Lift Global Ventures has increased its presence in the artificial intelligence sector after acquiring a minority stake in South Yorkshire software developer IntelliAM and confirming a senior leadership change alongside a planned rebrand.
The investment firm secured 86,956 shares in IntelliAM through a share exchange with Yorkshire AI Labs LLP. The move gives Lift approximately 0.45 per cent of IntelliAM’s share capital in return for issuing ten million new ordinary shares. IntelliAM is known for industrial analytics platforms that use AI and machine learning to optimise manufacturing operations.
David Richards MBE will move into the role of executive chairman at Lift. He previously served as the firm’s non-executive chair and has a global track record in building enterprise software companies, including the co-founding of WANdisco.
Lift has also outlined plans to change its name to Yorkshire AI plc as part of a strategic shift towards supporting emerging AI ventures. The change aligns with its continued relationship with Yorkshire AI Labs, the applied research and venture development organisation connected to Richards, which focuses on creating scalable AI-driven businesses.
