12th Feb 2020 11:39
(Alliance News) - Intellectual property firm Frontier IP Group PLC on Wednesday said it has boosted its stake in logistics-focused artificial intelligence firm Celerum Ltd to 34%.
Frontier previously had a 10% interest in Celerum, which was spun out of Robert Gordon University, located in Aberdeen, Scotland.
Frontier said: "The increase is in return for an investment of GBP25,000, converting a previous loan of GBP21,818 into equity, and for providing GBP50,000 worth of additional strategic, business and hands-on software development services."
The London-listed firm said it has upped its support for Celerum in response to "increased industry interest" in the company.
"As well as helping organisations improve their advanced planning and scheduling, the software works in real time, allowing them to respond immediately in the most effective way to unforeseen circumstances. For example, if an accident blocks a road, the software will immediately work out the most efficient alternative routes to redirect lorries, automatically accounting for the knock-on effects on the rest of a fleet, perhaps by rescheduling other deliveries," Frontier said.
Frontier Chief Executive Officer Neil Crabb added: "We are delighted to increase our equity stake in Celerum. The company's artificial intelligence has already proved its worth with industry, and clearly has enormous potential to improve efficiency within the transport services and logistics sector, and benefit many other industries."
Shares in the company were flat at 65.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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