27 Feb 2020 07:00
27 February 2020
Asimilar Group Plc
("Asimilar" or the "Company")
Equity Investment in Video Artificial Intelligence company SeeQuestor Limited
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 it has made a £470,180 direct equity investment in SeeQuestor Limited ("SeeQuestor").
Following the investment, which comprises a cash subscription for 47,018 ordinary shares of 1 pence each in the capital of SeeQuestor at a subscription price of £10.00 per share, Asimilar will own approximately 4.7% of the issued share capital of SeeQuestor. Asimilar's investment is part of a £3 million fundraise by SeeQuestor.
SeeQuestor brings together leaders in cyber security and computer vision to deliver an Artificial Intelligence ("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 video 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.
The SeeQuestor 'Post-Event' product has been used successfully to solve crimes by 20 police forces in the UK and overseas. Having successfully completed a number of pilots in the field through 2019, SeeQuestor 'iCCTV' is now being deployed at scale to secure sensitive events and sites in several countries.
John Taylor, Chairman of Asimilar, 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, AI technology businesses. We believe SeeQuestor is a leading AI business at the forefront of cyber security and facial recognition software. Their proven user cases speak for themselves and we are confident that Thibaud and his team will successfully capitalise on SeeQuestor's market advantage and turn the business into a global market leader in their sector.
"While there are no current plans, we will monitor the development of SeeQuestor closely and will seek to reinforce our investment should the opportunity arise."
Thibaud Weick, Chief Executive of SeeQuestor, said: "We are pleased that SeeQuestor aligns perfectly with Asimilar's investing policy and are delighted to welcome them to our shareholder register. We look forward to working further with Asimilar in the future."
SeeQuestor is a private limited company incorporated in the United Kingdom.
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 |