Frontier IP Group PLC (LON:FIPP) said its portfolio company Fieldwork Robotics has raised £675,000 through an equity fundraising from existing and new investors to accelerate the development of its soft fruit and vegetable harvesting robots.
The AIM-listed firm said the additional funds will allow Fieldwork to accelerate the scale up of a raspberry-harvesting robot to bring it to market, adding that the cash will also allow the group to embark on the development of a cauliflower-harvesting robot in collaboration with Bonduelle, one of the world's largest vegetable producers.
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In addition to the fundraising, the firm said University of Plymouth Enterprises Ltd, the University of Plymouth's commercial consultancy and contract arm, has converted £44,000 of patent costs into equity adding that the funding round means Frontier IP's stake in Fieldwork is now 22.2%.
Frontier also said that an alpha prototype of the raspberry harvester is to enter further field trials in July, after which Fieldwork will focus on preparing the robot design for manufacture.
"This fundraising allows us to start the work with Bonduelle and to accelerate the development of our raspberry-harvesting robot. The investment demonstrates the strong interest in the technology at a time when growers all over the world are struggling to recruit labour," Fieldwork Robotics chief executive Rui Andres said in a statement.
"I am delighted with the strong progress Fieldwork has made despite the challenges posed by [Coronavirus]. This investment is an important step forward in allowing the company to achieve its ambitions," added Frontier IP CEO Neil Crabb.