Tern Plc - investor focused on the internet of things - Says FVRVS Ltd - also known as FundamentalVR - raises GBP7 million in new equity investments through a series B fundraising round. The money has been raised from existing investors, with a further GBP1.2 million of convertible loan notes being converted. Tern has converted GBP570,000 in loan notes. It says it will not invest more money in the FundamentalVR series B.
Proceeds from the fund raise will go towards providing FundamentalVR with funding to grow in line with its strategy, including the expansion of its US activities.
FundamentalVR delivers virtual reality haptic flight simulators for surgery creating a safe, measurable and repeatable space to refine skills. Its goal is to transform the way surgeons prepare and practice their skills.
Tern now holds a 20% interest in FundamentalVR.
Current stock price: 15.82 pence, down 5.6%
12-month change: down 27%
By Xindi Wei; xindiwei@alliancenews.com
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Tern (TERN)