Insig AI inks product development deal with CarVal
Asset management data science and machine learning technology company Insig AI announced on Tuesday that alternative investment manager CarVal Investors had entered into binding heads of terms to partner with it, to develop a new line of HY and IG ESG products, as part of the ‘CarVal Clean’ product line.
The AIM-traded firm said it would mark the second deployment of Insig AI's and CarVal's jointly-developed environmental, social and governance (ESG) technology.
It came as demand for data-led ESG investment strategies that provided transparent and evidence-based ESG scoring was continuing to grow, the Insig AI board said.
“This partnership and our ability to help CarVal accelerate the development of their CarVal Clean HY/IG product lines demonstrates the speed and scale at which a company can operate when it underpins its strategy with advanced machine learning technology,” said chief executive officer Steve Cracknell.
“The partnership nature of today's agreement with an asset manager of CarVal's stature is the most exciting development in our history.”
Cracknell said the company was “ideally positioned”, at the “exact intersection” of smart investment strategy and advanced artificial intelligence (AI) technology.
“The opportunities to innovate with new product lines and income streams are vast.
“We look forward to developing our partnership with CarVal and are delighted to support the CarVal Clean strategy.”
At 1453 BST, shares in Insig AI were flat at 68.5p.