Tern

What Tern does

Tern PLC is an AIM-listed investment company incorporated in England and Wales that backs early-stage, UK-based Internet of Things (IoT) technology businesses with proprietary intellectual property and global (particularly North American) expansion ambitions. Rather than developing its own technology, Tern operates as a holding company and active investor, taking board positions in portfolio companies and providing hands-on operational support — including introductions to customers and partners, strategic guidance, fundraising assistance, and access to a collaborative ecosystem of portfolio CEOs that share knowledge and contacts. Its current portfolio spans six principal holdings: Wyld Networks (satellite IoT connectivity with USPTO-approved Fusion mesh networking patent); Device Authority (IoT and OT identity lifecycle management via the KeyScaler platform and KeyScaler-as-a-Service, ~25.3% owned); Fundamental VR (Royal College of Surgeons-accredited VR/haptic surgical training platform); Talking Medicines (~23.8% owned, AI/NLP-powered PatientMetRx platform for pharma patient insights); DiffusionData (enterprise real-time data streaming); and a minority interest in the Sure Valley Ventures UK Software Technology Fund alongside the British Business Bank. Additional exposure includes travel-tech startup Lucia (acquired November 2024).

Tern's revenue model is not product-based; returns are generated through capital appreciation on portfolio holdings, exits via trade sales or IPOs, participation in subsequent portfolio fundraises at uplifted valuations, and interest income on convertible loan notes (notably a 10% annual coupon on ~£790,000 of Talking Medicines notes). The company raises fresh capital through share issuances and periodic open offers (e.g., an April 2026 open offer of up to £643,609 at 0.60p per share) and seeks shareholder authority for further equity issuance (up to 175 million new shares, ~20.5% of existing capital, sought at the June 2026 GM). Tern does not sell products or services directly and discloses no end-customer pricing; go-to-market activity is centered on investor relations (RNS announcements, Capital Markets Days, webinars, podcasts, and a content blog) and direct deal sourcing from founder networks and referrals targeting UK IoT startups. Leadership comprises CEO Al Sisto, Interim Chair Jane McCracken, Non-Executive Director Iain Ross, Business Development Director and co-founder Bruce Leith, and CFO Sarah Payne, supported by a headcount of 1–10 employees.

Name

Tern

Legal name

Tern PLC

Website

https://ternplc.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Tern PLC is an AIM-listed investment company that provides capital and hands-on operational support to early-stage, UK-based IoT technology companies with global expansion ambitions. Its portfolio spans satellite IoT, IoT security, VR surgical training, AI-powered pharma analytics, and real-time data streaming.

Ownership category

akta.pro rank

Product category

Internet of Things (IoT) Investment / Venture Capital

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Direct-to-Device (D2D) / NTN Cellular (Satellite-to-Handset, NB-IoT NTN) (HDAIAJAE)

akta.pro secondary industry

Virtualized Security & SASE for Telco Networks (vFW, vDDoS, vSEC, Secure Edge) (HDAIAIAK)

Keywords

• IoT venture capital
• Early-stage tech investment
• Portfolio investment company
• AIM-listed investments
• Disruptive technology investing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment returns and portfolio company exits: Tern generates returns primarily through capital appreciation and exits of its portfolio companies. As a long-term investment partner, Tern's revenue model is based on supporting portfolio companies through growth phases and realizing value through trade sales, IPOs, or secondary fundraises. The company also earns returns on convertible loan notes (e.g., 10% annual interest on Talking Medicines notes).
2. Portfolio company fundraise participation: Tern participates in funding rounds of its portfolio companies, often at uplifted valuations, generating returns as portfolio companies scale and raise subsequent rounds. The company also supports investees in securing expansion capital and new fundraising rounds.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Tern PLC is an AIM-quoted investment company that provides capital, strategic guidance, and operational support to early-stage, UK-based, privately owned IoT technology companies with disruptive technology, own intellectual property, and global (especially North American) expansion potential. It holds stakes in Wyld Networks (satellite IoT), Device Authority (IoT security), Fundamental VR (VR surgical training), Talking Medicines (AI patient analytics), and DiffusionData (real-time data streaming).

Product overview

Tern is an investment company specializing in Internet of Things (IoT) technology businesses, operating as a holding company with a portfolio of six distinct portfolio companies, each with its own product offerings. The portfolio includes Device Authority (offering the KeyScaler and KeyScaler-as-a-Service platforms for IoT identity management), Talking Medicines (offering the PatientMetRx SaaS platform for patient voice analytics), Fundamental VR (offering the Fundamental Surgery training platform), Wyld Networks (offering Wyld Connect satellite IoT modules and data services including the AT452 tracker and Fusion platform), DiffusionData (offering Diffusion and Diffusion Cloud for real-time data streaming), and Sure Valley Ventures (a venture capital fund for software technology investments).

