Investors back UNITH with $2.57m for its Digital Human platform, announces more AI milestones

As artificial intelligence (AI) looms as the biggest disrupter to business over the next decade, Australian investors have been closely monitoring the ASX with brokers Evolution Capital confirming they will fully underwrite a $2.7m capital raise by AI company UNITH (ASX: UNT) The commitment to fully underwrite comes with UNITH and Evolution having worked together earlier in the year for a $2 million Placement. Under the Supplementary Prospectus issued by UNITH, any UNITH shareholders that do not accept their Entitlement, will form Shortfall and be added to the existing $500,000 that can be accepted from shareholders as oversubscriptions. The Entitlement Offer was expected to be popular with shareholders given the opportunity to subscribe for New Shares at an Issue Price of $0.014. For every 2 New Shares subscribed for, shareholders will also be issued 1 unlisted and 1 Listed Option. The unlisted Option expires in September 2024 with an exercise price of $0.023 while the listed Option expires in March 2026 with an exercise price of $0.03. As the underwriters of the Entitlement Offer, Evolution Capital will place any remainder of the $2.57 million worth of Shares and Options not accepted by shareholder entitlements and oversubscriptions. “2024 shapes as an incredibly exciting year for UNITH and the AI industry,” said UNITH CEO Idan Schmorak. “We have already seen impressive applications of generative AI, and UNITH will push those boundaries further by making digital humans available to everyone. “We are off to an excellent start with all Q1 2024 AI milestones achieved ahead of schedule. By locking in our budget with the committed funds, we proceed with confidence that UNITH is well capitalised through to the public launch of our Digital Human platform and beyond.” The 2024 Tech Roadmap was accelerated following Evolution’s earlier $2 million capital raise as part of UNITH's plans to advance their Digital Human platform to a general public launch, having soft launched it in December 2023. Latest milestones achieved by the platform include enhanced text-to-video capabilities where users can upload text and have it presented by a digital human with facial movements that are in sync with audio (eg, a news reader). Further capabilities of this mode are planned with UNITH flagging the ability for one uploaded document being reproduced in multiple languages. With the soft launch of the platform having already shown strong interest from human resource (HR) departments, this text-to-video capability makes it easy for HR to generate training videos and implement changes when operating procedures change, without recording videos from scratch. Other improvements have been made to the platform’s front end that introduces sorting logic to the conversational AI capabilities of digital humans. This allows customers to have more control over conversation flow that can assist in leading users toward a desired outcome. Furthermore, system functionality has been upgraded for inactive users to be timed out of conversations. Adding this feature will allow digital humans to move on to the next conversation in the queue and will be most valued by customers on free or lower-tier subscriptions that limit the number of concurrent conversations that a digital human can engage in. New forms of artificial intelligence have been hotly watched over the past month following the bumper result of semiconductor company NVIDIA which exceeded all revenue expectations last month. NVIDIA subsequently declared AI a ‘Whole New Industry’ where applications are driving higher computing power in masses. Upon the release of UNITH’s revenue model for the platform commencing as a freemium product, concurrent conversations may be one of the more attractive features. Enterprise subscriptions could potentially be limitless, enabling thousands of conversations in dozens of languages taking place at the same time around the world. Earlier in the month, UNITH confirmed new plugins have been developed for Wordpress and Shopify that would enable users of those platforms to seamlessly integrate digital humans for customer service, sales or information delivery.

Investors back UNITH with $2.57m for its Digital Human platform, announces more AI milestones

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