- Unith (UNT) raised $4.8 million during the March quarter, taking its total cash balance to $5.5 million for the continued development of its Digital Human tech
- The company’s net cash used in operating activities amounted to $54,000 — an 84 per cent improvement compared to the December quarter
- CEO Idan Schmorak says the Integration of ChatGPT into the platform is progressing well, with avatars to soon be able to answer questions based on any data set
- Unith signed on its first ‘Big-Five’ tech company to its Digital Human platform during the March quarter
- Shares in Unith are up 17.86 per cent to 3.3 cents at market close
Unith (UNT) delivered further technology enhancements to its Digital Human platform during the March 2023 quarter and raised $4.8 million to accelerate its growth initiatives.
The company continues to upgrade the human likeness of its avatars, with the development team currently focused on enhancing lip movements and empathy generation.
Unith had around $5.5 million in cash on hand at the end of March, with its quarterly cash used in operating activities amounting to $54,000 for the quarter — an 84 per cent improvement from the December quarter.
At a global level, UNT during the March quarter secured further mobile network approvals to distribute its artificial intelligence (AI) mobile subscription-based products in Kenya, Kazakhstan and Afghanistan.
As such, the company recorded 20 times more signups for its AI-based mobile subscription products on a quarter-to-quarter basis.
CEO Idan Schmorak said the Integration of ChatGPT into the platform was progressing well, and soon avatars would be able to answer questions based on any data set provided.
“We are really pleased with the technological advancements UNITH made to its Digital Human platform during the quarter and very excited about the projects underway as we prepare our Self-Service Platform for launch in Q4 CY23,” Mr Schmorak said.
“Following the capital raise, we are well-funded to deliver further technology improvements, scale the platform and capitalise on the enormous opportunity within the conversational AI market.”
UNT signed on its first ‘Big-5’ tech client to the Digital Human platform over the quarter, with the implementation of advanced cyber security encryption standards released in April 2023.
Looking ahead, improvements to the head and body movements of Unith’s avatars are planned for the second half of the 2023 calendar year.
UNT anticipates that its avatar will be ready for use by May 2023, allowing the company to gather analytics toward product improvements and support the self-service platform development.
Shares in Unith were up 17.86 per cent to 3.3 cents at market close.