Frontier IP Group PLC (LON:FIPP), a specialist in commercialising intellectual property, has noted that its portfolio company Elute Intelligence Holdings Limited has successfully raised £250,000 through its first equity funding round.
The investment, made by private investors in return for a 10% equity stake, values Elute at £2.5mln post-money, and Frontier IP’s holding of 41% at £1.0mln.
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.
In a statement, Matthew White, chief commercialisation officer of Frontier IP commented: “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 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.
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.”