Elute Intelligence Holdings Limited (“Elute” or the “Company”) announces it has successfully raised £250,000 in return for 10 per cent of the Company.
The investment from private investors will support commercialisation of Elute’s recently launched Patent Reader product and development of an enterprise search product using the same underlying document reading and search technology.
The Company’s software searches, compares and analyses documents to identify similarities between them using algorithms based on forensic linguistics, which mimic the way people read.
Users can use any text as the basis for a search, including whole documents, to identify the most relevant information within a library, whether it is a collection of patents or unstructured enterprise documents.
This means the approach is very different to conventional keyword or Boolean search technologies.
Peter Fischer, Chief Executive Officer of Elute Intelligence, said: “The funding announced today is a key step in the roll out of Elute’s products to the market. We believe our unique approach to document search brings significant benefits for our growing customer base and has enormous market potential.”
Matthew White, Chief Commercialisation Officer of Frontier IP Group, said: “We are pleased to see this initial investment in Elute Intelligence and look forward to the business demonstrating strong commercial traction for its novel search capability.”