News: Richards to step down from board at listed Rotherham firm
David Richards MBE, co-founder and non-executive chairman of Rotherham-based software company, IntelliAM AI plc, will step down as chairman and as a director as part of a planned transition.
With offices in Dinnington, IntelliAM uses AI models to proactively increase operating efficiency of the existing assets of the company's manufacturing clients. Richards believes that the company is responsible for "the best AI tech in the manufacturing/productivity sector" and in 2024 it joined the Aquis Stock Exchange Growth Market, raising £5m in the process.
The listing followed on from an initial fundraising with venture capital funding and tech knowhow from Yorkshire AI Labs, where Richards is a managing partner having previously founded and led a series of software businesses during a 25-year career in Silicon Valley.
IntelliAM AI said that the decision aligns with the board's post-IPO succession plan, which envisaged the tenure as chairman lasting for 12 months following the successful public listing. David will remain in the role of chairman for the next six months and provide continuity during a planned transition period.
David Richards MBE, said: "As Co-Founder of Intelliam AI, I am immensely proud of what we have achieved since the company's inception and during our journey to becoming a listed entity. The decision to step down as Chairman has always been part of our strategic plan, enabling me to focus on my role as Managing Partner of Yorkshire AI Labs, which remains fully committed to supporting Intelliam AI as a 20% shareholder.
"My belief in the company's vision, strategy, and leadership team is unwavering, and I look forward to continuing to support its success through my ongoing involvement."
The company collects vast amounts of data from the client's machines and operational systems which is processed through the IntelliAM platform to provide actionable insights that encompass a broad range of areas, such as productivity, reliability and supply-chain optimisation, as well as energy efficiency and sustainability.
Advertisement
The share placing enabled the completion of a £5m acquisition of 53 North, a Dinnington-based 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, the six months from the IPO (initial public offering) has been a busy time for the group. Since IPO it has doubled the number of clients using the IntelliAM platform.
An extension to an existing agreement was announced with a large global leader in beverage alcohol, along with a contract win with Hovis.
It has also signed a Letter of Intent with Sweden's SKF, the world's largest bearing and lubrication systems manufacturer.
The group was also named as a Lighthouse for AI and received £263,000 funding approval for a research project.
Tom Clayton, Chief Executive Officer at IntelliAM AI plc, said: "We are pleased with the strong progress made in this first half, as we continue to execute on our strategic goals. The successful completion of our IPO and acquisition of 53 Degrees North Engineering have significantly strengthened our foundation, and we are starting to see the benefits of aligning our consulting expertise with the IntelliAM platform.
"The momentum we are building with our AI-driven technology is particularly exciting, as it positions us to deliver greater value to our growing customer base while enhancing recurring revenue streams. With a robust pipeline of opportunities and a clear focus on innovation, we are well-placed to drive further growth and continue advancing our vision for the future of AI in manufacturing."
IntelliAM AI website
Images: Yorkshire AI labs
With offices in Dinnington, IntelliAM uses AI models to proactively increase operating efficiency of the existing assets of the company's manufacturing clients. Richards believes that the company is responsible for "the best AI tech in the manufacturing/productivity sector" and in 2024 it joined the Aquis Stock Exchange Growth Market, raising £5m in the process.
The listing followed on from an initial fundraising with venture capital funding and tech knowhow from Yorkshire AI Labs, where Richards is a managing partner having previously founded and led a series of software businesses during a 25-year career in Silicon Valley.
IntelliAM AI said that the decision aligns with the board's post-IPO succession plan, which envisaged the tenure as chairman lasting for 12 months following the successful public listing. David will remain in the role of chairman for the next six months and provide continuity during a planned transition period.
David Richards MBE, said: "As Co-Founder of Intelliam AI, I am immensely proud of what we have achieved since the company's inception and during our journey to becoming a listed entity. The decision to step down as Chairman has always been part of our strategic plan, enabling me to focus on my role as Managing Partner of Yorkshire AI Labs, which remains fully committed to supporting Intelliam AI as a 20% shareholder.
"My belief in the company's vision, strategy, and leadership team is unwavering, and I look forward to continuing to support its success through my ongoing involvement."
The company collects vast amounts of data from the client's machines and operational systems which is processed through the IntelliAM platform to provide actionable insights that encompass a broad range of areas, such as productivity, reliability and supply-chain optimisation, as well as energy efficiency and sustainability.
Advertisement
The share placing enabled the completion of a £5m acquisition of 53 North, a Dinnington-based 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, the six months from the IPO (initial public offering) has been a busy time for the group. Since IPO it has doubled the number of clients using the IntelliAM platform.
An extension to an existing agreement was announced with a large global leader in beverage alcohol, along with a contract win with Hovis.
It has also signed a Letter of Intent with Sweden's SKF, the world's largest bearing and lubrication systems manufacturer.
The group was also named as a Lighthouse for AI and received £263,000 funding approval for a research project.
Tom Clayton, Chief Executive Officer at IntelliAM AI plc, said: "We are pleased with the strong progress made in this first half, as we continue to execute on our strategic goals. The successful completion of our IPO and acquisition of 53 Degrees North Engineering have significantly strengthened our foundation, and we are starting to see the benefits of aligning our consulting expertise with the IntelliAM platform.
"The momentum we are building with our AI-driven technology is particularly exciting, as it positions us to deliver greater value to our growing customer base while enhancing recurring revenue streams. With a robust pipeline of opportunities and a clear focus on innovation, we are well-placed to drive further growth and continue advancing our vision for the future of AI in manufacturing."
IntelliAM AI website
Images: Yorkshire AI labs
0 comments:
Post a Comment