Investment company Sure Ventures PLC announced on Wednesday that Infinite Reality, a firm specializing in immersive virtual experiences, has agreed to purchase its subsidiary's portfolio firm Landvault for $450 million (£350.6 million).

Landvault, known for its immersive technology, is a portfolio business of the Sure Valley Ventures Fund, which Sure Ventures PLC partly owns. Immersive virtual experiences leverage technology such as virtual reality to create a perception of being physically present in a nonphysical world.

Sure Ventures stated that the payment for Landvault would be in the form of new shares in Infinite Reality (iR), with potential proceeds of approximately $8.3 million, contingent on the value of iR's stock.

Infinite Reality, which is planning to go public in the U.S., said that its global structure facilitates more capital market initiatives in regions like Europe and the Middle East.

Shares in Sure Ventures PLC, listed on the London Stock Exchange, were trading at 100 pence at lunchtime on Wednesday, a 38% increase from Tuesday's close of 72.50 pence.

The sale of Landvault includes its current staff joining the iR team, with founder and CEO Sam Huber becoming global president of enterprise and CEO of the Middle East and Northern Africa division.

"Adding Landvault, with their substantial presence in the Middle East and Europe, supports our plans for market expansion and helps establish the Infinite Reality brand as a global leader in immersive tech," said John Acunto, iR co-founder and CEO. "We look forward to integrating Landvault's hundreds of clients into the Infinite Reality family, further enhancing our reach and capabilities."

Infinite Reality also announced a $350 million investment from a private multifamily office focused on global technology, media, and real estate, bringing its valuation to $5.1 billion, entirely in equity.