Insig AI awarded contract with London-based investment manager

Data science and machine learning solution firm Insig AI has been awarded a contract with a London-based alternative investment manager valued at £800,000.

Insig AI said on Friday that the unnamed client, which has in excess of £100.0bn of assets under management, had awarded it a contract to migrate its data into the cloud, enabling its data to be machine-readable for planned and future AI and machine learning applications and advanced analytics.

The AIM-listed firm expects the contract to be completed by 31 January 2025.

Chief executive Richard Bernstein said: "In recent months, within the context of growing interest in AI, we have spent time listening to the requirements of asset managers. It is clear that nearly all are willing to embrace AI but lack the in-house expertise to take immediate advantage of what AI has to offer. This is our data science market opportunity. Today's win is the first evidence point of our ability to serve this substantial market where there is a clear business need."

Bernstein also noted that November has seen "a substantial increase" in new business leads and meetings from prospects, something he said "augurs well" for future new business wins.

As of 1115 GMT, Insig shares were down 1.82% at 13.50p.

Reporting by Iain Gilbert at Sharecast.com