Insig AI (INSG) , a data science and machine learning company, issued a statement prior to its AGM meeting today. At the AGM, Executive Chairman Richard Bernstein will announce that the FCA has invited Insig AI's Chief Product Officer Steve Cracknell to be a judge at the Showcase Day for the CFA's Global Financial Innovation Network (GFIN) #Greenwashing TechSprint on 20 September 2023.
Mr. Bernstein will also remark on Insig AI's significant recent interaction with corporates and international regulators that has seen the FCA and corporate participants use Insig's dataset of machine-readable corporate disclosures and text interrogation tools in order to develop their solutions.
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Insig AI's CEO moved the company stock 7.6% higher today with his prepared remarks for the company's AGM meeting. The statement emphasised Insig's involvement in the FCA's 2023 TechSprint, which has brought together international regulators, the World Bank and many corporates. Insig will provide data and software platforms to the event, giving it an opportunity to engage regulators and companies.
Moreover, the CEO hinted at a number of partnerships, distribution agreements and direct selling agreements for Insig's offerings that the company expects to monetise soon. "In recent weeks, we have continued to progress our discussions with several parties to that end" said the CEO, adding that the company is "excited" about its market positioning and prospects.
In its recently published final results for the year ended 31 March, Insig reported a revenue increase of 22% to £2.1m and significantly lower operating costs. Loss for the year was £18.5m, however the figure includes a £16.6m impairment charge. Cash burn was £1.0m, down from £2.2m the previous year. Post-period, the company successfully completed a £0.9m equity fundraise.
Given Insig's rising level of engagement with the FCA, other regulators, and corporate clients, underscoring the value of its core asset, we expect the company to continue growing its revenues and reach profitability in the near term.
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