Q2 & Q3 2025 Newsletter
- Kinisis Ventures Fund
- Sep 18
- 8 min read
Updated: Sep 19
Portfolio Updates
Table of Contents
Threedium
Q2 and Q3 have added to the strong quarters for Threedium, marked by renewals, new clients, and improved financial efficiency.
Threedium onboarded 12 new enterprise clients and signed a $500k three-year license deal with Herff Jones, which has helped push U.S. revenues to approximately 50% of overall turnover. Renewal rates remain strong at 94%, while the pipeline includes more than six late-stage deals above £100k, with names such as Burberry and HP.
Operational efficiency has also improved, with average Q2 burn reduced by 40% compared to Q1. Threedium has gained further recognition in the industry, being named an official 3D content provider on Amazon.com and included in Deloitte’s Top 500 Fastest Growing Companies in EMEA. Year-to-date financials reflect £793k in revenue, a 21% increase year-on-year, alongside £703k cash received and £760k cash on hand.
Looking ahead, Threedium continues to expand into new verticals including real estate and industrial machinery. In November 2025, the company will launch its biggest product update yet, a superintelligence 3D content creation platform that automates and scales content, enhances product discovery, and tracks deeper user behaviour data, designed to serve brands of any size.
Mike Charalambous Angelides, CEO at Threedium
EMBIO DIAGNOSTICS
Q2 was a quarter of expansion in both scope and imagination. What began as precision sensing is now becoming everyday experience, with airbeld™ pushing the boundaries of trust, design, and usability.
Trust, sealed and certified
airbeld™ Eos became “Works With WELL” certified and gained third-party calibration, rare credibility in a young category.
The shelf test
For the first time, airbeld™ entered retail, launching in Superhome Center Cyprus — moving the brand from enterprise corridors into living rooms.
Intelligent inside and out
Our next-gen device, ATHENA, reached first prototype level with a 160-day battery, blockchain-grade security, and sleek design.
When air speaks
We unveiled the Agentic AI Assistant, a conversational interface that lets users manage entire ecosystems by simply asking.
Pilots into practice
Q2 extended our reach into large-scale pilots: CONQUAIR deployed EOS in hospitals across Hungary, Italy, and Cyprus; OpenAgri and Farmtopia introduced biosensor solutions for compost and olive farming; ROMEO targeted marine microplastics; ARSINOE brought early-warning climate data to ports. Together, these programs prove EMBIO’s versatility and open pathways for scalable, recurring revenues.
Scaling with discipline
Revenue for 2025 continued to expand, ARR is will be 100% on track to multiply in FY-25, and early revenues from healthcare pilots are beginning to contribute. Headcount rose to 33, adding strength in AI, regulatory, and business development to drive multi-market execution.
With our platform expanding from hardware to data, Q3 positions EMBIO to accelerate recurring revenues and long-term enterprise value.
Constantinos Loizou, CEO at Embio Diagnostics
ASCANIO
Continued to strengthen its international presence this past quarter through key strategic partnerships and market expansion.
United States
We are pleased to announce the official launch of our collaboration with a U.S. sales representative, bringing decades of experience in manufacturing, engineering, and heavy industry, with a proven track record in deal-closing across the U.S. market. In May, our team also visited the U.S., where we presented Ascanio to the New Jersey Angels investor group and ARC Capital, both of which expressed strong interest. During the trip, we also built valuable connections with the Cyprus–U.S. Chamber of Commerce, while generating two new leads in the banking and private security training sectors.
Europe & Beyond
We signed a new partnership with iProject, broadening our reach in Europe. We also joined the Global Tech Advocates network to strategically explore opportunities in Dubai and Saudi Arabia.
Defence Sector
Our team actively participated in multiple industry events and initiated discussions with the Ministry of Defence to align our technology with their future projects, aiming to commence cooperation in early 2026. Looking ahead, our priority for the coming quarter is to deepen existing collaborations and take the first steps with Lanego and Fameline Mission Solutions to expand our footprint in the defence sector.
Saudi Arabia
We secured our first Saudi contract in collaboration with regional government partners, including the Ministry of Tourism and other key organizations within the Kingdom. This project, which focuses on educational and cultural XR/VR experiences for significant religious sites, represents a strategic milestone that positions Ascanio for further expansion across the Gulf region.
Minas Kyriakou, Joint CEO at Ascanio
PROMED BIOSCIENCE
Expanding Horizons Through Global Collaborations and Industrial-Scale Growth
Promed has begun exploring collaborations in Advanced Therapeutic Medicines with a German partner, aiming to expand the application of its proprietary collagen platforms into cutting-edge therapeutic areas. At the same time, the company is in discussions with a Mexican pharmaceutical manufacturer to provide specialized support for the development of generic drugs, broadening Promed’s impact across healthcare segments.
In Asia, new opportunities are also being developed with Korean partners, reinforcing the company’s strong presence in one of the world’s most dynamic biotech markets.
Adding to this momentum, Promed has secured over $700,000 in funding to accelerate its growth trajectory and scale operations to the next level.
In parallel, the company has successfully signed its first U.S. contract, becoming an official raw material supplier to a regenerative medical device manufacturer, an important milestone that signals Promed’s entry into one of the world’s most advanced healthcare markets.
To support this expansion, Promed is preparing to scale its facilities to full industrial-level production. By investing in advanced manufacturing infrastructure, the company will ensure that rising global demand is met without compromising the quality, safety, and precision that define its products.
Together, these achievements underscore Promed’s unwavering commitment to innovation, quality, and sustainable global growth, positioning the company to expand its influence across both healthcare and biotechnology.
