- Marketing specialist Crowd Media (CM8) has entered a collaboration and strategic investment with artificial intelligence (AI) company Aflorithmic Labs
- This partnership will see Aflorithmic create a voice cloning and AI engine to drive CM8’s Talking Head technology
- The Talking Head technology is an AI-driven chatbot designed to help customers have helpful conversations across the marketing, education and health sectors
- Crowd Media has also raised $1.6 million, issuing 32 million ordinary shares priced at 5 cents and 16 million options exercisable at 7 cents with expiry two-years from issue under a placement
- Crowd Media will use the funds to strengthen its balance sheet and accelerate its Talking Head technology
- Finally, CEO Domenic Carosa will resign from the company on March 31 to spend more time with recently-listed fintech company, Banxa Holdings
- While a search for a replacement is underway, Chairman Steven Schapera and Director Robert Quandt will move into interim executive roles
- Crowd Media is down 12.1 per cent on the market and shares are trading at 5.1 cents
Marketing specialist Crowd Media (CM8) has entered a collaboration and strategic investment with artificial intelligence (AI) company Aflorithmic Labs.
Under the partnership, Crowd Media will own a 10 per cent stake in Aflorithmic while Aflorithmic will own 1.3 per cent of Crowd Media.
This partnership will see Aflorithmic create a voice cloning and AI engine to drive CM8’s Talking Head technology.
The Talking Head technology is an AI-driven chatbot designed to help customers have helpful conversations across the marketing, education, health and e-commerce sectors.
“Working together, I believe we can translate the most recent advances in AI research into commercial innovations that will completely reshape the way consumers engage in e-commerce,” Crowd Media Chairman Steven Schapera said.
Aflorithmic CEO Timo Kunz also highlighted the benefits of the partnership.
“Together with Crowd and their partners, we see the opportunity to fundamentally redesign the way users experience digital commerce and to significantly shape the future of synthetic media as such,” Timo said.
Crowd Media has also announced the successful completion of a $1.6 million placement.
The company entered a trading halt on January 22 but did not disclose how much it would be raising or what the funds would be used for.
The $1.6 million was raised through the issue of 32 million ordinary shares priced at 5 cents, and 16 million options exercisable at 7 cents with expiry two-years from issue.
The issue price of 5 cents represents a six per cent discount to the five-day volume-weighted average price of shares before the trading halt was entered.
Crowd Media will use the funds to strengthen its balance sheet and accelerate its Talking Head technology.
Shares are expected to settle on January 28 and be quoted on January 29.
Finally, CEO Domenic Carosa will be resigning from the company on March 31 to spend more time with recently listed fintech company, Banxa Holdings.
He will transition into a Non-Executive Director role and will remain available on an as-needed consulting basis.
While a search for a replacement is underway, Steven and Director Robert Quandt will move into interim executive roles.
“This has been a very hard decision for me to take after so many years as CEO, but the time feels right for me to hand over the role to someone else so that I can focus on my fintech opportunity,” Dominic stated.
Crowd Media is down 12.1 per cent on the market and shares are trading at 5.1 cents at 1:17 pm AEDT.