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14.25 1.00 (7.55%)

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Spread: 0.50 (3.571%)

Market Cap: £11.76m

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Frontier IP Investee Fieldwork Robotics Raises Almost GBP300,000

Tue, 14th Jan 2020 12:36

(Alliance News) - AIM-listed Frontier IP Group PLC on Tuesday said its portfolio company Fieldwork Robotics has raised GBP298,000 through an equity funding round.

The company, which focuses on commercialising university intellectual property, said Fieldworks Robotics intends to use the proceeds to accelerate development and scale up a novel robotics technology for harvesting soft fruit and vegetables.

Frontier IP noted that a prototype raspberry picking robot has successfully completed two field trials last year in collaboration with Hall Hunter Partnership, a soft fruit grower.

As part of the fundraising, Frontier IP said it has converted a loan of GBP48,000 into equity, with GBP250,000 being raised from new investors. Upon completion of the fundraising, Frontier IP said it holds nearly 27% stake in Fieldwork Robotics having previously held about 28% stake.

"Fieldwork has made strong progress in the last year in developing a robot raspberry-harvesting system ready for commercial roll out. We are delighted with the support we have received from the new investors in the company," said Frontier IP Chief Executive Neil Crabb.

Frontier IP shares were trading 0.7% lower in London on Tuesday at 66.51 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com