Entertainment AI (AIM:EAI) told investors on Monday that it had won a contract with one of North America’s largest automotive brands.
The London-listed technology and media platform group said the contract win was based on the proprietary functionalities of its Creator Suite™ software which EAI has said it is now launching as a service offering.
Creator Suite™ is an AI-based service which builds on the EAI’s patent on ‘human-in-the-loop’ computing in order to help affiliated creator partners deliver a ‘frictionless’ video experience.
"We are pleased to deliver early and have an exciting 2020-22 plan to develop a family of tools that can revolutionise online viewing experience by better serving new consumer online behaviours,” said Dr. Patrick DeSouza, Chairman of EAI.
The group intends to use its resources, which includes around $5.0 million of cash from investors, to create a network of AI-based product offerings within the required two-year investment window, the statement outlined -- meanwhile, the company said it maintained a ‘healthy pipeline’ of opportunities with automotive brands who want to utilise the platform.
Shares in Entertainment AI were trading flat at 41.5p during Monday trading.
Based on its early work with brands, EAI plans to accelerate the roll out to brands of Brand Suite™ which leverages several of the functionalities of Creator Suite™ -- together, this will accelerate EAI’s development of a two-sided marketplace, the company highlighted.
The news follows a positive trading update on 21 January which showed that the company had continued to trade strongly in Q4 with net revenue growing 59% at $10.4m from $6.5m in 2018.
In addition, global audience growth increased 45% to 12.3bn video views from 8.5bn views in the 2018 comparative period, this morning's statement reiterated.
EAI was admitted to trading on 30 September 2019 and therefore began deploying capital during the fourth quarter of 2019.
Looking ahead, the group's CEO, Todd Carter, said that EAI was working on expanding its existing business by increasing their share of the $18.5bn which the US auto industry will spend on digital advertising in 2020.
Follow News & Updates from Entertainment AI here: