31 Dec 2020 07:00
Asimilar Group Plc
("Asimilar" or the "Company")
Further Equity Investment in SeeQuestor
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 its wholly owned subsidiary, Intrinsic Capital Jersey Limited ("ICJL"), has made a further direct equity investment of £250,000 in SeeQuestor Limited ("SeeQuestor"). This follows an initial investment of £470,180 by Asimilar in SeeQuestor announced on 27 February 2020 and a follow on investment of £250,000 by ICJL announced on 9 November 2020.
Following its new investment, Asimilar and its subsidiaries will own 80,802 ordinary shares in SeeQuestor representing approximately 7.65% of its current issued share capital.
ICJL has also been granted a 1 for 1 warrant to subscribe for further new ordinary shares in SeeQuestor. These warrants will also apply to the previous investment of £250,000 announced on 9 November 2020. The warrants are exercisable from the date of grant until 31 December 2021 and will exercise at a discount to the subscription price of this investment round.
SeeQuestor is a private limited company incorporated in the United Kingdom which brings together leaders in cyber security and computer vision to deliver an 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 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.
As previously announced, SeeQuestor's Real Time Intelligent CCTV and Post Event Video Analytics Platform have recently been recognized by Frost & Sullivan with the 2020 Europe Technology Innovation Leadership Award.
John Taylor, Chairman of Asimilar, said : "We are excited to have made this further investment in SeeQuestor as part of the current funding round, in pursuit of our investing policy and to have secured warrant coverage for this and our previous investment. We continue to believe SeeQuestor is at the forefront of cyber security, facial recognition and video analytics software and has all the hallmarks of becoming a market leading company in that sector. We look forward to updating the market on SeeQuestor's considerable progress in the near future."
Thibaud Weick, Chief Executive of SeeQuestor, said : "We are delighted to further strengthen our relationship with the Asimilar Group and look forward to intensifying our work with Asimilar as SeeQuestor is accelerating its development and growth."
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