Increased Equity Holding in Fieldwork Robotics
RNS REACH
AIM: FIPP
09 April 2018
Frontier IP Group Plc
("Frontier IP" or the "Group")
Increased Equity Holding in Fieldwork Robotics
Frontier IP, which specialises in commercialising intellectual property, has agreed to provide extra development and engineering support to portfolio company Fieldwork Robotics ("Fieldwork") in return for an increased stake in Fieldwork from 21 per cent to 27.5 per cent.
The move will enable Fieldwork to accelerate development of its agricultural robots following interest from the industry.
Fieldwork, a spin-out company from the University of Plymouth, has been incorporated to develop and commercialise the work of Dr Martin Stoelen, Lecturer in Robotics, and his team. The technology consists of a soft, adaptable robot arm and highly sensitive grippers able to handle delicate items.
Frontier IP's increased support will allow Fieldwork to develop a proof-of-principle, field-test ready prototype robot for harvesting vegetables, such as cauliflower. Frontier IP's technology team will help plan the project and work on design, software and electronics.
The project demonstrates the flexibility of the Fieldwork system, where the grippers and tools at the end of the arms can be changed for different applications. Work is well advanced on a soft-fruit picking robot, which has attracted considerable interest from leading producers.
Three patents have been applied for and Fieldwork has a licence from the University of Plymouth to use the intellectual property relating to the system's robotics.
The agricultural sector is increasingly interested in robotic applications to overcome problems in recruiting labour, reducing wastage and improving margins.
Frontier IP Group Chief Executive Neil Crabb said: "This positive development further validates our approach to plugging the gap between universities and industry. By providing Fieldwork with additional hands-on support, we are ensuring the company can respond swiftly and nimbly to an exciting opportunity."
Fieldwork Robotics founder and director Dr Martin Stoelen said: "We're delighted with the additional resources from our partner, Frontier IP. Speeding up the development of a field-ready prototype brings forward the day when the technology can be fully commercialised."
ENQUIRIES
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Frontier IP Group Plc |
T: 0131 240 1251 |
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Neil Crabb, Chief Executive Andrew Johnson, Communications & Investor Relations andrew.johnson@frontierip.co.uk Company website: www.frontierip.co.uk |
M: 07464 546 025 |
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Cenkos Securities plc (Nominated Adviser and Joint Broker) |
T: 0131 220 6939 |
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Neil McDonald / Beth McKiernan |
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Peterhouse Corporate Finance Limited (Joint Broker) |
T: 020 7469 0935 |
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Lucy Williams |
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Kreab (Financial PR) |
T: 020 7074 1800 |
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Robert Speed / Matthew Jervois NOTES TO EDITORS Frontier IP aims to close the gaps between universities, investors and industry. The Group helps institutions and companies commercialise, exploit, and scale up their intellectual property through formal and informal relationships with sources of exploitable IP; mainly universities. It looks to build and grow a portfolio of equity stakes and licence income from companies founded on strong, commercially-focused IP by taking an active involvement in them, including help with fund raising and collaborating with relevant industry partners at an early stage of development.
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This information is provided by RNS
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