Celerum appoints David Gladding as CEO
Reach - a non-regulatory announcement
AIM: FIPP
9 January 2023
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Celerum appoints David Gladding as Chief Executive Officer
Frontier IP, a specialist in commercialising intellectual property, today announces that portfolio company Celerum Limited ("Celerum" or the "Company") has appointed David Gladding as Chief Executive Officer.
His experience in the software industry will help drive both the commercial and technical development of the Company's novel artificial intelligence-based metaheuristics, including nature inspired computing ("NIC"), to make logistics more efficient.
Celerum is at an important stage of development. The Company launched its first commercial product, Truck Logistics System (TLS), earlier this year to cut road haulage costs, carbon emissions and delivery times for small to medium-sized truck fleets, which is now winning customers. The first was Colin Lawson Transport, a haulage firm based in Aberdeen, operating 75 trucks and about 150 trailers. Frontier IP holds a 33.8 per cent equity stake in the Company.
David has more than 30 years' experience at senior levels in software and IT services companies, including those specialising in fleet management. He was Senior Vice President Global Sales for Chevin Fleet Solutions and has also worked for Civica and Fleet Clear over the past 12 years gaining a wide and in-depth understanding of the industry.
Other potential applications for the technology are in the maritime, energy, and telecommunication sectors where positive use cases have already been identified.
The technology is based on more than 25 years' research into metaheuristics by Celerum founder and chair Professor John McCall, Head of the School of Computing, Science and Digital Media at Robert Gordon University, Aberdeen. He is a director of the Company and continues to support development of the software.
Metaheuristic algorithms lie at the heart of Celerum's technology. They are designed to find the best solution out of a range of possible solutions to particularly complex problems. A subset of these is NIC algorithms, which use lessons from the natural world where evolution has overcome inefficiency. For example, bees and ants are extremely good at finding the best routes to food sources or returning to their nests.
Researchers have found metaheuristic algorithms achieve a high degree of accuracy when used to predict and propose "what if" scenarios, providing a basis to explore. This formed the basis to explore industry applications.
Unlike other forms of AI, such as machine learning, algorithms based on metaheuristics do not need to be trained on past data or special training datasets, helping to make Celerum's software easy to deploy. It needs no special hardware and resides in the cloud to give customers access to an evolving platform. Celerum's AI works as soon as it is activated to enable customers to take advantage of opportunities sooner than most other systems.
Celerum Chief Executive Officer David Gladding said: "I am excited to be joining Celerum at this time. We have an opportunity to help businesses understand what their data is telling them, giving them easy access to very smart technology that will help simplify complex business challenges. The real power behind our AI is how it helps educate users when interrogating data to increase their success of making informed business decisions. Whilst our platform is industry agnostic, we have won customers from the fleet management industry, which is worth $27 billion a year globally. Our platform is unique in this market, and I am expecting to see a great deal of interest. We know that this market is intensely competitive, where every marginal gain is important, and we believe our software can give customers an important edge in efficiency and productivity gains, cutting costs and making their operations greener."
Professor John McCall, Head of the School of Computing, Science and Digital Media at Robert Gordon University, Aberdeen, and Celerum director said: "David has a very keen interest in how we use data to improve business efficiencies and reducing the carbon footprint, along with his vast experience in software and the fleet industry, we are excited that David is leading Celerum to future success".
Neil Crabb, Frontier IP Chief Executive Officer, said: " I am delighted with David's appointment as Celerum's Chief Executive. His experience means he is the right person to drive the Company forward following the successful launch of its first commercial product."
ENQUIRIES
|
Frontier IP Group Plc |
T: 020 7332 2338 |
|
Neil Crabb, Chief Executive Officer Andrew Johnson, Communications and investor relations andrew.johnson@frontierip.co.uk Company website: www.frontierip.co.uk
|
neil@frontierip.co.uk M: 07464 546 025 |
|
Allenby Capital Limited (Nominated Adviser) Nick Athanas / George Payne |
T: 0203 328 5656
|
ABOUT METAHEURISTICS
Metaheuristics are a development of heuristics: a heuristic is a cognitive short cut used by humans and computers to arrive at a decision or solution in the face of confusing and sometimes conflicting data.
Metaheuristic algorithms are designed to derive the best possible solutions to complex problems where there are no perfect answers. These problems could involve incomplete or imperfect data, unpredictability, tight timeframes, unpredictability, and limited computing power.
There are many different strategies used to develop metaheuristic algorithms. They include local search, where an existing, single solution is refined to develop an optimal answer; global search, where several solutions are collectively refined to solve a problem in the best way; and nature inspired computing, where lessons from the natural world are applied.
An algorithm based on the theory of evolution, for example, will test many potential answers until the "fittest" emerges.
Often different metaheuristic approaches are combined - a development known as hybrid metaheuristics. They can be applied to many different problems. Unlike other forms of artificial intelligence, such as machine learning, metaheuristics do not have to be trained on large datasets.
Celerum has applied these methodologies and developed bespoke algorithms specifically for logistic companies to help them tackle the complexity of managing many trucks and drivers. Many firms currently rely on multiple legacy systems.
Because of the way metaheuristics work, they are very efficient in terms of the amount of data they process. Metaheuristic algorithms do not need to be trained on large datasets. Therefore, they provide a very cost-effective way to reach an intelligent solution that would otherwise be out of reach for many small to medium size logistic businesses. The algorithms are able to work on everyday computers, mobile phones and other devices.
ABOUT FRONTIER IP
Frontier IP unites science and commerce by identifying strong intellectual property and accelerating 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.
About Reach announcements
This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 7 hours ago Johnson Matthey
- 9 hours ago Galliford Try
- 9 hours ago Galliford Try
- 9 hours ago Centrica
- 10 hours ago Smith & Nephew