Flamingo AI updates the market on business developments
Flamingo AI Limited (ASX:FGO) has today provided the market with a business update. As reported by the company in July, FGO had 10 clients progressing through various stages of trial, deployment, live customer evaluation and post-trial assessment of the Flamingo AI platform.
The intention behind the trials is to determine the best application of FGO’s various cognitive technologies within the client’s business, which may not necessarily be the initial trial Use Case.
FGO’s update focused in particular on two of its clients, AMP and Liberty Mutual Insurance, reporting that AMP has undertaken a paid Proof of Concept trial of one of FGO’s Cognitive Virtual Assistant products on one of its product lines.
At the recent conclusion of the trial, FGO were advised that the trial would not progress to full rollout. However, the company is continuing to engage positively with AMP on other uses of its technology to assist with the operation of their business.
In addition, Liberty Mutual undertook a paid Proof of Technology trial of FGO’s Cognitive Virtual Assistant product in its Auto Insurance line, which also recently finished. While Liberty Mutual has advised it will not continue with this specific Use Case, they have requested further proposals related to FGO’s products across a number of their business lines, including Auto insurance.
FGO is now engaging with Liberty Mutual to develop these proposals and determine the most suitable applications of their Virtual Assistant technology for the insurer.
The small cap’s other clients are at various stages of implementation including live customer evaluation.
Strong interest continues for FGO’s machine learning and virtual assistant tech
FGO continues to generate strong interest in its products and machine learning technology from existing and new clients, with much of the interest focusing on the ROSIE Virtual Sales Assistant product, the MAGGIE Virtual Inquiry Assistant product, and the LIBBY Knowledge Engine or Self-Organising Library product.
FGO also reported that its partnership with EXL Services (NASDAQ:EXLS) — clinched in May this year — remains particularly strong, with FGO engaging in several streams of work. This has included participating in joint pitches where FGO provides the Conversational AI layer to EXL’s robotic automation and data analytics platform.
EXL has also showcased FGO’s technology in dedicated EXL conferences to insurance clients.
Overall this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.