PIRI.L Share News (PIRI)

(Sharecast News) - Technology investment company Pires has invested £0.25m in security platform company Polience, it announced on Monday.
The AIM-traded firm said Polience, doing business as PreCog, provides data intelligence to combat crime, terrorism and protect vulnerable people.

It said the investment was part of a £1m fundraising round, with funding satisfied from Pires' existing cash resources.

Sure Valley Ventures (SVV), in which Pires has an effective overall interest of around 20%, had invested the remaining £0.75m from the round.

PreCog was incorporated in January 2020, and had participated in and been supported by the Microsoft for Startups programme.

Through that programme, it had established a partnership with multinational contract manufacturer and distributor Arrow ECS, which is manufacturing the hardware components for the PreCog system.

The proceeds of the funding round would be used for product development, further expansion of the PreCog team, and for working capital to help scale the company.

"We are delighted to announce this investment in PreCog, both directly and via Pires' interest in SVV," said chairman Peter Redmond.

"PreCog has developed a security solution platform to provide unique data intelligence which we believe can be ground-breaking in its ability to combat crime and terrorism.

"With the proceeds raised in this funding round, we expect to see PreCog scale up significantly."

At 1352 GMT, shares in Pires Investments were down 1.43% at 17.25p.