Tern plc focuses on investing in the Internet of Things (IoT) sector, specifically targeting technology companies that develop software solutions for IoT security, analytics, and enablement. The company generates revenue primarily through its investment portfolio, which includes stakes in various firms within the IoT space. Tern operates in the technology sector, serving markets related to healthcare and industrial applications, and is engaged in managing and reviewing its investments to mitigate risks and ensure compliance with governance standards.