Celerum launch first commercial product
Reach - a non-regulatory announcement
AIM: FIPP
11 January 2022
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Celerum reaches significant milestone with launch of first commercial product
Frontier IP, a specialist in commercialising intellectual property, notes the following announcement that portfolio company Celerum Limited (the "Company") has launched Truck Logistics System, its first commercial product using novel artificial intelligence based on Nature Inspired Computing.
The Company has also won a first order from a road haulier for the software. The product uses artificial intelligence derived from natural processes and behaviours to maximise resources across logistics networks, cutting costs, carbon emissions and delivery times. Frontier IP holds a 33.8 per cent equity stake in Celerum.
Neil Crabb, Frontier IP Chief Executive Officer, said: "The launch of its first commercial software is an exciting development for Celerum. The need for companies to maximise the resource efficiency of their supply chains and logistics has been underlined by recent concerns over lorry driver shortages in the UK and the pressing need to minimise carbon emissions as part of initiatives to tackle climate change."
Celerum statement begins:
Celerum launches AI-based Truck Logistics System to maximise efficiencies for small to medium sized fleets
· Celerum launches Truck Logistics System to cut road haulage costs, carbon emissions and delivery times - making logistics faster, greener and more efficient
· Wins first customer for software using the company's novel artificial intelligence based on Nature Inspired Computing
Celerum today announces the launch of its first commercially available product based on its novel Nature Inspired Computing (NIC) artificial intelligence to improve the efficiency of supply chains and logistics. The company's Truck Logistics System has also won its first customer.
Truck Logistics System is aimed at companies operating small to medium-sized truck fleets, such as road hauliers, suppliers and retailers. Such firms are still typically dependent on manual processes or Excel spreadsheets to organise their operations, lacking the resources to develop the bespoke systems used by bigger companies.
Celerum's software is easy to implement. It is cloud based and runs on standard computers with drivers able to interact with the system via their smartphones. It allows controllers to plan more effectively and to manage resources in real time, so they can optimise load capacity, drivers and route selection in response to changing conditions. As a result, they can cut costs and carbon emissions. The first customer is a road haulier operating a fleet of about 75 trucks and 150 trailers in the north of the UK.
The technology is based on more than 25 years' research into NIC by Celerum founder and chairman Professor John McCall, Head of Research at the National Subsea Centre at Robert Gordon University, Aberdeen.
Nature Inspired Computing creates algorithms using 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.
A pilot project including Celerum organised by Highlands and Islands Enterprise found that NIC-based artificial intelligence cut carbon emissions by up to 40 per cent across food and drink supply chains when allied to behavioural changes such as load sharing between producers and hauliers. A wider ranging follow up project is now being planned.
Professor John McCall, Founder and Chairman of Celerum, said: "Truck Logistics System has the potential to transform operational efficiency for hundreds of companies currently running their van and truck fleets using manual processes or spreadsheets. The fact it has already won a customer gives us every hope for further success. However, TLS is only the first commercial application of our NIC-based AI and we are confident it will be able to help solve a host of other supply chain and logistics problems."
Celerum statement ends
ENQUIRIES
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Frontier IP Group Plc |
T: 020 7332 2338 |
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Neil Crabb, Chief Executive Officer Andrew Johnson, Communications and investor relations andrew.johnson@frontierip.co.uk Company website: www.frontierip.co.uk
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neil@frontierip.co.uk M: 07464 546 025 |
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Allenby Capital Limited (Nominated Adviser) Nick Athanas / George Payne
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T: 0203 328 5656
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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.
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