Member Info for Sangijuelas1

It was already known but was confirmed yesterday in Graphcore accounts that 2022 was even worse than 2021.

They now need to raise capital soon to remain as a going concern for the next 12 months. They say they are in talks with investors.

Cash must be very tight now as they had 150m at the start of the year and lost 200m last year.

It's not exactly an in depth analysis, is it? More like he has copied a paragraph from Graphcore's website

There are 2 perspectives that are different to reconcile.

1- An investor who buys assets because they want to own them for long term appreciation. Think of Buffett's quote about not buying a stock unless you are happy to own it even if the market is shut for 10 years.

2- A speculator who is concerned with short term gains and is extremely dependent on market conditions.

I would put myself in the former category. Less concerned about market noise and more focused on asset quality.

Whilst the overall economy may perform poorly, I believe we are still in the early stages of accumulation of gains from the information/surveillance economy and the analysis and manipulation of data by AI.

They are currently listing a lot of job vacancies considering they thought they were going to have to make cuts a few months back

Reported very good H1. They expected to have to cut staff but in the end they experienced strong sales growth from the last reported 100m dollars.

https://aircall.io/en-gb/blog/news/founders-story-part-two-what-happens-after-100m-arr/

Steph, I can work out for myself what the impact of a further crash would be on the SP.

I am more concerned that we may be looking at another lost decade than short term crashes.

Either way my focus is on the long term, hence tracking what portfolio companies are actually doing.

Worth listening to this recent focus on Iceye from Seraphim Space fund. This year's revenue on target for 100m.

They are on the Investor Meet

https://open.spotify.com/episode/2hqqwRRG1Dm8CK97pEwfi3

Announced participating in 2 projects in the US that are getting Chips funding

https://twitter.com/RiverLane_io/status/1709485013081743436

One of my favourite companies in the portfolio. Were referenced a few months back in an analysis run by short sellers on Twist Biosciences. As a company likely to come and eat their lunch with much better tech.

They are scaling up to commercialisation and say they have reached a major milestone in getting their desktop kit into Imperial College labs for evaluation

https://www.evonetix.com/news/evonetix-places-first-dna-synthesis-development-platform-at-imperial-college-london?utm_content=169562343&utm_medium=social&utm_source=twitter&hss_channel=tw-837219222807773184

Need to mute you now because you are not making a lot of sense and just spamming the board

Https://siliconcanals.com/crowdfunding/schuttflix-raises-45m/

Only just spotted this. Core company Schuttflix raised 45m Euros a month or so ago. Their 2022 revenue was double that of the year before at 90m Euros.

They say they are benefitting from downturn in the construction industry and also assisting companies to meet incoming EU regs.

Yeah but the current PATH price is a reflection of the values given to emerging tech in the current market. They are also reporting positive FCF, engaging in buybacks and have about a billion dollars in cash.

We can't say the same right now for some of ours.

The 11.82 was based on speculative bubble valuations.

UI Path stock is still only valued at just over a quarter of it's last funding round.

Same with Trustpilot.

I am not investing more expecting a miracle return to prior valuations in anything like 2 years.

I do however, believe there is a solid opportunity here. The current market cap is £330m.

Good article about how Paragraf and Graphcore are receiving approaches from US federal and state funding agencies.

Free article although might want you to register

https://sifted.eu/articles/us-eyes-british-startups-in-chip-sovereignty-bid

Also Aiven have just brought on a new CFO who helped take Spotify public

Https://growthbusiness.co.uk/thought-machine-ponders-ipo-as-vcs-advise-against-listing-2570171/

Is talk on here always dominated by external economic factors?

Rarely is attention paid to the actual components of the portfolio, unless it involves negging the more well known names like Revolut and Graphcore.

I would rather own good stuff in a terrible environment than rubbish in a good one.

I have seen some very positive developments recently on the likes of Iceye, Satellite Vu, Hadean, Riverlane, Form 3, Thought Machine, M-Files, Evonetix, Endomag, Manna and Isar Aerospace.

Others that I had major doubts about like CoachHub and Aiven seem to be picking up.

Many others like Focal Point, Hive MQ, Ravenpack, Mostly AI and Settlemint seem to be ticking along.

Paragraf are moaning a lot about the lack of government support but that may be down to their desire to move stateside.

The only recent loss I have seen was Cervest, which went bust a few months back.

Friday Finance has just been taken over by Pliant at a value of 100m Euros paid to investors in cash and Pliant shares. Pliant raised 26m Euros in February at a higher valuation than previous.

Molten led a Series A for Binalyze a couple of weeks ago.

Maybe they were but that was before the world came to rely on a debt fuelled consumer economy.

This is more an issue for open ended funds, which need to maintain liquidity to enable drawdowns. If the assets are overvalued and they have to fire sale them, the funds could end up like Woodfords.

Also the interest rate concern is around private equity relying on loans to fund buyouts. That model is in tatters.

MV will have to find over £10m a year for interest payments at current rates, but they have assets available to meet the requirements. They recently sold 10% of the Early bird fund to oil the wheels.