Costas Pitsilides, CEO at Promed Bioscience
HEROES MADE
Strengthening Our Foundation for Growth
Over the past three months, Heroes Made has been focused on building a network of commission-based sales agents in the U.S. and key regions in Europe. This low overhead structure enables us to achieve early traction during our fundraising period, while preparing a post funding go-to-market strategy aligned with the channels most commonly used in the U.S. education sector.
Since September, our agents have begun direct outreach to schools through email and phone, providing us with valuable data to refine our approach while also securing initial demonstrations. This month alone, multiple appointments are already underway as we continue to sharpen and scale our outbound efforts.
Beyond sales outreach, we have been expanding visibility and thought leadership. At ISTE in Texas, one of the world’s premier EdTech gatherings, we gained crucial insights into strategy and distribution that are now shaping our commercialization plans. Together with Global Education Partners, we also hosted a webinar that brought school leaders into deep discussions on how European schools are supporting social-emotional learning.
In parallel, Heroes Made launched a new Coursera training course in collaboration with SchoolDay, designed to help teachers better understand SEL and earn professional development credits. The course requires participants to engage with our platform directly, creating both awareness and practical experience among educators.
With these initiatives in place, Heroes Made now has a clear map with sales strategies ready to begin taking a bite out of the US$ 12.9 billion global SEL market projected by 2030. We invite investors who would like to learn more about the opportunity to join us in fueling this next stage of growth.
Maria Lavithi Howard, CEO at Heroes Made
IREROBOT
Expands into U.S., India, and Africa while advancing commercialization and R&D
In Q2 and Q3, IREROBOT made significant progress in commercialization, research, and global expansion.
In the United States, the company joined a select group of Cypriot ventures on the KV investor roadshow across New York, New Jersey, and San Francisco, presenting ACETT, its assistive wearable for the deaf and hard of hearing, and HGLOVE, its XR haptic glove. A highlight was a presentation at Google Research San Francisco, which opened discussions on international scaling, R&D collaborations, and equity investment opportunities.
The High Commissioner of India in Cyprus, visited IREROBOT’s headquarters, catalyzing collaborations and accelerating the company’s India strategy. Africa also represents a priority market, with 80% of the world’s disabled population and large Deaf communities. Distributors appointed in Nigeria and Ghana have already engaged government officials and secured early interest for national adoption of ACETT.
At home, IREROBOT strengthened its role in the innovation ecosystem. Founder Evagoras Xydas presented to over 130 participants at the Cyprus Diaspora Forum, while participation in Reflect Festival 2025 in Limassol expanded connections within Europe’s innovation networks.
On the R&D side, the F.L.O.W. project with PROMTEK completed its proof-of-concept stage, generating promising IP for the next phase. HGLOVE was deployed with SDK at Birmingham City University for research, while discussions with the University of Leeds advanced toward securing funding for ACETT’s future clinical testing. Contributions from RIF-funded interns Vasil Vasilev and Michaella Bratsa accelerated development by integrating deep neural networks and creating VR demo environments for HGLOVE.
With first ACETT sales already underway, IREROBOT’s 2025 commercialization plan remains on track. From Cyprus to the United States, India, Africa, and Europe, the company is entering its strongest phase yet, driven by global partnerships, breakthrough research, and a mission to enhance human senses and interactivity through haptics and AI.
Evagoras Xydas, CEO at Irerobot
HYDROGEN ENERGY SYSTEMS
Advancing Technical Validation and Strategic Growth
Over the past three months, HES has focused on executing its core priorities. The company is reinforcing existing partnerships and building new strategic relationships to accelerate commercialization. Preparations for technical tests are well underway, aiming to validate its proprietary process and confirm the economics of aluminum-based hydrogen production.
In parallel, HES is strengthening its intellectual property position to secure long-term value while opening discussions that create geographic growth opportunities and broaden its addressable market.
Fundraising efforts remain active, with €250,000 targeted to support engineering validation and market studies that will define the company’s scale-up pathway.
Scott Waite, CEO at Hydrogen Energy Systems
DAREFORE
Expands Across Borders: From Eurobike to New York, New Models, and Running Innovation
The second and third quarters of 2025 have been among the most dynamic yet for Darefore, defined by international showcases, new partnerships, and bold steps into fresh markets. From April through September, we have reached milestones that bring us closer to our vision: empowering every athlete with actionable insights that drive performance and prevent injuries.
Expanding to the U.S.
April marked a pivotal step for Darefore in the United States. CEO Marios Kyriakou participated in the panel “4 CY Startups on Their Way to the USA. Their Journey” moderated by Aristos Constantin, Trade Commissioner at the Cyprus Embassy Trade Center. We also presented Darefore to investors in New York, sharing our vision of biomechanics-driven performance. Meetings with international investors provided valuable insights into the U.S. market and led to our funding application to New York Angels, reflecting our ambition to scale globally.
Eurobike 2025
In June, Darefore proudly exhibited at Eurobike, the world’s premier cycling trade fair. Our booth attracted athletes, coaches, and industry experts eager to experience how Darefore redefines performance tracking through posture and biomechanics. Eurobike significantly strengthened our visibility and created partnerships that will propel future growth.
New Models & Running Expansion
To deliver continuous value, Darefore introduced a subscription-based model bundling hardware with premium features, updates, and evolving analytics. Q3 also marked our expansion into running, with algorithms now testing posture, cadence, asymmetry, and fatigue—bringing our proven insights to a vast new market.
Collaboration with Andreas Miltiades
We welcomed endurance athlete Andreas Miltiades as Darefore Ambassador. An 11x National Time Trial Champion and decorated cyclist, Andreas embodies the performance and training optimization Darefore delivers.
Looking Ahead From New York to Eurobike, Darefore has built strong momentum on both sides of the Atlantic. With global expansion, new collaborations, and multi-sport innovations, the future of performance analytics is within reach.
Marios Kyriakou, CEO at Darefore
