Applegate has been awarded a prestigious grant from Innovate UK to support its development of Artificial Intelligence.
Innovate UK, the UK’s innovation agency, held an open competition to find the strongest proposals for the development of Artificial Intelligence and Machine Learning technology; Applegate is one of the winners of the competition.
The grant will support a project using AI to validate Requests For Quotation (RFQs) and improve the allocation of suppliers to buyers’ requests. This will ultimately support the company’s growth, allowing Applegate PRO to process ever greater volumes of RFQs in real time from buyers across the world.
A recent report by the Royal Society of Arts has underlined that Britain risks falling behind due to under-investment in robotics and AI. These technologies are key to improving productivity, in which the UK is also lagging against our competitors. Greater productivity can in turn lead to higher average earnings, so bringing broad benefits to the economy.
“Success in this competition is great news for Applegate,” commented Chief Executive, Stuart Brocklehurst. “In addition to enabling this exciting project, it’s a great vote of confidence to have the support of Innovate UK. The team are excited to get cracking on what promises to be a fascinating development programme.”