Differentiator

Problem solved

Functional benefit

Products and services

• KeyScaler (Device Authority) Device Authority's proprietary platform for securing the Internet of Things by certifying device identity across the entire device lifecycle, enabling automated identity lifecycle management at speed and scale for IoT and Operational Technology environments.
• KeyScaler-as-a-Service (KSaaS) (Device Authority) Cloud-delivered version of Device Authority's KeyScaler platform providing automated IoT device identity management, offering dedicated environments for enhanced security, control, and scalability for enterprise customers.
• PatientMetRx (Talking Medicines) SaaS platform that uses AI and machine learning to filter social channel noise and deliver actionable insights into the live patient experience based on actual patient sentiments for pharmaceutical marketing agencies and brands.
• Fundamental Surgery (Fundamental VR) Surgical training platform combining haptic feedback with virtual reality to enable surgeons and students to train and collaborate in virtual environments, practicing procedures in a safe, repeatable, and low-cost way without physical human contact. Accredited by the Royal College of Surgeons.
• Wyld Connect (Wyld Networks) Wyld Networks' satellite IoT module and data service providing affordable global IoT connectivity via low-orbit satellites, enabling true 100% global coverage for businesses with devices in remote locations lacking cellular coverage.
• Wyld Connect AT452 Satellite Tracker (Wyld Networks) GPS location tracking device for continuous asset tracking with low power consumption, designed for assets in transit that need regular or continuous location monitoring via satellite connectivity.
• Wyld Fusion (Wyld Networks) Multi-dimensional mesh networking platform enabling satellite-based IoT connectivity, granted US patent approval for commercial launch in the US market.
• Diffusion (DiffusionData) Enterprise-grade real-time data streaming and messaging platform for on-premises mission-critical business applications, enabling organizations to communicate and update data in real-time.
• Diffusion Cloud (DiffusionData) Cloud-hosted version of Diffusion for virtual applications residing in public or private corporate clouds, with hybrid deployment capabilities across cloud and on-premises environments.
• Sure Valley Ventures UK Software Technology Fund UK Software Technology Venture Capital Fund focused on AR/VR, AI, IoT, and security, in which Tern participates as an LP alongside the British Business Bank.

Quantifiable outcome

• Wyld Networks' U.S. patent approved for Fusion platform multi-dimensional mesh networking, providing right to commercial launch in the U.S. (the largest satellite IoT market at ~30% of $15.5B market)
• +2 more outcomes

Named customers10 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability6 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• SpaceXminorStrategic or Co-development Partner · 7 August 2022Wyld Networks (Tern portfolio company) entered into a collaboration with SpaceX, announced in August 2022, to expand its satellite IoT connectivity capabilities. Wyld Connect leverages satellite communication technology for IoT data delivery with global 100% coverage.
• XalientcoreTechnology or IntegrationDevice Authority (Tern portfolio company, 25.3% owned) formed a strategic partnership with Xalient to integrate Device Authority's KeyScaler platform into Xalient's managed IoT security offerings. The collaboration provides automated identity lifecycle management for connected devices across enterprise environments, targeting energy and utilities, manufacturing, healthcare, and critical infrastructure sectors. This partnership extends KeyScaler's reach to organizations unable to solve IoT and OT identity challenges with traditional tools or manual processes.
• MicrosoftcoreTechnology or IntegrationDevice Authority announced a partnership with Microsoft (along with CyberArk) to deliver a secure IoT solution for manufacturing based on the NIST framework. The collaboration aims to enhance security for connected devices in manufacturing environments by integrating cloud-edge connectivity, identity management, and lifecycle security.
• CyberArkcoreTechnology or IntegrationDevice Authority partnered with Microsoft and CyberArk to deliver a secure IoT solution for manufacturing based on the NIST framework, integrating cloud-edge connectivity, identity management, and lifecycle security for connected manufacturing devices.
• Embrapa AgNestminorStrategic or Co-development PartnerWyld Networks became the first innovation company to collaborate on Embrapa AgNest programme in Brazil, putting Wyld's satellite IoT solution in front of all major Brazilian agricultural companies. Embrapa is Brazil's agricultural research corporation.
• Net ReplyminorStrategic or Co-development PartnerWyld Networks received its first revenue-generating satellite IoT data from Italy via Net Reply, part of Reply SPA conglomerate. This represented the first commercial data delivery milestone for Wyld Networks in the European market.
• SugaROxminorStrategic or Co-development PartnerWyld Networks partnered with UK-based SugaROx to deploy Wyld Connect satellite IoT connectivity supporting SugaROx's bistimulant products for increased soybean crop productivity and resilience in Brazil.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Regional players

• IQE plc: AIM-listed UK semiconductor company supplying components to wireless and IoT markets. Comparable as a UK-based AIM-listed technology company with IoT-relevant end markets, though operating as a portfolio operating company rather than investor.
• Mirada plc: AIM-listed UK technology company focused on digital TV, IoT, and connected devices. Comparable as a UK AIM-listed operating company in IoT/connected device end markets, though operating rather than investing.

Broad incumbents

• Foresight VCT: Established UK venture capital trust with broader technology exposure including software and growth businesses. Comparable as a listed UK investment vehicle targeting growth-stage technology companies with operational involvement.
• Maven Income and Growth VCT: UK venture capital trust investing across multiple sectors including technology. Comparable as a publicly traded investment vehicle providing capital and support to UK growth companies.
• Octopus AIM VCT: UK venture capital trust investing in AIM-listed and growth-stage UK companies. Comparable as a publicly listed UK investment vehicle focused on UK growth technology and smaller quoted companies.
• Albion Technology & General VCT: Long-established UK venture capital trust with technology and generalist mandates. Comparable as a listed UK investment company focused on technology businesses and AIM-quoted companies.

Others

• British Business Bank: UK government-backed development bank that co-invests in venture funds including alongside Tern in the Sure Valley Ventures UK Software Technology Fund. Comparable as a UK institutional investor in early-stage technology with IoT exposure.

Direct peers

• Seneca Growth Capital VCT: UK venture capital trust investing in growth-stage UK technology companies. Comparable as a listed UK investment vehicle focused on UK-based technology scaleups seeking capital and operational support.
• Sure Valley Ventures: UK-based venture capital fund investing in AR/VR, AI, IoT, and security software. Tern is a participant in the Sure Valley Ventures UK Software Technology Fund, making them directly comparable as IoT-focused early-stage investors.
• Augmentum Fintech: AIM-listed investment company focused on fintech and related technology businesses. Comparable to Tern as a publicly traded vehicle that invests in early-stage technology companies and seeks exits to drive shareholder returns.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ternplc
• LinkedInlinkedin.com/company/tern-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments18 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tern