Marketing AI deployment drives revenue at Albert Technologies

Albert Technologies issued its results for the six months ended 30 June on Monday, reporting continued progress in deploying its artificial intelligence marketing platform ‘Albert’ as a software-as-a-service (SaaS) product for brands and agencies during the period.

The AIM-traded company said that underlined the potential of its “ground-breaking” proprietary technology.

On the financial front, revenues increased almost fourfold year-on-year to $1.9m from $0.5m, with a 2.5x increase in average monthly revenue per customer reported.

Its adjusted EBITDA loss widened to $6.3m from $5.5m, with its operating loss growing to $6.7m from $5.7m.

Net cash as at 30 June stood at $21.8m, up from $16.9m, following a successful fundraise of $16.8m net during June.

“During the first half of 2018 we signed pilot contracts with several global brands and agencies and started the second half of 2018 with a good pipeline of new business activity which we expect to flow through into the next 12 months as we progress through the essential onboarding and pilot phases,” said Albert Technologies chief executive officer Or Shani.

“The summer months marked an important period as we commenced key pilots with larger scale clients and through the efforts of the Albert team, we are now better positioned to successfully commence deploying Albert with enterprise clients.

“The cycle of sales and onboarding enterprise clients is a lengthy one but Albert is now deployed in more than 10 Global Fortune 2000 companies, with meaningful growth potential.”

Shani described Albert as a “disruptive” AI technology, potentially turning the established digital marketing economic model “on its head” by introducing a different cost structure in marketing departments as well as enhanced performance from campaigns.

“Therefore, there is a significant investment on our part needed to market the opportunity and successfully compete against the legacy operators.

“With the proceeds of the successful fundraising in May 2018, we have invested in the recruitment of talent from the advertising agency world into strategic client services roles within our sales and marketing function and will continue to add resource in this critical area in order to drive market penetration,” Shani explained.

“With the work recently commenced with Enterprise clients and a pipeline of opportunities the board [is] confident about the market opportunity and our Company's prospects for this year and beyond.”