INOV Schroders Capital Global Innovation Trust Plc

TIDMINOV

RNS Number : 3900T

Schroders Capital Global Innovation

15 November 2023

Schroders Capital Global Innovation Trust plc

Investment in AI company

Schroders Capital Global Innovation Trust plc (the "Company") is pleased to announce it has made an investment of $2.0 million (GBP1.7 million) into an early leader in an emerging segment of artificial intelligence (AI) software. The Company invested through its co-investment partner, MMC Ventures, via a single asset fund, MMC SPV 3 LP.

Tim Creed, Lead Portfolio Manager, and Harry Raikes, Co-Portfolio Manager commented: "Schroders Capital has been investing in venture capital for over 25 years. Over that time, our team has seen various waves of technological innovation and witnessed first-hand the ripple effect through different sectors and regions. Our belief is that AI, most recently focused in the field of generative AI that has been enabled by the advent of large language models, has the potential for innovation and disruption on a scale comparable to the introduction of email, the internet and the smartphone. We see significant opportunity in the AI sector, justifying its position as one of our eight key global innovation themes. This investment, which forms part of our sub-strategy of backing innovative venture-stage business, is in an access-restricted software company that is an early leader in an emerging application of AI. At this time, we are not able to name the company due to confidentiality, however, we believe it represents a highly complementary addition to the portfolio. Furthermore, we are delighted to be partnering with MMC Ventures."

Enquiries:

Schroder Investment Management Limited

 
   Shilla Pindoria (Company Secretary)    0207 658 6000 
   Augustine Chipungu (Press)             0207 658 2106 
   John Spedding (Head of Investment 
    Trusts)                               0207 658 3206 
 

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November 15, 2023 02:00 ET (07:00 GMT)

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