20th Nov 2024 18:16
(Alliance News) - GenIP PLC on Wednesday said it has received its largest order yet for its recently-launched GenAI services, with an unnamed client.
The London-based company uses generative artificial intelligence aimed at empowering companies to better evaluate and commercialise technology discoveries through its services. GenIP made its initial public offering on AIM at the beginning of October this year.
The company said it has received a single order for 30 invention evaluator Generative AI analytical assessments, from a "leading" Fortune 100 technology company client. This was the largest single order to have been placed since the group's launch of GenAI enhanced services at the beginning of September.
The group have now secured a total of 195 orders for its invention evaluator reports and 8 orders for its Vortechs placement assignments since the GenAI launch.
GenIP has also signed a commercial agreement with an unnamed "leading Saudi Arabian research institution", which is the group's first client in the area.
Chief Executive Officer Melissa Cruz said: "We are delighted to have received GenIP's largest single order since our GenAI enhanced services launched. The calibre of our clients and the orders for multiple volume reports demonstrates the utility of our technology transfer services for research institutions seeking to improve commercialisation of their new discoveries. Additionally, we are highly encouraged by our interactions with leading innovators at recent industry events in Singapore and Brazil and are confident these will translate to additional orders for GenIP's services."
Shares in GenIP closed 19% higher at 22.00 pence each in London on Wednesday.
By Emily Parsons, Alliance News reporter
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