Aberdeen-based technology development company AXEON has joined forces with the University of Aberdeen in a project which will develop and commercialise the University’s research in the fields of information technology and associated electronics.
Under an umbrella agreement, the two organisations have created a novel symbiotic relationship. The University provides a pool of intellectual and product concepts, while AXEON provides the product development, management and marketing skills and finance necessary to turn ideas into real products. The two organisations will share the resulting profits.
AXEON was formed in 1998 by Susan and Hamish Grant following the sale of their previous IT business, SYTEMS FX, to French company CYRANO SA the previous year. System FX had specialised in the sale of automated software quality tools and associated consulting services aimed primarily at the financial services sector.
Having built and sold one business, the Grants have set their goals high, wanting to create a software and related electronics business with a £1billion market capitalisation within 5 years with the capacity to continue to grow over the long term.
Hamish Grant, AXEON’s Chief Executive Officer, said: “We were very pleased with the University’s positive response to our approach. When putting AXEON together, we knew we had the project management and sales and marketing skills, but what we needed was access to world-class intellectual resources. Our initial projects are very exciting and we look forward to a stimulating and profitable partnership.”
Dr Alastair Alexander, Chief Executive of the University’s commercial arm AURIS Ltd, said he too was delighted that the University had been able to reach this pioneering agreement with AXEON.
“We were excited by the concept when they approached us earlier this year and I am confident that their extensive experience in bringing IT products and systems to the market will be of enormous use to the University,” he said.
“This collaboration is an ideal mix of scientific creativity and practical marketing experience. To date, we have identified four potential projects for development. The first agreement has been signed, involving an initial investment by AXEON of £236,000.”
Four potential projects have already been identified, the first of which involves the design of a prototype neural chip and related face recognition application. Neural networks attempt to emulate and solve problems the way the human brain does and are particularly useful for solving problems where uncertain data or data relationships exist. Typical potential applications include image analysis, voice and handwriting recognition, fraud detection and trend analysis.
The number of neurons that can reasonably be implemented in software has limited the widespread use of these networks. However, the neural chip will allow the creation of networks using tens of thousands of neurons in comparison to the 10-20 possible in software today. With several software businesses already generating revenues in excess of £100million a year from neural based application, the market potential for the neural chip is very significant.
Grampian Enterprise Chairman Dr Maitland Mackie said: “This is exactly the type of co-operation we want to see more and more between businesses and our universities, where the two come together to help the universities exploit commercially the intellectual property and exciting science which abound within them.
“In addition, it is a precise fit with Scottish Enterprise’s Technology Venture strategy for increasing the business birth rate.”
The work is based on a thesis by Dr Neil Lightowler, a postgraduate student in the Department of Engineering who has now joined AXEON as a full-time member of staff. University staff involved are Professor Tim Spracklen, Dr David Hendry, Dr Ian Craw and Dr Alastair Allen. The project is scheduled to be completed by April 1999 and the value to the University is over £100,000.
PHOTOCALL DETAILS: You are invited to attend a photocall at 11.00am on Wednesday, 30 September in Room 344, Meston Building, Old Aberdeen.
Further information: Hamish Grant, AXEON Tel: 01569 762454