Tern plc (LON:TERN) noted this morning that in the Company’s announcement dated 11 August 2022, the Company stated that FVRVS Limited (“FundamentalVR”) had closed a second tranche of its Series B fund raising round, securing an additional £5 million in new investment (the “FundamentalVR Series B second tranche”) from a new institutional investor at the same valuation as the first tranche, making a total of £13.2 million raised in Series B funding at this time.
The Company notes that in its press release dated 11 August 2022, FundamentalVR, an independent privately held company, stated that it “has raised an additional $20 million to significantly accelerate medical skill-transfer and increase surgical proficiency through its world-leading medical simulation platform, Fundamental Surgery.”
Tern plc can confirm that all the information disclosed in its announcement dated 11 August 2022 is correct and understands that the figure of $20 million referred to by FundamentalVR includes committed contingent funding yet to be received by FundamentalVR. Such funding would be at the same valuation as the FundamentalVR Series B second tranche and would not affect the book value of Tern’s investment in FundamentalVR.
