RCS - Frontier IP Group - Portfolio news – Elute Intelligence raises £250k

Frontier IPAnnouncement

11/01/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210111:nRSK1496La&default-theme=true

RNS Number : 1496L  Frontier IP Group plc  11 January 2021

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

 Frontier IP Group Plc                                                  T: 020 7332 2338
 Neil Crabb, Chief Executive                                            neil@frontierip.co.uk

 Andrew Johnson, Communications & Investor Relations                    M: 07464 546 025

 Company website: www.frontierip.co.uk (http://www.frontierip.co.uk/)
 Allenby Capital Limited (Nominated Adviser)                            T: 0203 328 5656
 Nick Athanas / George Payne

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.

About Reach announcements

This is a Reach announcement. Reach is an investor communication service
aimed at assisting listed and unlisted (including AIM quoted) companies
to distribute media only / non-regulatory news releases into the public
domain.   Information required to be notified under the AIM Rules for
Companies, Market Abuse Regulation or other regulation would be disseminated
as an RNS regulatory announcement and not on Reach.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAVVLFBFFLXBBZ