Portfolio news - Elute Intelligence raises £250k
REACH
AIM: FIPP
11 January 2021
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Elute Intelligence raises £250,000 in first equity fundraising to develop novel document search technology
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 has successfully raised £250,000 through its first equity funding round.
The investment, made by private investors in return for a 10 per cent equity stake, values the Company at £2.5 million post-money, and Frontier IP's holding of 41 per cent at £1.0 million.
Proceeds from the fundraising will be used to support Elute's recently launched Patent Reader and development of an enterprise search tool based on the same underlying technology, which uses forensic linguistics to speed searches through unstructured document datasets.
Elute was incorporated in 2019 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.
Elute Intelligence statement begins:
Elute Intelligence completes £250,000 funding round to commercialise novel document search capability
Elute Intelligence Holdings Limited ("Elute" or the "Company") announces it has successfully raised £250,000 in return for 10 per cent of the Company.
The investment from private investors will support commercialisation of Elute's recently launched Patent Reader product and development of an enterprise search product using the same underlying document reading and search technology .
The Company's software searches, compares and analyses documents to identify similarities between them using algorithms based on forensic linguistics, which mimic the way people read.
Users can use any text as the basis for a search, including whole documents, to identify the most relevant information within a library , whether it is a collection of patents or unstructured enterprise documents.
This means the approach is very different to conventional keyword or Boolean search technologies.
Peter Fischer, Chief Executive Officer of Elute Intelligence, said: " The funding announced today is a key step in the roll out of Elute's products to the market. We believe our unique approach to document search brings significant benefits for our growing customer base and has enormous market potential. "
Matthew White, Chief Commercialisation Officer of Frontier IP Group, said: "We are pleased to see this initial investment in Elute Intelligence and look forward to the business demonstrating strong commercial traction for its novel search capability. "
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 / George Payne
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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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