Frontier IP Group PLC (AIM:FIPP, OTC:FGPPF) flagged that portfolio company Elute Intelligence has appointed experienced software business leader Steve Cable as its chief executive.
The company noted that Cable has more than 25 years experience in building start-ups, mid-size firms and large companies, including work with software solutions in artificial intelligence, search, professional services automation and many other sectors.
Frontier IP noted that Cable was part of a leadership team at CMap Software that took it from start-up to more than £4mln in annual recurring revenues and attracted private equity investment in December 2019.
Elute’s linguistic software enables computers to read documents in a manner similar to humans but at great speed, allowing rapid detailed comparison of text, authorship detection for plagiarism and collusion, and an ability to automatically summarise documents.
It has been adopted by organisations such as UCAS and the Open University in its current English-language version, with functionality able to be applied to a wide range of languages.
Having worked in two of the UK's leading search software providers, Cable said he “immediately recognised the possibilities” in the Elute software and expects to be able to launch a new differentiated product “very soon”, with his primary aim being “taking this technology to market, gaining user feedback, and monetising as soon as possible”.
When Elute last raised funds in early 2021 it was valued at £2.5mln post-money, putting Frontier IP's holding of 41% at £1.0mln.