- Digital human developer Unith (ASX:UNT) posts 25 per cent lift in revenue for Q1 FY24
- At the quarter’s end, the company held $2.7 in cash on hand
- Unith inked several new contracts over the quarter across the healthcare, e-lottery, and insurance space
- The company is preparing for the “soft launch” of its ‘digital human’ self-service platform
- Shares in UNT last traded at 2.2 cents
Digital human developer Unith (ASX:UNT) has reported a 25 per cent increase in revenue for its Q1 FY24 results.
By the end of the quarter, the company had $2.7 million in cash on hand; Unith used $1.2 million in operating activities over the quarter.
Unith has also announced its upcoming “soft launch” of the company’s ‘digital human’ self-service platform.
In short, Unith is making its human digital avatar tech available to any interested company.
“This platform will shorten the onboarding process and enable us to significantly scale our commercial activities,” UNT CEO Idan Schmorak said.
“We launched showcase digital humans in August and initial feedback has been overwhelmingly positive, both the public [and] prospective clients.”
Mr Schmorak also highlighted new agreements with healthcare, e-lottery, and insurance companies.
Unith has also indicated “partnerships with kiosk and hologram technology providers,” with the hologram provider being Dutch company Holoconnects, which is working on next-generation holograms for event technology services.
The company is continuing its development of AI capable of recognising emotions in Japan through a partnership with the country’s AI company NVISO.
Unith’s digital human self-service product has been in development since April of this year.
From one perspective, companies will be able to “hire” a digital human created using Unith’s AI-backed avatar technology instead of a real staff member.
Companies can choose from Unith’s pre-made digital humans, select their desired voice, and present the digital avatar to customers, website visitors, or other users.
Unith previously introduced to the public its ChatGPT-powered digital human, AIKO, earlier this year.
While these products are no longer available for public trial, they reflect a well-refined GPT model that handles customer queries effectively and ethically.
Most importantly, it was soundly equipped to handle customer queries.
Anyone who has spent more than five minutes playing around with GPT has probably tried to test the ethical and accuracy limits of the model in some fashion or another.
In commercial contexts, particularly in medical settings, a GPT model that does not entertain deliberately vexatious questions could be highly valuable.
While it’s still early days for the company, Unith appears to be at the forefront of a trend where AI is reshaping labour markets.
For now, one to watch.
Unith has also expanded its global presence in Q1, partnering with a telecom provider in Kenya listed on the Nairobi Stock Exchange and another company in Kazakhstan.
In Kenya, Unith aims to make its digital human technology available to 35 million users through Safaricom.
Australian E-lottery provider Xite Holdings, owner of AZBillions, has agreed to adopt Unith’s digital humans, which will become available over the next twelve months.
Ukrainian entity Alliance for Public Health (APH), serving 14 Eastern European countries, is also interested in using Unith’s digital humans to alleviate caseloads in the social services sector.
This contract is valued at approximately $164,000 (US$111,000).
ASX-listed Respiri (ASX:RSH) will integrate a Unith-powered digital human into its investor relations website, capable of answering investor questions.
“New subscriber numbers are up and retention rates are improving, resulting in revenue growth of 24.5 per cent on the prior quarter,” Mr Schormak said.
Shares in UNT last traded at 2.2 cents.