GenIP PLC Corporate Update

RNS Number : 2372H

GenIP PLC

08 October 2024

 

 

 

 

 

 

8 October 2024 

 

 

GenIP Plc

("GenIP" or the "Company")

 

Corporate Update

 

GenIP plc, a technology business providing Generative Artificial Intelligence (GenAI) services to help research organisations and corporations commercialise their innovations, is pleased to provide an update on orders for the GenAI enhanced services since their launch on 1 September 2024.

 

 

Highlights:

 

·    Since launching GenAI services, orders worth approximately $121,000 have been secured, representing over 40% of legacy service full-year 2023 revenue

·    This includes over 80 Invention Evaluator Generative AI analytical assessments

·    Winning four Vortechs executive search assignments

·    Leading Fortune 500 technology company client has doubled the pace of orders after GenAI enhancements

·    Advanced discussions with multiple research organisations over new orders

·    GenIP has been Invited to attend leading international technology transfer events by long-term partners

 

 

The volume of initial orders is very encouraging and the Company anticipates the level of new orders from current and new customers to grow. 

 

 

Invention Evaluator

 

Invention Evaluator's Generative AI algorithms are now fully integrated and are generating enhanced analytical commercialisation assessments for our clients at a high efficiency level. Since the beginning of September 2024, new and existing clients have placed over 80 fresh orders for Invention Evaluator Generative AI analytical assessments.

 

 

Vortechs

 

Vortechs' advanced machine learning and natural language processing executive search services has received several new assignments in the technology transfer sector. GenIP's sales team is engaged in advanced negotiations with multiple research organisations representing a robust Vortechs pipeline of new business.

 

 

International Technology Transfer Event Participation

 

Building on deep relationships with leading research organisations, GenIP has been invited to attend a significant healthcare event in Singapore, where dignitaries, partners, clinicians, and key stakeholders in the healthcare ecosystem will gather. In addition, GenIP will address delegates at a major technology transfer event in Brazil. This event will bring together over 500 qualified attendees, including representatives from more than 60 Technology Transfer Offices (TTOs) across Brazilian universities and research centres.

 

GenIP looks forward to providing further updates on commercial progress in due course. The Company does not plan to provide monthly updates on sales or orders and will provide updates on material developments.

 

Melissa Cruz, CEO of GenIP, comments:

 

"We are highly encouraged by the strong demand for GenIP's Generative AI analytic services over the past five weeks, with total orders amounting to approximately $121,000. We remain laser-focused on building on this momentum, expanding our client base, and delivering our services to research organisations globally."

 

 

For further information regarding GenIP, please visit www.genip.ai, or contact:

 

GenIP Plc Melissa Cruz, CEO		Via Redchurch Communications
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish / Asia Szusciak / Andrew Price		Tel:  [phone]
Novum Securities Limited (Broker)  Jon Belliss		Tel: [phone] [e-mail]
Redchurch Communications (Financial PR) John Casey		[e-mail]

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

Notes to Editors

 

About GenIP

 

GenIP provides generative artificial intelligence (GenAI) analytic services to help companies, research institutions and venture funds assess and commercialise new discoveries. GenIP combines expert human technical review with GenAI algorithms to provide insightful and verified services.

 

GenIP provides two complementary platform-based services:

1.   Invention Evaluator: Provides bespoke research reports that assess the market potential of new technological innovations and discoveries using AI-driven proprietary software; and

 

2.   Vortechs: which is an executive recruitment platform that through advanced machine learning algorithms and natural language processing technologies assists in matching technology organisations with experienced executives skilled in technology commercialisation.

 

The Company believes that its integrated GenAI service offerings will help organisations to evaluate and commercialise their technological innovations. 

Company Strategy

GenIP's goal is to create a leading Generative AI analytic services company. To achieve this, the Company has established three strategic pillars:

 

·    Organically grow Invention Evaluator and Vortechs' revenue through institutional and corporate connections as well as increase client pipeline through marketing, advertising and social media spend.

·    Expand the Generative AI service offerings within InventionEvaluator and Vortechs' to reach new customers and improve margins.

·    Bolt-on acquisitions of additional Generative AI services that are helpful to our clients and have demonstrated initial market traction. 

 

 

 

 

 

 

Forward looking statements

 

Certain statements contained in this announcement constitute forward-looking statements. When used in this announcement, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry in which the Company operates.

 

Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to materially differ from those described in this announcement Should one or more of these risks or uncertainties materialise, or should assumptions underlying forward-looking statements prove incorrect, actual results may differ materially from those described in this announcement as "intended", "planned", "anticipated", "believed", "proposed", "estimated" or "expected".

 

For the avoidance of doubt, the contents of the Company's website and any hyperlinks accessible from the Company's website are not incorporated by reference into, and do not form part of, this announcement and investors should not rely on them.

-ENDS-

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

UPDEDLFBZBLXFBZ