Frontier IP Group PLC’s (LON:FIPP) said its portfolio firm, Elute Intelligence has opened up access to its Patent Reader platform to a user group of experienced patent professionals to help them effectively and efficiently find relevant information.
The group includes users from patent rich multinationals, high-tech SMEs and professional IP services providers, Elute said in an announcement, adding that its software tools will enable them to intelligently search patent information and identify documents of most relevance.
READ: Frontier IP Group says portfolio company Exscientia has raised $60mln through a Series C financing round
Elute's artificial intelligence searches, compares and analyses documents to identify similarities between them by mimicking the way people read. The users are also able to enter existing patents, draft applications, research papers on topics of interest and identify relevant patents.
The company, which is 43.5% owned by Frontier, said the feedback from the user group will be used to refine the Patent Reader functionality in advance of a formal launch later in the year.
"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", Frontier IP’s chief commercialisation officer Matthew White said in the investment group's statement.
In a separate announcement, Frontier IP also said it has issued 81,034 shares following an exercise of options on May 27, 2020, with 24,034 options exercised at a price of 10 pence each and 57,000 options had an exercise price of 40p each. The shares have been issued to a former employee under the 2011 Frontier IP share option scheme.
Frontier IP shares were steady at 64p in early deals on Thursday.