GenIP reports encouraging initial demand for GenAI services

8th Oct 2024 15:36

(Sharecast News) - GenIP, a technology company specialising in generative artificial intelligence (GenAI) services, announced encouraging initial results on Tuesday, following the launch of its enhanced GenAI services on 1 September.

The AIM-traded firm, which was recently spun out of Tekcapital, said it had secured orders worth $0.121m since launch, representing over 40% of its total revenue for 2023 from legacy services.

That included more than 80 orders for Invention Evaluator GenAI analytical assessments and four executive search assignments through its Vortechs division.

The board said the adoption of GenAI by clients had been swift, with a leading Fortune 500 technology company doubling its pace of orders after the GenAI enhancements.

GenIP said it was also in advanced negotiations with multiple research organisations, indicating a strong pipeline for future orders.

The company expected demand for its GenAI services to continue growing, both from existing and new clients.

GenIP's Invention Evaluator service, now fully integrated with GenAI algorithms, was delivering enhanced commercialisation assessments for clients at a high efficiency level.

Meanwhile, Vortechs, which offers advanced machine learning and natural language processing executive search services, had secured new assignments in the technology transfer sector, with more opportunities in the pipeline.

In addition to commercial success, GenIP said it had been invited to participate in several prominent international technology transfer events.

Those included a healthcare-focused event in Singapore and a major technology transfer event in Brazil, where GenIP would address over 500 attendees from more than 60 technology transfer offices (TTOs) across Brazilian universities and research centres.

The company remained optimistic about its future commercial prospects, adding that it would provide updates on material developments, though it would not provide monthly sales or order reports.

"We are highly encouraged by the strong demand for GenIP's generative AI analytic services over the past five weeks, with total orders amounting to approximately $121,000," said chief executive officer Melissa Cruz.

"We remain laser-focused on building on this momentum, expanding our client base, and delivering our services to research organisations globally."

At 1413 BST, shares in GenIP were up 5.14% at 26.28p.

Reporting by Josh White for Sharecast.com.