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Wednesday 20 May 2020

Tern to get more Wyld for the pandemic

LogoSpecialist Internet of Things (IoT) investment company Tern plc is to flip its outstanding £1.1m cashflow loan to majority held Wyld Networks Limited into a secured convertible loan note of the same amount. The announcement of the move, which will increase Wyld’s balance sheet stability, coincided with the news that the portfolio company had signed an agreement with Highland Health Ventures Ltd (HHVL) to test and deploy its technology into certain care homes in Scotland. The objective of this initiative is to help prevent the spread of COVID-19 and other viruses.

HHVL is an independent company with a collaboration agreement with NHS Highland for the purpose of developing innovations in healthcare. Wyld's technology is to be used to provide digital access and anonymised social distance monitoring and alerting through a mobile application and a mesh wireless network of connected smartphones and IoT devices. Wyld and HHVL have already started the first project for the initial testing and implementation of this technology in a care home in Scotland. Tern believes that Wyld's technology may also have broader applications in helping other businesses get back to work.

Tern, previously known as Silvermere Energy, has a history of investing in IoT start-ups. Faced with rising operating costs and relatively small revenue returns, however, the company reined in its expansion ambitions last year (see here). Two months ago, Tern raised a further £800k of funds to not only both strengthen its balance sheet and provide working capital, but also support potential follow-on investment opportunities amongst its existing portfolio (see here). This comprises six businesses including FundamentalVR and Device Authority as well as Wyld Networks.

Posted by: Duncan Aitchison

Tags: funding   iot   healthcare  

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