Frontier IP Group plc Portfolio news -- Elute Intelligence raises GBP250k
11 Gennaio 2021 - 8:00AM
RNS Non-Regulatory
TIDMFIPP
Frontier IP Group plc
11 January 2021
REACH
AIM: FIPP
11 January 2021
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Elute Intelligence raises GBP250,000 in first
equity fundraising to develop novel document search technology
Frontier IP, a specialist in commercialising intellectual
property, notes the following announcement from portfolio company
Elute Intelligence Holdings Limited ("Elute" or the "Company") that
it has successfully raised GBP250,000 through its first equity
funding round.
The investment, made by private investors in return for a 10 per
cent equity stake, values the Company at GBP2.5 million post-money,
and Frontier IP's holding of 41 per cent at GBP1.0 million.
Proceeds from the fundraising will be used to support Elute's
recently launched Patent Reader and development of an enterprise
search tool based on the same underlying technology, which uses
forensic linguistics to speed searches through unstructured
document datasets.
Elute was incorporated in 2019 from an existing UK business CFL
Software Limited , and included complementary intellectual property
developed by Frontier IP. Existing customers include the
Universities and Colleges Admissions Service ("UCAS") which is
using a version of the software called Copycatch to detect
plagiarism in students' personal statements. Others include
academic institutions, commercial researchers and lawyers.
Elute Intelligence statement begins:
Elute Intelligence completes GBP250,000 funding round to
commercialise novel document search capability
Elute Intelligence Holdings Limited ("Elute" or the "Company")
announces it has successfully raised GBP250,000 in return for 10
per cent of the Company.
The investment from private investors will support
commercialisation of Elute's recently launched Patent Reader
product and development of an enterprise search product using the
same underlying document reading and search technology .
The Company's software searches, compares and analyses documents
to identify similarities between them using algorithms based on
forensic linguistics, which mimic the way people read.
Users can use any text as the basis for a search, including
whole documents, to identify the most relevant information within a
library , whether it is a collection of patents or unstructured
enterprise documents.
This means the approach is very different to conventional
keyword or Boolean search technologies.
Peter Fischer, Chief Executive Officer of Elute Intelligence,
said: " The funding announced today is a key step in the roll out
of Elute's products to the market. We believe our unique approach
to document search brings significant benefits for our growing
customer base and has enormous market potential. "
Matthew White, Chief Commercialisation Officer of Frontier IP
Group, said: "We are pleased to see this initial investment in
Elute Intelligence and look forward to the business demonstrating
strong commercial traction for its novel search capability. "
Elute Intelligence Holdings statement ends
ENQUIRIES
Frontier IP Group Plc T: 020 7332 2338
Neil Crabb, Chief Executive neil@frontierip.co.uk
Andrew Johnson, Communications & Investor M: 07464 546 025
Relations
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas / George Payne
ABout frontier IP Group
Frontier IP unites science, finance and industry to build
businesses based on outstanding research. It identifies strong
intellectual property and accelerates its development through a
range of commercialisation services. A critical part of the Group's
work is involving relevant industry partners at an early stage of
development to ensure technology meets real world demands and
needs.
The Group looks to build and grow a portfolio of equity stakes
and licence income by taking an active involvement in spin-out
companies, including support for fund raising and collaboration
with relevant industry partners at an early stage of
development.
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January 11, 2021 02:00 ET (07:00 GMT)
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