Tungsten Corporation PLC Tungsten Centre for Intelligent Data Analytics
April 27 2015 - 1:00AM
RNS Non-Regulatory
TIDMTUNG
Tungsten Corporation PLC
27 April 2015
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release 27 April 2015
Tungsten Centre for Intelligent Data Analytics
Market update
London, 27 April - Tungsten Corporation plc (LSE:TUNG), the
global e-Invoicing, analytics and invoice financing company, is
delighted to announce that it has established the Tungsten Centre
for Intelligent Data Analytics ("TCIDA"), through a joint venture
with Goldsmiths, University of London. TCIDA is to undertake
research and development into advanced Artificial Intelligent
("AI") techniques for undertaking "Big Data" analysis. TCIDA will
develop software to support Tungsten's overall business and so
continually improve its ability to provide state-of-the-art value
added services to its clients.
TCIDA will support three senior Professors and fund PhD and
post-doctoral research programmes. It will be based in Tungsten's
London office and is expected to begin delivering artificial
intelligence software for commercial applications within 18
months.
Professor Mark Bishop, (academic) Director of TCIDA, said, "In
the commercial, banking and finance sectors, AI systems and raw
computer power have now advanced to the position where modern
algorithms can be usefully applied to analyse very large data-sets.
Research and development at TCIDA will be targeted to exploit the
very latest AI techniques.
Goldsmiths is delighted to partner with Tungsten Corporation in
this innovative initiative to further the UK's globally leading
scientific and technology development, through such areas as Deep
Learning, Reinforcement Learning and Reservoir Computing for
commercial application with Tungsten."
Phil Ashdown, Chairman of TCIDA, has moved over from his roles
as CEO of Tungsten Bank and the plc board to oversee his TCIDA
initiative.
Edmund Truell, Group CEO, Tungsten Corporation, said, "I'm
delighted that Phil Ashdown has initiated this important step for
Tungsten in partnership with a globally leading UK based technology
institution in the form of Goldsmiths. TCIDA will enable us to
develop even more advanced proprietary analytics software and so
maintain market leadership in the state-of-the-art services that we
provide to our clients."
Enquiries:
Tungsten Corporation plc.
Edmund Truell, Chief Executive +44 20 7280
Officer 7901
Juliana Wheeler, Head of +44 20 7280
Global Communications 7973
Charles Stanley Securities
(Nominated Adviser and Joint
Broker) +44 20 7149
Marc Milmo/Dugald Carlean 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron +44 20 7523
Duncan 8000
Neustria Partners (Investors
and Analysts)
Robert Bailhache/Nick Henderson/Charles +44 20 3021
Gorman 2580
Speed Communications (Press) +44 117 973
Rosie Park / Kerry Grove 3300
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoice network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers supply chain financing through Tungsten
Bank; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for
organisations such as Alliance Data, Aviva, Cargill, Deutsche
Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's,
and the US Federal Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts
payable automation solutions, in September 2014.
Contact: Juliana Wheeler, Head of Global Communications, +44 20
7280 7973.
juliana.wheeler@tungsten-network.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRASESESMFISEEL
Tungsten (LSE:TUNG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tungsten (LSE:TUNG)
Historical Stock Chart
From Jul 2023 to Jul 2024