Tern (TERN) Portfolio Update - January 2025

Tern hosted an investor presentation and Q&A session on 9 January 2025. Presentations were given by the portfolio companies, which reinforced that all three businesses have made significant progress with major key accounts and important strategic partnerships. Read Progressive’s latest research note here or visit Tern's website here. Tim Metcalfe, Managing Director, IFC Advisory 00:16 - Introduction Richard Vincent, CEO & Co-Founder, Fundamental Surgery 01:59 - Fundamental Surgery Darren Antill, CEO, Device Authority 14:43 - Device Authority Susant Patro, CEO & Co-Founder, Vortex IQ 33:39 - Vortex IQ Jo Haliday, CEO & Founder, Talking Medicines 49:50 - Talking Medicines 01:07:11 - Q&A Tern provides access to disruptive Internet of Things (IoT) start-ups with proven technology, not generally available to AIM investors. It operates a hybrid venture capital (VC) model, with shareholders acting as Limited Partners. This business model change was actioned in early 2017 following the acquisition of Device Authority Inc and Al Sisto becoming Tern CEO. Tern supports software companies that develop IoT security, enablement, and analytics solutions for the healthcare and industrial sectors. Tern is focused on accelerating the growth of portfolio companies from the point of investment to Series A or B, gaining external verification on valuations and maximising exit multiples. Tern has investments in: Device Authority (IoT security), Fundamental VR (VR haptic 'simulators' for surgery), Konektio, formerly InVMA (Industrial IoT), Wyld Networks AB (LoRa and Mesh), Talking Medicines (capturing the patient voice) and less than 1% of DiffusionData Ltd, formerly Push Technology (mission critical data). Tern has also committed to invest up to ?5m, over the 10-year life of the SVV UK Software Technology Fund.