(Alliance News) - Asimilar Group PLC on Thursday said it has made a GBP470,180 investment in London-based software company SeeQuestor Ltd.
Asimilar purchased 47,018 SeeQuestor shares at GBP10.00 each and it will own a 4.7% stake in the company. The investment was part of SeeQuestor wider fundraising scheme to raise GBP3 million.
SeeQuestor uses an artificial intelligence tool to comb through about 1.5 trillion hours of CCTV footage per year, to aid in solving crimes, Asimilar added.
SeeQuestor has two main products, its Post-Event function, which allows users to look through archived CCTV footage, and the iCCTV, for real-time monitoring.
Chair John Taylor 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, artificial intelligence technology businesses. We believe SeeQuestor is a leading artificial intelligence business at the forefront of cyber security and facial recognition software."
Asimilar was, until just before Christmas, known as YOLO Leisure & Technology.
Shares in the company were up 6.3% at 51.00 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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