Hey @Andrewf69, the valuation details are private, given that...

Hey @Andrewf69, the valuation details are private, given that Quantum Brilliance is not a publicly listed company — so there is not much that Powerhouse can do on this front because valuation details are often a sensitive topic with startups. However, you might be interested to know that the seed round for Quantum was US$9.7 million ($13.4 million) in Aug 2021 and the estimated valuation at the time was $34-50m. Assuming Powerhouse (ASX PVL) was able to achieve the same terms (and why not because Kruger is on the board of the company), their stake in the company is now circa 1% to 1.5%. Hope that helps. To me, what matters most is the percentage valuation growth of the companies that PVL invests in (across seed, to series A, B, C, IPO etc.), not how heavy their ownership stake is (be that 1% or 10%). From the last 5 investments made, I can see the potential for any of them to 10x across a few years compared to where they are today. They are all operating in massive markets, with strong IP moats and strong management. Obviously, there's no guarantee that any of them will work out, but the quality of VC investments made since the new team has taken over (Kruger & Co. in late 2021) has been a massive step-up in my opinion. It's hard to get access to these types of private companies as an individual investor otherwise. And unlike investing in these companies as an angel investor, investing via the PVL ASX vehicle provides liquidity (albeit it's a little limited) to either top up when the valuation is compelling (i.e. a discount to NTA), hold or sell. BTI is also a quality vehicle (with excellent management), but I prefer PVL because it is more diversified and its journey (PVL 2.0) is only just getting started ($10m MC). I like the fact that operational cash burn is near zero. The management team will be rewarded only if the share price gets above 20c before the 31st of Dec 2023. I personally think they will achieve that and it will be a win win for everyone given the target presents over 100% share price upside within ~1.5 years.