TMT Investments PLC (AIM: TMT.L), a venture capital firm investing in high-growth technology companies, has announced some developments in its portfolio.
First, it has entered into an agreement with a third party private investor to dispose of approximately 9% of its interest in Backblaze Inc., a data backup and cloud storage company, for a cash consideration of US$2.0m.
The partial disposal implies a substantial increase in the value of TMT’s interest in Backblaze to US$23.2m, being the value of its remaining interest and the consideration to be received, representing an increase of approximately US$12.7m (or approximately 120%) on the value of the company’s investment in Backblaze of US$10.5m as of 31 December 2018.
The firm has invested, in aggregate, US$5m in Backblaze, in two tranches in July 2012 and July 2013.
Second, TMT Investments has disposed of its entire holding in Unicell Advanced Cellular Solutions Ltd. for a net cash consideration of US$0.97m. The firm’s investment in Unicell was valued at US$0.98 million as of 31 December 2018.
TMT has also made the following new investments:
– US$350k in Cheetah X, Inc., a developer of the electric scooter sharing platform Go-X. Go-X is already operating in San Francisco, San Diego, Houston and Yuma, Arizona;
– US$1.5m in Scalarr, Inc., a machine learning-based fraud detection solution focused on the advertising market; and
– US$1.0m in Accern Corporation, an AI-based data design company that helps automate research and data analysis processes within organisations. Accern’s clients include IBM, MetLIfe, Credit Suisse and Moody’s, as well as other Fortune 500 companies.
TMT Investments is also continuing to actively invest the proceeds from its US$22.6m exit from Wrike, Inc.
Led by Alexander Selegenev, Executive Director, TMT invests in high-growth technology companies across a number of core specialist sectors with a significant number of Silicon Valley investments in its portfolio. Founded in 2010, the firm has invested in over 45 companies to date and has latest announced net assets of US$90m.