Elute Intelligence appoints Steve Cable as CEO
REACH
AIM: FIPP
14 October 2022
Frontier IP Group plc
("Frontier IP" or the "Group")
Portfolio news - Elute Intelligence appoints Steve Cable as Chief Executive Officer
Frontier IP, a specialist in commercialising intellectual property, today announces that portfolio company Elute Intelligence Holdings Limited ("Elute" or the "Company") has appointed Steve Cable as Chief Executive Officer. Steve will guide the organisation through the development of existing Elute products with an emphasis on product alignment, market traction and commercial growth.
Steve has more than 25 years' experience in building businesses at start-ups, mid-size firms and large companies. He has worked with software solutions in Artificial Intelligence, Search, Professional Services Automation, Enterprise Resource Planning, and Identity Management across a wide diversity of sectors.
His experience of leading strategy, positioning solutions, and penetrating existing markets, is a core requirement for Elute. This was recently demonstrated where he was part of leadership team at CMap Software. The Company went from being a relatively unknown start up to industry leader with more than £4m annual recurring revenues, leading to a private equity investment in December 2019.
The Elute technology is based on encoding forensic linguistic principles in software. The core competency enables documents to be read in a manner similar to humans, but by a computer at great speed. It is possible for the system to 'read' millions of documents in seconds and identify the documents that are of greatest relevance. The software can clearly show the user why documents are relevant, a marked difference to artificial intelligence or semantic search approaches used by competing products.
Other complementary competencies allow rapid detailed comparison of text in documents, authorship detection for plagiarism and collusion detection, and an ability to automatically summarise documents. While Elute's current products are English language based, the functionality is not language dependent and therefore the products could in principle be applied to a wide range of languages including English, Russian, Arabic and Chinese.
The technology is live, proven, and trusted by organisations such as UCAS and the Open University.
Steve Cable, Elute Chief Executive Officer, said: "I joined Elute due to the many possible applications of the technology. I've had the benefit of working in two of the UK's leading SaaS search software providers, so I immediately recognised the possibilities. In the short time I've been on board we have made big strides and we expect to be able to launch a new differentiated product very soon. My primary aim is taking this technology to market, gaining user feedback, and monetising as soon as possible."
Frontier IP Chief Executive Neil Crabb said: "Elute has the potential to transform the way in which we search and compare text stored in large, complex, and unstructured datasets. We are very pleased that Steve has been appointed Elute's Chief Executive. He has already made great progress since he joined the Company, and we are looking forward to working with him as CEO as he takes it forward to success."
ENQUIRIES
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Frontier IP Group Plc |
T: 020 7332 2338 |
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Neil Crabb, Chief Executive Andrew Johnson, Communications and investor relations andrew.johnson@frontierip.co.uk Company website: www.frontierip.co.uk |
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Allenby Capital Limited (Nominated Adviser) |
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Nick Athanas / George Payne
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ABOUT FRONTIER IP
Frontier IP unites science, finance and industry 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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