Asimilar Group PLC Investment (2692E)
27 Febrero 2020 - 1:00AM
UK Regulatory
TIDMASLR
RNS Number : 2692E
Asimilar Group PLC
27 February 2020
27 February 2020
Asimilar Group Plc
("Asimilar" or the "Company")
Equity Investment in Video Artificial Intelligence company
SeeQuestor Limited
Asimilar Group Plc, the AIM quoted investment company focused on
technology opportunities in the fields of big data, machine
learning, telematics and the Internet of Things (IoT), is pleased
to announce that it has made a GBP470,180 direct equity investment
in SeeQuestor Limited ("SeeQuestor").
Following the investment, which comprises a cash subscription
for 47,018 ordinary shares of 1 pence each in the capital of
SeeQuestor at a subscription price of GBP10.00 per share, Asimilar
will own approximately 4.7% of the issued share capital of
SeeQuestor. Asimilar's investment is part of a GBP3 million
fundraise by SeeQuestor.
SeeQuestor brings together leaders in cyber security and
computer vision to deliver an Artificial Intelligence ("AI") tool
to comb through some of the estimated 1.5 trillion hours of CCTV
footage produced per year, harnessing what the Directors believe to
be world leading AI technology and affordable supercomputing to
turn terabytes of video into actionable intelligence.
SeeQuestor has two main products available: SeeQuestor
'Post-Event' which allows teams to comb through archives of video
footage to find persons of interest or vehicles helping to solve
investigations in a fraction of the time that would otherwise be
needed; and SeeQuestor 'iCCTV' which monitors surveillance cameras
in real-time. Use cases range from homeland security to smart
cities, airports, industrial and mining operations.
The SeeQuestor 'Post-Event' product has been used successfully
to solve crimes by 20 police forces in the UK and overseas. Having
successfully completed a number of pilots in the field through
2019, SeeQuestor 'iCCTV' is now being deployed at scale to secure
sensitive events and sites in several countries.
John Taylor, Chairman of Asimilar, said : "We are very excited
to have made this investment in SeeQuestor which fits entirely with
our investing policy of taking meaningful stakes in what we view as
globally relevant, AI technology businesses. We believe SeeQuestor
is a leading AI business at the forefront of cyber security and
facial recognition software. Their proven user cases speak for
themselves and we are confident that Thibaud and his team will
successfully capitalise on SeeQuestor's market advantage and turn
the business into a global market leader in their sector.
"While there are no current plans, we will monitor the
development of SeeQuestor closely and will seek to reinforce our
investment should the opportunity arise."
Thibaud Weick, Chief Executive of SeeQuestor, said : "We are
pleased that SeeQuestor aligns perfectly with Asimilar's investing
policy and are delighted to welcome them to our shareholder
register. We look forward to working further with Asimilar in the
future."
SeeQuestor is a private limited company incorporated in the
United Kingdom.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
**ENDS**
Enquiries
Asimilar Group plc
John Taylor, Non-Executive Chairman via Buchanan
Cairn Financial Advisers LLP
Sandy Jamieson, Liam Murray Tel: +44 20 7213 0880
Peterhouse Capital Limited
Duncan Vasey / Lucy Williams Tel: + 44 20 7220 9797
Buchanan Communications Limited
Richard Oldworth / Chris Lane Tel: +44 (0) 20 7466 5000
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END
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