b'Chief Investment Officers review continuedIn the events sector, Crowd Reactive has beenInvestment activity It is also worth noting the progress made by materially impacted by COVID-19. At the timeWe have continued to support our largest and Intechnica, Medherant and Faradion.of the announcement of our interim results inmost promising assets, with both capital and December 2019, the company was trading wellresource. 9.0million of the 15.7millionIntechnica, a digital performance company, and was discussing a new funding round withinvested during the year was allocated grew revenues by c.50% in the year toa number of investors; we therefore providedacross our top 10 assets including nDreams,c.9million, winning new clients for its bot new working capital to deliver on a recordIntechnica, Medherant, Voxpopme, Impressionmanagement product, Netacea. Netacea was order book for 2020. However, since FebruaryTechnologies and Faradion. As many of ouridentified by Forrester as leading the pack2020, the order book has dissipated with littledirect investment portfolio companies nowin the sector. Its virtual waiting room product visibility of a return to normality. We havelook to scale their growth, our aim remains tofor ecommerce businesses has also gained therefore taken the difficult decision not tobuild and/or maintain material equity stakes attraction, winning projects with Ocado and support the company further and havec.20%40%, whilst increasingly looking toPets at Home.accepted an offer from management to abring in new third-party capital.partial repayment of our investment, resultingMedherant, a transdermal drug delivery in a 2.1million fair value decrease as atWe made one new direct investment duringcompany that has two unpartnered lead 31 March 2020. the year into One Touch Apps, trading as productsan Ibuprofen patch at clinical stage Clear Review, a company from our third-partyand a pre-clinical product addressing smoking Other fair value decreases reflective offunds. Clear Review is a SaaS businesscessationhas entered into a partnership COVID-19 related sentiment included providing HR management tools. with Cycle Pharmaceuticals to develop new LM Technologies (2.1million) and EyotoHR technology remains an exciting sector,products using its proprietary TEPI Patch Group (0.9million). We also recognised a fairindicative of the overall momentum of Cleartechnology. This partnership demonstrates value decrease of 1.4million in Concepta, anReview, which passed 2.0million in annualthe potential of further licensing opportunities investment which is listed on AIM so is valuedrecurring revenue (ARR) in December 2019,and the commercialisation of Medherants at its bid price as at 31 March 2020. Following aless than a year after reaching its 1.0millioninnovative technology for the administeringperiod of underperformance, the companyARR milestone. At the end of March 2020, theof medicines to patients with rare neurological has undergone significant managementcompanys ARR run rate was 2.3million. disorders.changes, and as a sign of our continued faith in its products, market opportunity and newMercia first invested in Clear Review in 2018Faradion has also made significant progress team, we participated in the companysthrough its managed funds and made an initialwith its battery cell technology, developing a successful 1.9million placing in April 2020. 0.5million direct equity investment alongsidenumber of partnerships and announcing its co-investor Albion VCT in June 2019. first order from its joint venture partner,ICM Australia, for its high-energy sodium-ion Direct investments: operationalbatteries. Faradions sodium-ion technology highlights provides similar performance to conventional The last year was significant for a number ofchemistries, while replacing expensive our businesses, with nDreams, OXGENE,materials such as cobalt and lithium withSoccer Manager and Clear Review all doublingthe far more abundant sodium. We are their revenues and Voxpopme and The Nativeencouraged by Faradions potential, as unlike Antigen Company also showing sizeablelithium-ion batteries, its sodium-ion batteries revenue growth. have exceptional thermal stability and canbe safely transported and maintained atzero volts.28 Mercia Asset Management PLCAnnual Report and Accounts 2020'