Frontier IP Group Plc (LON:FIPP) said it has agreed to acquire an increased stake in its portfolio company Fieldwork Robotics.
The AIM-listed intellectual property investor said it had agreed to provide extra development and engineering support to Fieldwork in exchange for an increased stake in the company to 27.5% from 21%.
WATCH: Frontier IP focused on further industrial engagement across portfolio
Fieldwork Robotics, a spin-out company from the University of Plymouth, was incorporated to develop and commercialise the work of Dr Martin Stoelen, Lecturer in Robotics, and his team.
The technology consists of a soft, adaptable robot arm and highly sensitive grippers able to handle delicate items.
Frontier said the increased support, in which its technology team will help plan the project and work on design, software and electronics, would enable Fieldwork to accelerate development of its agricultural robots following interest from the industry, focusing around the development of a proof-of-principle, field-test ready prototype robot for harvesting vegetables.
The group added that work was also well advanced on a soft-fruit picking robot, which had attracted “considerable interest” from leading producers.
Frontier’s chief executive, Neil Crabb, said: "This positive development further validates our approach to plugging the gap between universities and industry. By providing Fieldwork with additional hands-on support, we are ensuring the company can respond swiftly and nimbly to an exciting opportunity."
Shares in Frontier were steady in early trading Monday at 80.5p.