Elute Intelligence Patent Reader launched
RNS REACH
AIM: FIPP
01 September 2020
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Elute Intelligence ground breaking Patent Reader launched commercially
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 is to launch its innovative Patent Reader product commercially.
The move follows a successful pilot with a dedicated user group comprising of members from multinationals, high-tech SMEs and professional intellectual property service providers.
Elute launched a dedicated COVID-19 Document Reader earlier this year to help scientists researching the disease find relevant documents more swiftly and easily.
Frontier IP holds a 43.5 per cent equity stake in the Company.
Elute Intelligence statement begins:
Elute Intelligence Holdings ground breaking Patent Reader launched commercially
01 September 2020 Elute Intelligence Holdings ("Elute" or the "Company") is to make patent searching quicker and easier with the commercial launch of a Patent Reader based on its novel software tools, which mimics the way people read, to intelligently search and compare unstructured text-based information.
The move follows a successful pilot with a dedicated user group comprising patent rich multi-nationals, high-tech SMEs and professional IP service providers, such as lawyers, established to support the Patent Reader's development.
The Patent Reader allows users to identify relevant patents and understand why they are relevant within minutes of starting a search. Initially, they will be able to search from more than 70 million patents in major jurisdictions, including the United States, China, the European Union and worldwide.
It is one of many potential applications for Elute's technology. The Company's software searches, compares and analyses documents to identify similarities between them by mimicking the way people read. Users are able to enter existing patents, draft applications, research papers on topics of interest and identify relevant patents. This means the approach is very different to conventional keyword or Boolean search technologies. A patent application has been filed to protect developments of the technology.
Elute was incorporated last year 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.
Peter Fischer, Chief Executive Officer of Elute Intelligence, said: "We believe that Patent Reader has the ability to profoundly change the way patent search is carried out with huge benefits to our customers. I would like to thank the user group for its support and feedback, which has proved invaluable in allowing us to refine the product."
Matthew White, Chief Commercialisation Officer of Frontier IP Group, said: "We are delighted with the very rapid progress being made by Elute since we started working with them last year. The Company's unique technology has a very broad range of applications. The Patent Reader is among the first products to take advantage of its immense potential. "
Elute Intelligence Holdings statement ends
ENQUIRIES
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Frontier IP Group Plc |
T: 020 7332 2338 |
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Neil Crabb, Chief Executive Andrew Johnson, Communications & Investor Relations Company website: www.frontierip.co.uk |
neil@frontierip.co.uk M: 07464 546 025 |
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Allenby Capital Limited (Nominated Adviser) |
T: 0203 328 5656 |
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Nick Athanas / James Hornigold
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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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