Dear investors and well-wishers, We were delighted to welcome Tanarra as an investor and partner on 1 July. Tanarra is a ~$1.7 billion institutional asset management firm, with investments across private equity, public markets, credit, and venture capital. I was first introduced to John Wylie, Tanarra's founder, through Oxford University, when we were both exploring ways to help commercialize the incredible technology coming out of the university's laboratories. John has invested in a number of highly innovative technology firms around the world, including Pexip in Norway, and Animal Dynamics in Oxford, which makes drones that fly like dragonflies and submarines that swim like whales. David Birkbeck, Tanarra's CFO, will join our board. David has set up multiple financial institutions across a distinguished career in investment banking, private equity and funds management, and his experience will be an enormous asset for us all. We have come a long way over the past few years, and it has only been possible with your support, so a very sincere thank you.