Portfolio news: Access to Elute's Patent Reader

RNS Number : 1392O

Frontier IP Group plc

28 May 2020

 

RNS REACH

AIM: FIPP

28 May 2020

Frontier IP Group Plc

("Frontier IP" or the "Group")

Portfolio news -  Elute Intelligence engages user group of experienced patent professionals to help them search patents more effectively and efficiently

Frontier IP, a specialist in commercialising intellectual property, notes the following announcement from portfolio company Elute Intelligence Holdings Limited ("Elute" or the "Company").  Elute has opened up access to its Patent Reader to a group of experienced patent professionals to help them effectively and efficiently find relevant information.

The group includes users from multi-nationals, high-tech SMEs and professional intellectual property services providers. Elute's novel advanced software tools enable them to intelligently search patent information to identify documents of most relevance. Their feedback will be used to refine the Patent Reader ahead of a formal product launch later this year.

The Company launched a dedicated COVID-19 Document Reader earlier this year to support 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 launches Patent Reader product to user group

Elute Intelligence Holdings ("Elute") today announces it has opened up access on its Patent Reader platform to a group of experienced patent professionals helping them to effectively and efficiently find relevant patent information.

The group includes users from patent rich multi-nationals, high-tech SMEs and professional IP services providers. Elute's novel advanced software tools enable the users to intelligently search patent information, identifying those documents of most relevance.

Elute's artificial intelligence searches, compares and analyses documents to identify similarities between them by mimicking the way people read. The 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 will use feedback from the user group to refine the Patent Reader functionality in advance of a formal product launch later in the year.

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.

Alex Tame, Head of Licensing and IP Management, Oxbotica, said "Using a whole document as a basis to search IP rather than the more traditional method of constructing complex search strings has totally transformed the way I extract valuable IP information to support the business. 

"Elute's technology has now reached a level of accuracy and simplicity that means complex search strategies and software are no longer required.  The automatic ranking of search results immediately directs me to the most relevant patents and I can instantly understand why they appear to be the most relevant.  The ability to review more ideas and inventions quickly and in depth while spending less time on the searching will no doubt help many people across the IP industry "

Peter Fischer, Chief Executive Officer of Elute Intelligence, said:  " We are pleased to be opening up access to Patent Reader to an impressive group of experienced patent professionals and look forward to their feedback.  We believe that Patent Reader has the ability to profoundly change the way patent search is carried out with huge benefits to our customers."

Matthew White, Chief Commercialisation Officer of Frontier IP Group, said:  "Patent Reader is another demonstration of Elute's ability to rapidly identify relevant information in large datasets. The underlying capability has enormous value in unstructured data search and comparison."

Elute Intelligence Holdings statement ends

ENQUIRIES

Frontier IP Group Plc	T: 020 7332 2338
Neil Crabb, Chief Executive
Andrew Johnson, Communications & Investor Relations	M: 07464 546 025
Group website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser)	T: 0203 328 5656
Nick Athanas / Nicholas Chambers

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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