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The machine learning company reported AU$299,000 in cash receipts for the quarter after it shifted focus to becoming an AI-driven SaaS firm.
Flamingo AI (ASX:FGO), a company that offers artificial intelligence services for conversational commerce, announced a hallmark quarter for cash flow, with cash receipts reaching AU$299,000.
Previously, Flamingo AI has worked with HSBC (NYSE:HSBC) to create a virtual assistant that utilizes machine learning as part of a three year subscription model agreement. It was the first agreement of its kind for HSBC.
As quoted in the press release:
Following a successful Pilot of its Virtual Employee Assistant product in Q2FY19, during Q4 FY19, the Company signed a Master Services Agreement (MSA) with HSBC Bank Australia Limited as well as the first Statement of Work (SOW) under the MSA to deploy the technology into a production environment. The contract includes a Monthly Subscription arrangement and has an initial term of 3 years and can be extended to up to 5 years.
The current engagement with Fortune 100, US-based Nationwide Insurance, operating under a Master Services Agreement (MSA) since May 2016, involves the deployment of the Enterprise Knowledge Sharing Hub. Flamingo continues to enjoy a strong relationship with Nationwide. The Company looks forward to advising further on developments as they progress.