TIDMFIPP
Frontier IP Group plc
09 January 2023
Reach - a non-regulatory announcement
AIM: FIPP
9 January 2023
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Celerum appoints David Gladding as Chief
Executive Officer
Frontier IP, a specialist in commercialising intellectual
property, today announces that portfolio company Celerum Limited
("Celerum" or the "Company") has appointed David Gladding as Chief
Executive Officer.
His experience in the software industry will help drive both the
commercial and technical development of the Company's novel
artificial intelligence-based metaheuristics, including nature
inspired computing ("NIC"), to make logistics more efficient.
Celerum is at an important stage of development. The Company
launched its first commercial product, Truck Logistics System
(TLS), earlier this year to cut road haulage costs, carbon
emissions and delivery times for small to medium-sized truck
fleets, which is now winning customers. The first was Colin Lawson
Transport, a haulage firm based in Aberdeen, operating 75 trucks
and about 150 trailers. Frontier IP holds a 33.8 per cent equity
stake in the Company.
David has more than 30 years' experience at senior levels in
software and IT services companies, including those specialising in
fleet management. He was Senior Vice President Global Sales for
Chevin Fleet Solutions and has also worked for Civica and Fleet
Clear over the past 12 years gaining a wide and in-depth
understanding of the industry.
Other potential applications for the technology are in the
maritime, energy, and telecommunication sectors where positive use
cases have already been identified.
The technology is based on more than 25 years' research into
metaheuristics by Celerum founder and chair Professor John McCall,
Head of the School of Computing, Science and Digital Media at
Robert Gordon University, Aberdeen. He is a director of the Company
and continues to support development of the software.
Metaheuristic algorithms lie at the heart of Celerum's
technology. They are designed to find the best solution out of a
range of possible solutions to particularly complex problems. A
subset of these is NIC algorithms, which use lessons from the
natural world where evolution has overcome inefficiency. For
example, bees and ants are extremely good at finding the best
routes to food sources or returning to their nests.
Researchers have found metaheuristic algorithms achieve a high
degree of accuracy when used to predict and propose "what if"
scenarios, providing a basis to explore. This formed the basis to
explore industry applications.
Unlike other forms of AI, such as machine learning, algorithms
based on metaheuristics do not need to be trained on past data or
special training datasets, helping to make Celerum's software easy
to deploy. It needs no special hardware and resides in the cloud to
give customers access to an evolving platform. Celerum's AI works
as soon as it is activated to enable customers to take advantage of
opportunities sooner than most other systems.
Celerum Chief Executive Officer David Gladding said: "I am
excited to be joining Celerum at this time. We have an opportunity
to help businesses understand what their data is telling them,
giving them easy access to very smart technology that will help
simplify complex business challenges. The real power behind our AI
is how it helps educate users when interrogating data to increase
their success of making informed business decisions. Whilst our
platform is industry agnostic, we have won customers from the fleet
management industry, which is worth $27 billion a year globally.
Our platform is unique in this market, and I am expecting to see a
great deal of interest. We know that this market is intensely
competitive, where every marginal gain is important, and we believe
our software can give customers an important edge in efficiency and
productivity gains, cutting costs and making their operations
greener."
Professor John McCall, Head of the School of Computing, Science
and Digital Media at Robert Gordon University, Aberdeen, and
Celerum director said: "David has a very keen interest in how we
use data to improve business efficiencies and reducing the carbon
footprint, along with his vast experience in software and the fleet
industry, we are excited that David is leading Celerum to future
success".
Neil Crabb, Frontier IP Chief Executive Officer, said: " I am
delighted with David's appointment as Celerum's Chief Executive.
His experience means he is the right person to drive the Company
forward following the successful launch of its first commercial
product."
ENQUIRIES
Frontier IP Group Plc T: 020 7332 2338
Neil Crabb, Chief Executive Officer neil@frontierip.co.uk
Andrew Johnson, Communications and investor M: 07464 546 025
relations
andrew.johnson@frontierip.co.uk
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser)
Nick Athanas / George Payne T: 0203 328 5656
ABOUT METAHEURISTICS
Metaheuristics are a development of heuristics: a heuristic is a
cognitive short cut used by humans and computers to arrive at a
decision or solution in the face of confusing and sometimes
conflicting data.
Metaheuristic algorithms are designed to derive the best
possible solutions to complex problems where there are no perfect
answers. These problems could involve incomplete or imperfect data,
unpredictability, tight timeframes, unpredictability, and limited
computing power.
There are many different strategies used to develop
metaheuristic algorithms. They include local search, where an
existing, single solution is refined to develop an optimal answer;
global search, where several solutions are collectively refined to
solve a problem in the best way; and nature inspired computing,
where lessons from the natural world are applied.
An algorithm based on the theory of evolution, for example, will
test many potential answers until the "fittest" emerges.
Often different metaheuristic approaches are combined - a
development known as hybrid metaheuristics. They can be applied to
many different problems. Unlike other forms of artificial
intelligence, such as machine learning, metaheuristics do not have
to be trained on large datasets.
Celerum has applied these methodologies and developed bespoke
algorithms specifically for logistic companies to help them tackle
the complexity of managing many trucks and drivers. Many firms
currently rely on multiple legacy systems.
Because of the way metaheuristics work, they are very efficient
in terms of the amount of data they process. Metaheuristic
algorithms do not need to be trained on large datasets. Therefore,
they provide a very cost-effective way to reach an intelligent
solution that would otherwise be out of reach for many small to
medium size logistic businesses. The algorithms are able to work on
everyday computers, mobile phones and other devices.
ABOUT FRONTIER IP
Frontier IP unites science and commerce by identifying strong
intellectual property and accelerating its development through a
range of commercialisation services. A critical part of the Group's
work is involving relevant industry partners at an early stage of
development to ensure technology meets real world demands and
needs.
The Group looks to build and grow a portfolio of equity stakes
and licence income by taking an active involvement in spin-out
companies, including support for fund raising and collaboration
with relevant industry partners at an early stage of
development.
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