will accelerate both technical validation and our go-to-market strategy. These collaborations span engineering firms, regulatory experts, and distribution channels, positioning us to move swiftly from pilot to scale.
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To chart the path toward continuous, large-scale hydrogen production, we are preparing to raise €250,000. This funding will underwrite a comprehensive techno-economic study encompassing engineering design, market analysis, and regulatory assessment—critical steps toward commercialization. For more information on this funding round, please reach out to the Kinisis Ventures team.
Scott Waite, CEO at Hydrogen Energy Systems
DAREFORE
Darefore Accelerates into 2025 with Global Expansion, New Features, and Elite Athlete Adoption
Q1 2025 has been a quarter of powerful momentum and meaningful milestones for Darefore. We are proud to announce Darefore's availability on Amazon, making our sensor more accessible than ever before. Meanwhile, the Darefore Hub continues to evolve with powerful new tools designed to help athletes train more effectively and stay motivated.
In parallel, Darefore is gaining traction among top-tier athletes and organizations. We have expanded our presence within the elite sports community, with more professional teams, national organizations, and high-performance athletes now using Darefore technology to optimize training and performance. Their trust in our platform fuels our commitment to innovation and continuous improvement.
Key Q1 Highlights
Product & Platform Enhancements
We introduced exciting new features in the Darefore Hub to help cyclists get even more from every ride:
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Comparison Tool: Dive deep into your performance by comparing sessions. Identify trends, track improvements, and make smarter, data-informed training decisions.
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Gamification: Training meets motivation — earn badges, points, and levels to stay engaged and celebrate progress along the way.
Global Accessibility: Darefore is Now on Amazon!
We’re thrilled to announce that Darefore is now available on Amazon. This marks a major milestone in our journey, making it easier than ever for cyclists around the world to access our technology and start optimizing their rides with just a click.
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Innovation Spotlight: The Darefore Lab
The newly launched Darefore Lab is our innovation engine, a space dedicated to research, experimentation, and collaboration with athletes. Here, we explore the future of performance optimization and bring groundbreaking insights directly to the athletic community. We are proud to see Darefore adopted by a growing number of elite athletes, national teams, and high-performance organizations. Their use of our technology is a testament to its value at the highest level of competition, and their feedback continues to drive our development forward.
Looking Ahead
Q1 set a powerful tone for the year ahead, filled with new tools, broader access, and stronger partnerships. As we move into Q2, Darefore remains committed to delivering world-class technology that helps every athlete, from amateur to elite, reach their peak performance.
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Marios Kyriakou, CEO at Darefore
Darefore is now on Amazon
