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Insig AI plc
("Insig AI" or the "Company")
Contract win
Insig AI plc (AIM:INSG), the data science and machine learning company providing solutions to the asset management industry, is pleased to announce that it has signed a "software as a service" agreement with 4BIO Partners LLP ("4BIO"). The contract commences on 13 December 2021 and runs for an initial term of five years.
4BIO is a leading international venture capital fund targeting advanced disease therapies. 4BIO Capital is the trading name of 4BIO. Using Insig AI's proprietary machine learning classifiers, and its deep domain expertise, 4BIO will be able to quickly analyse up to 32 million medical publications that contain disease research to identify patterns and trends to inform future investment decisions and venture creation.
Steve Cracknell, Chief Executive, Insig AI commented: "The agreement with 4BIO is our first contract win outside the financial services industry. This shows how our data infrastructure and machine learning expertise can be applied to other sectors. We're particularly excited to be working with 4BIO, delivering their ambition to apply AI technology to raise the standard of healthcare, and using our software solutions in the vital area of disease therapies.
This contract win is important. It is consistent with our strategy of building long term sustainable revenues. Even though the initial impact on profitability will not be substantial, it proves our ability to win business in a sector that can be highly lucrative for us over the medium to longer term."
Dr Dmitry Kuzmin, Managing Partner at 4BIO Capital, commented: "This software platform will enhance and truly differentiate our venture creation process, allowing us to optimally screen for the most exciting and innovative projects. Insig AI's technology will allow us to widen our field of vision in the advanced therapies space, allowing us to detect promising innovation published across a much broader selection of scientific publications and geographies than would be possible before."
For further information, please visit www.insg.ai, or contact:
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Insig AI plc |
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Steve Cracknell, CEO
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Via SEC Newgate |
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Zeus Capital Limited (Nominated Adviser & Broker) |
Tel: +44 (0) 203 829 5000 |
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David Foreman / James Hornigold / Daniel Phillips
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SEC Newgate (Financial PR) |
Tel: +44 (0) 7540 106 366 |
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Robin Tozer / Tom Carnegie / Richard Bicknell |
Email: insigai@secnewgate.co.uk
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