A YORK business which develops technology to pick out required data from text has developed a new product through using a Technology Strategy Board Innovation Voucher.
After receiving the Innovation Voucher in October 2013, Text Mining Solutions has worked with specialists from the University of Sheffield’s Computer Science Department to develop the TSm Prospector.
The new program sits on top of records extracted by Text Mining Solution's existing text searching process, and has been designed to provide a simple to use platform for querying the data and produces easy to read, visual representations of the outcome.
Steve Brewer, director of Text Mining Solutions, which is based at York Science Park, said: “In making best use of the power of text mining three key elements need to be combined: collecting, processing and visualising text data.
"The first two elements are addressed by a structured approach to searching and storing of data, but it is the third element, visualisation, which brings the results to life.
"By being awarded a Technology Strategy Board Innovation Voucher, we have been able to collaborate with the University of Sheffield to develop this new visualisation programme which we are now ready to take to market.
"We are very excited about its potential and see it as filling a real gap in the market.”
Text Mining Solutions was established in 2011 and started life in York Science Park’s purpose built incubation space, Springboard.
In 2013 it took an office in The Catalyst and currently employs two people, with plans to recruit more as it develops.
The business uses natural language processing technology and visualisation tools to aid discovery of new ideas, concepts and information to help its customers fully exploit their own information assets and those in the wider public domain, such as scientific journals, patents and other electronic records.
It is currently working with organisations including Edwards Vacuum Pumps and the York Health Economics Consortium, and is focussing on working with clients in the scientific research and development and business intelligence sectors.
Tracey Smith, managing director of York Science Park, said: “Innovation Vouchers provide funding to enable businesses to work with external experts to gain new knowledge to help them innovate, develop and grow.
"In this case the Innovation Voucher has been a real boost to Text Mining Solutions and the potential for the TMS Prospector is huge. They are a brilliant example of the type of innovation and entrepreneurship that we see in so many businesses at York Science Park and we wish them great success for the future.”
Text Mining Solutions will be demonstrating TMS Prospector at an event run by York Health Economics Consortium at the end of April.
Businesses interested in applying for an Innovation Voucher can contact the Technology Strategy Board at www.innovateuk.org