News: Rotherham AI firm floats on stock exchange
A Rotherham-based software company responsible for "the best AI tech in the manufacturing/productivity sector" has joined the Aquis Stock Exchange Growth Market, raising £5m in the process.
With offices in Dinnington, which is in Rotherham, IntelliAM uses AI models to proactively increase operating efficiency of the existing assets of the company's manufacturing clients. The group achieves this by harnessing vast amounts of data from the client's machines and operational systems processed through the IntelliAM platform to provide actionable insights for clients that encompass a broad range of areas, such as productivity, reliability and supply-chain optimisation, as well as energy efficiency and sustainability.
The platform can be used when determining optimum run speeds or machine settings, help with stock keeping and hygiene processes, and help predict and prevent component failure. The aim is to increase production levels and reduce downtime.
Aquis Stock Exchange is designed specifically for growth enterprises and offers the first stage of being a publicly quoted company. The move follows on from an initial fundraising with venture capital funding and tech knowhow from Yorkshire AI Labs.
The trading of shares has raised gross proceeds of £5,079,989, meaning that the market capitalisation of IntelliAM was approximately £15.4m.
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The share placing has also enabled the completion of a £5m acquisition of 53 North and the placing of new shares, meaning that market cap increases to £19m.
Based at Dinnington, 53 North is a provider of a broad range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector, including McVities (Pladis), Mars, Diageo and PepsiCo.
Leveraging 53 North’s existing clients, IntelliAM's strategy is to organically develop its technology platform while also rolling out a robust go-to-market strategy to support its ambitious growth plans. Remaining proceeds (around £3m) are set to be used to continue research and development to accelerate platform and software module development, to hire additional key personnel (machine learning data scientists and software engineers) and to fund the ongoing working capital costs.
Tom Clayton, Chief Executive Officer of IntelliAM, said: "We are delighted to be joining the AQSE Growth Market at a time when we have combined our established manufacturing asset management consultancy with our more recently developed and launched IntelliAM AI platform. We believe that this platform has immense and proven potential to reduce unscheduled manufacturing downtime, improve producer operating efficiencies and thereby increase our clients' profitability."
Clayton founded 53 North Group over a decade ago. David Richards co-founder and former CEO of WANdisco Plc (now Cirata Plc) is IntelliAM's non-exec director, alongside Professor Keith Ridgway CBE and Dame Julie Kenny DBE DL, who both take independent non-exec director roles.
IntelliAM website
Images: Yorkshire AI Labs
With offices in Dinnington, which is in Rotherham, IntelliAM uses AI models to proactively increase operating efficiency of the existing assets of the company's manufacturing clients. The group achieves this by harnessing vast amounts of data from the client's machines and operational systems processed through the IntelliAM platform to provide actionable insights for clients that encompass a broad range of areas, such as productivity, reliability and supply-chain optimisation, as well as energy efficiency and sustainability.
The platform can be used when determining optimum run speeds or machine settings, help with stock keeping and hygiene processes, and help predict and prevent component failure. The aim is to increase production levels and reduce downtime.
Aquis Stock Exchange is designed specifically for growth enterprises and offers the first stage of being a publicly quoted company. The move follows on from an initial fundraising with venture capital funding and tech knowhow from Yorkshire AI Labs.
The trading of shares has raised gross proceeds of £5,079,989, meaning that the market capitalisation of IntelliAM was approximately £15.4m.
Advertisement
The share placing has also enabled the completion of a £5m acquisition of 53 North and the placing of new shares, meaning that market cap increases to £19m.
Based at Dinnington, 53 North is a provider of a broad range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector, including McVities (Pladis), Mars, Diageo and PepsiCo.
Leveraging 53 North’s existing clients, IntelliAM's strategy is to organically develop its technology platform while also rolling out a robust go-to-market strategy to support its ambitious growth plans. Remaining proceeds (around £3m) are set to be used to continue research and development to accelerate platform and software module development, to hire additional key personnel (machine learning data scientists and software engineers) and to fund the ongoing working capital costs.
Tom Clayton, Chief Executive Officer of IntelliAM, said: "We are delighted to be joining the AQSE Growth Market at a time when we have combined our established manufacturing asset management consultancy with our more recently developed and launched IntelliAM AI platform. We believe that this platform has immense and proven potential to reduce unscheduled manufacturing downtime, improve producer operating efficiencies and thereby increase our clients' profitability."
Clayton founded 53 North Group over a decade ago. David Richards co-founder and former CEO of WANdisco Plc (now Cirata Plc) is IntelliAM's non-exec director, alongside Professor Keith Ridgway CBE and Dame Julie Kenny DBE DL, who both take independent non-exec director roles.
IntelliAM website
Images: Yorkshire AI Labs
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