Insig AI: Interim Results

22nd December 2021 | Insig AI

Insig AI plc the data science and machine learning group, is pleased to announce its interim results for the six months ended 30 September 2021.

Highlights:

  • Company transformed by reverse takeover of AI/machine learning business Insight Capital Limited. Repositioned as a SaaS product business model from a pure technology consulting solutions provider
  • Secured contract with Carval Investors L.P (“Carval”) to support its ESG Collateralised Loan Obligations fund launch
  • Group revenue of £0.9 million (H1 2020: £0.2 million)
  • Group operating loss pre-exceptional items of £0.5 million (H1 2020: £0.3 million loss)
  • Net cash at 30 September 2021 of £2.3 million, excluding £0.7 million R&D tax credit received post period end

Post period-end:

  • Three contract wins, added further capability and data to assist Royal London Asset Management
  • Appointment of Colm McVeigh as Chief Commercial Officer
  • Successful completion of acquisition of FDB Systems Limited

Commenting, Insig AI’s Chief Executive Steve Cracknell said:

“Each month continues to be busier than the last and I fully expect this to continue. Since 1 October, we have released Insig Portfolio 2, delivered our ESG scoring solution to Carval, appointed Colm McVeigh as Chief Commercial Officer, completed the acquisition of FDB and closed three new contract wins, two of which we have already announced.

“I am pleased to report that both in the coming quarter and beyond, I expect this momentum to build very significantly. We have multiple opportunities: within the asset management industry, most notably for our ESG data scoring, bespoke ESG solutions, corporate sales and our data sourcing and machine learning analytics. Our Portfolio Insights tool can now be incorporated into our ESG solutions. We are also excited to progress our partnership revenue share opportunities, where the scale of revenue streams can be a multiple of a Software as a Service sale. Beyond the asset management industry, the 4Bio contract win has shown that we are able to apply our machine learning capabilities to other sectors. In the New Year, I hope to be able to provide further evidence of our ability to sell to another vertical. The coming quarter and 2022 should demonstrate our ability to secure multiple contract wins, as we successfully leverage our machine learning technology and exploit it, so it fuels fast growing and increasingly higher margin revenues. I look forward to a very exciting 2022.”

News in full

In the video below, CEO Steve Cracknell outlines the nature of the group’s business and its ongoing growth strategy