Unith raises funds to advance ChatGPT-driven conversational AI
Unith has received firm commitments to raise $4.5 million through a share placement.
Tech developer Unith (ASX: UNT) has revealed it has received firm commitments to raise $4.5 million through a “strongly supported and upsized” share placement to advance its ChatGPT-driven conversational artificial intelligence (AI) technology.
Under the placement, institutional, sophisticated and professional investors were offered shares at $0.033 each, which is on par with the 30-day volume weighted average price. The board is also offering eligible shareholders the opportunity to invest via a share purchase plan capped at $500,000.
Peak Asset Management has acted as lead manager to the placement.
Integration of ChatGPT with Talking Head platform
Raised funds will be used to develop the conversational AI features in Unith’s Talking Head platform to improve software efficiency, both on the end user side and to remove friction on the client side (allowing easy onboarding on the platform).
Funds will also help to accelerate development of the Talking Head platform, including upsizing the development team, increase sales capacity with additional commercial team roles, drive sales and marketing initiatives, as well as for general working capital and costs of the placement.
New investors joining the register
Unith chief executive officer Idan Schmorak said the placement has welcomed new investors onto the company’s register including a “prominent Australian family office”.
“We are incredibly pleased to see such a strong level of demand from institutional and sophisticated investors in Unith,” he added.
Conversational AI in the spotlight
Unith has developed digital avatars that can converse in real-time with any audience and is currently the only company in this sector on the ASX.
The company has recently been beta testing the integration of ChatGPT with its ‘digital human’ AI. Over the weekend, non-executive director and co-founder of Unith (formerly known as Crowd Media Holdings) Domenic Carosa shared a demonstration of the Talking Head platform on twitter.
He claimed that “AI will destroy many jobs while spawning significant productivity gains for society”.
Mr Schmorak believes Unith’s unique proprietary technology places it in a strong position to benefit from the growing global demand for conversational AI.
“The company is now well funded to continue progressing our development and commercialisation activities, which will focus on building scalability into our business model and further enhancing our technological edge,” he said.