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LONDON (Alliance News) -Limitless Earth PLC shares rose late on Friday after announcing it has invested GBP500,000 into V-Nova International Ltd, marking the company's first investment in the communication technology sector.
Limitless shares were up 26% to 4.10 pence per share late Friday, having jumped initially to 4.25p.
"V-Nova marks our first investment into the communication technology sector and directly meets our goal of investing in companies that are driven by global demographic trends," said Limitless Director Guido Contesso.
Limitless did not provide any further details regarding what stake it has obtained in V-Nova, only supplying the cash sum.
V-Nova was founded in 2011 and is part of a broad and growing consortium of over 20 global leaders including Broadcom, Encompass, Intel, Hitachi and Sky Italia. Limitless Earth said the GBP500,000 investment was part of a larger funding round in V-Nova, with the current funding round valuing V-Nova at around USD300.0 million, it said.
V-Nova is a leading provider of signal and data compression solutions, bridging the gap between the rapidly increasing consumption of "rich data" and the comparatively limited availability of network capacity. Its main product is its patented software-based compression solution, PERSEUS, which allows operators and broadcasters to upgrade their existing infrastructure to provide
significant performance improvements and reduce bandwidth costs.
"PERSEUS' potential is game-changing. We believe it could unlock access to rich data for billions of people for the first time and form the backbone for new content rich services with diverse applications in industries ranging from transport, to medical imaging, to the entertainment industry," said Contesso.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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