Tern Plc (AIM: TERN), the investment company specialising in the Internet of Things (“IoT”), is pleased to announce that Wyld Networks Limited (“Wyld”), the technology inventor for communications at the edge of the internet in which Tern has a 100% holding, has been awarded a £121,344 grant by Innovate UK to collaborate on a new mass production technology, SmartDrop, for Archipelago Technology Group Ltd. (“Archipelago”). Tern is also pleased to announce that Alastair Williamson has been appointed as CEO of Wyld Networks.
Award of Innovate UK Grant
UK industry and the UK Government are strongly promoting additive manufacturing, a market expected to reach $21bn USD by 2020 (Source: Innovate UK). Wyld Networks will work together with Archipelago on developing the SmartDrop manufacturing platform as a next generation, world-leading offering for customers, assisted by £121,344 grant funding from Innovate UK.
Wyld Networks will embed its technology, which has long range and mesh capabilities, into SmartDrop, to enable it to dramatically reduce wastage and make the process more efficient with a reduced environmental impact. Once developed, it is intended that Archipelago will undertake pilots for a mass-market roll out.
The grant has been awarded due to the fact that the project fits with the UK government’s initiative to support the development of digital technologies for new applications which improve productivity, system flexibility and resource efficiency.
Appointment of Wyld Networks CEO
Alastair Williamson has over 28 years’ experience working for technology companies including Krone, Lucent and most recently, Ranplan Group AB, where he acted as CEO and VP of Sales working to develop the company’s customer base and successfully raising $7m with an IPO on NASDAQ First North in Sweden in 2018, providing liquidity for the existing shareholders.
Al Sisto, Tern CEO, said “We are very pleased to have Alastair join Wyld Networks. Wyld is an exciting company positioned for growth and adding an experienced leader at the helm with Alastair’s industry depth will bring real strength to the team. Furthermore, securing the Innovate UK grant and the Archipelago partnership endorses Tern’s strategic intent to develop its IoT networking holdings. Archipelago’s SmartDrop project is very complimentary and Wyld’s technology will help enable Archipelago to accelerate the adoption of its patented additive manufacturing technology.”