Shares in a technology firm developed by academics at Aberdeen University rose over 13% yesterday after it announced the signing of a “proof of concept” deal in the aviation industry.
Arria NLG, which has developed software that converts data to natural language, has also signed a deal with a major agriculture data business in the US.
The two agreements mark widening diversification for the firm which has mainly been developing products for the oil & gas industry with Shell, as well as some financial services firms.
The company did not name the aviation firm, but it was described as a “leading provider of power systems controls intelligence to the aviation industry”.
Stuart Rogers, Chairman and Chief Executive of Arria, said the agreement will “leverage our extensive work with complex rotating equipment in the Oil & Gas Industry, developing applications in the Aviation Industry that will deliver efficiency gains and other cost benefits”.
He added: “Following a successful pilot application our intention is to progress to revenue earning contracts with this important new client.”
Earlier this year, the company finalised a three-year agreement worth up to £6million to license its technology with Shell, having developed a project exclusively with the oil giant over a number of years in Aberdeen.
The technology is the brainchild of researchers at the university, including , professor of computing science Ehud Reiter and senior lecturer Dr Yaji Sripada.
Arria NLG acquired their firm. Aberdeen spin-out Data2Text last year.
Both men remain chief scientist and chief development scientist, respectively, of Arria, which floated on the Alternative Investment Market in December.
Shares in the company closed 13% higher to 43p.