NetScientific PLC (AIM:NSCI), the investment group specialising in deep tech and life sciences, said it "significantly advanced" its strategic goals last year as it provided a comprehensive update on progress and what's to come in 2024.
It revealed a portfolio expansion to 23 companies, including EMV Capital. It expects a modest increase in the fair value of its privately held assets compared to the previous year. In total, £52.2 million was raised through equity and venture debt by 13 companies within its portfolio.
At the same time, there was a significant rise in capital under advisory by £6.6 million, reaching £23.5 million in 2023. NetScientific also achieved a proprietary trade profit of £0.5 million from secondary sales of a £1.4 million position across two portfolio companies.
EMV Capital's increase in fees contributed to covering about half of the core group's operational costs, in addition to offering infrastructure and services to the group and its portfolio companies.
Among the portfolio highlights, ProAxsis and Glycotest Inc were hailed for their significant progress. ProAxsis intensified the development of its Patient Point of Care product range, while Glycotest secured a $1 million investment for its clinical validation study.
"We have significantly advanced our strategic goals, focusing on a sustainable business model and enhancing the value of our portfolio holdings. We are generating fees and executing on secondary exits," said Netscientific chief executive, Dr Ilian Iliev.
"Our goal is now to leverage our differentiated VC investment model at a critical time for the VC industry.
"With a more diversified investment approach, we are preparing for profitable investment returns and strategic divestments that align with our growth strategy. We are now also actively exploring new fund opportunities which fit our criteria and expertise."