Further Equity Investment in SeeQuestor, Update re Dev Clever
09 November 2020
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, 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.
Following its new investment, Asimilar and its subsidiaries will own 63,910 ordinary shares in SeeQuestor representing approximately 6.24% of its current issued share capital.
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.
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 new investment in SeeQuestor in pursuit of our investing policy. We 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."
Thibaud Weick, Chief Executive of SeeQuestor, said: "We are pleased that SeeQuestor aligns perfectly with Asimilar's investing policy and are delighted to strengthen our relationship with the Asimilar Group. We look forward to intensifying our work with Asimilar in the future."
Asimilar is also pleased to note the announcement by Dev Clever Holdings plc, in which Asimilar currently has a 4.25% interest, that it has signed a heads of terms agreement with Veative Labs and the National Independent Schools Alliance, India's largest governing body for budget private educational institutions.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Asimilar Group plc
John Taylor, Non-Executive Chairman
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