Business
Portfolio news – Fieldwork Robotics
Portfolio news – Fieldwork Robotics.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n\nReach - a non-regulatory announcement\nAIM: FIPP\n10 August 2023\n \nFrontier IP Group Plc\n(\"Frontier IP\" or the \"Group\") \n \nPortfolio news - Fieldwork Robotics raises £1.5 million from Elbow Beach Capital and appoints David Fulton as CEO\n \n \n \nFrontier IP, a specialist in commercialising intellectual property, today welcomes the announcement below from Elbow Beach Capital, which is investing £1.5 million in the Group's portfolio company Fieldwork Robotics (\"Fieldwork\" or the \"Company\"). The investment is part of an equity funding round by Fieldwork of more than £2 million.\n \nThe fundraising values Fieldwork at £6.7 million post money. As part of the funding round, Frontier IP has invested £172,000 through the conversion of loans and trade debt. Following the conversion, the Group no longer has any loans or trade debt with Fieldwork and now has a 22% equity interest in the Company. A further amount of up to £600,000 is expected to be raised by Fieldwork via a Seedrs' funding round opening today.\n \nFieldwork has also appointed David Fulton as Chief Executive Officer, with effect from 17th July 2023. David has more than 30 years' business experience, most recently as co-founder and director of LAB+BONE, a service to protect dogs' identity by using DNA. Before starting LAB+BONE, he was Chief Executive Office of WeSee, a company using advanced computer vision technology mimicking the human brain's ability to understand and process visual information. He previously held executive positions with Expedia, Adform and Microsoft.\n \nRui Andres, former CEO of Fieldwork, will continue as CEO of fellow Frontier IP portfolio company, Molendotech, but now on a full-time basis.\n \nFieldwork has developed the world's first raspberry-harvesting robots, which are now picking fruit in Portugal at farms run by the Summer Berry Company. Customers of the Summer Berry Company include leading supermarkets such as Sainsbury's, Waitrose and M&S.\n \nThe Company will use the proceeds from the round to grow its team, outsource robot manufacture and attract more farmers to its harvesting-as-a-service offering. Fieldwork aims to increase the harvesting speed of its robots and have more than 100 robots available to farmers by 2025.\n \nFrontier IP Chief Executive Officer N...