Frontier IP Group PLC (LON:FIPP) has said one of its portfolio companies is to launch a patent reader product commercially.
Elute Intelligence Holdings Limited, in which the intellectual property commercialisation specialist has a 43.5% equity stake, is to bring the product to market after a successful pilot with a dedicated user group comprising members from multinationals, high-tech small and medium-sized enterprises and professional intellectual property service providers.
The patent reader allows users to identify relevant patents and understand why they are relevant within minutes of starting a search. Initially, they will be able to search from more than 70 million patents in major jurisdictions, including the United States, China, the European Union and worldwide, Frontier told investors.
"We believe that Patent Reader has the ability to profoundly change the way patent search is carried out with huge benefits to our customers,” said Peter Fischer, the chief executive officer of Elute Intelligence in a statement.
Elute’s unique technology has a very broad range of applications, noted Matthew White, the chief commercialisation officer of Frontier IP.
Elute’s software searches, compares and analyses documents to identify similarities between them by mimicking the way people read, so it is very different from the conventional keywords-based search methodology.
A patent application has been filed to protect developments of the technology.
"We are delighted with the very rapid progress being made by Elute since we started working with them last year,” White said.
“The Patent Reader is among the first products to take advantage of its immense potential," he added.