Celerum partner increases equity stake
Celerum commercialisation partner Frontier IP Group plc has raised its equity stake in the company from 10 per cent to 33.8 per cent to support accelerated development of its innovative nature-inspired artificial intelligence.
The increase is in return for an investment of £25,000, converting a previous loan of £21,818 into equity, and for providing £50,000 of additional strategic, business and hands-on software development services.
Professor John McCall, Celerum founder and Head of the School of Computing Science and Digital Media at Robert Gordon University, Aberdeen, said: “This new investment and support from Frontier will allow us to take advantage of the strong interest shown in our optimisation technologies across a range of industries, taking it beyond logistics and supply chains to help improve operational efficiency, reduce costs and streamline processes in a number of sectors.”
Frontier IP Group chief executive Neil Crabb said: “We are delighted to increase our equity stake in Celerum. The company’s artificial intelligence has already proved its worth with industry and clearly has enormous potential to improve efficiency within the transport services and logistics sectors, and benefit many other industries.”