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Tern injects further £530,000 in portfolio company FundamentalVR
StockMarketWire.com
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Internet of things investor Tern has made a further £530,000 investment in its portfolio company FundamentalVR and reported 'positive business momentum' in the year to date.
The additional investment by Tern is in the form of convertible loan notes as part of a wider fundraise by FundamentalVR from its existing institutional and other shareholders.
Tern reported that FundamentalVR has seen increased adoption of its virtual reality simulation solutions and continued to 'gain traction' as a result of social distancing and the reduction in elective surgeries.
Chief executive Al Sisto said that the strong business momentum previously reported by Tern has continued, with all of its portfolio companies performing well in the year to date.
Sisto added: 'We expect this momentum to continue, building on recent commercial successes, as our portfolio of IoT-focussed businesses seek to provide innovative and practical solutions to meet real world needs.
'In many instances the wide-ranging effects of the Covid-19 pandemic has accelerated the adoption of these solutions and we believe all of Tern's portfolio companies are well positioned for the future.'
At 2:33pm: (LON:TERN) Tern Plc share price was 0p at 7.75p
Story provided by StockMarketWire.com
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