SEED Innovations (AIM:SEED), the AIM-listed investing company, has reported a net asset value of £10.43 million at 30 September, down from £11.05 million at 31 March, as it booked a £612,000 comprehensive loss for the six months while redeploying capital into its new robotics and physical AI strategy.
The London-listed company, which pivoted away from legacy biotech, cannabis and wellness holdings earlier this year, said net asset value per share fell to 5.55p from 5.88p over the half.
Cash and cash equivalents dropped sharply to £707,000 at the period end from £2.75 million at 31 March, after SEED spent £1.55 million acquiring new financial assets during the half.
The company completed three robotics investments during the period: $1.0 million into Feather Robotics, a US developer of modular, wheeled humanoid robots that has generated more than $1 million in customer orders; £300,000 into Fieldwork Robotics, a UK developer of AI-enabled raspberry-harvesting robots now in commercial trials; and $350,000 into Cosmic Robotics, a US developer of autonomous construction robots deployed on solar energy projects.
SEED also invested a further £260,000 in legacy holding Clean Food Group through a convertible loan note, supporting the UK biotech's move toward industrial-scale production of its fermentation-derived oils and fats.
At the period end, SEED held stakes in ten companies, up from seven at 31 March, with the enlarged robotics holdings (Feather, Fieldwork and Cosmic) together valued at £1.32 million, against a portfolio still dominated by legacy positions: Avextra at £3.16 million (30.3% of NAV) and Juvenescence at £2.39 million (22.9% of NAV).
"We are investing not simply in clever machines, but in talented teams that understand how to apply that technology to genuine commercial problems," said Non-Executive Chair Jim Mellon.
Since the half-year end, SEED raised gross proceeds of approximately £2.9 million through a placing, subscription and retail offer in October.
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The company said the proceeds strengthen its liquidity position and will fund further robotics and physical AI deals alongside follow-on investments in existing portfolio companies, with opportunities sourced and assessed through its investing consultant, Hoid.ai.
Feather Robotics separately completed a $7.6 million pre-seed financing during the period, led by Gradient Ventures and including SEED's $1.0 million commitment, while Cosmic Robotics completed Y Combinator's Summer 2026 programme and was selected for Google's North American accelerator for AI and energy startups.
Clean Food Group made the commercial debut of its CLEANOil ingredient during the period, developed with THG LABS, with its manufacturing process validated at scale ahead of the product's first consumer launch in a skincare formulation with Raven Botanicals.
"Our focus now is on building from these foundations and identifying the businesses where we believe SEED can generate the greatest value for shareholders," Mellon said.