AI junior Flamingo flies 57pc after signing its first commercial deal
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It’s taking a lot to move the market in the weeks before Christmas, but Flamingo AI has done it by signing its first ever commercial contract.
By midday on Friday, Flamingo AI (ASX:FGO) was the biggest mover among small caps on the ASX.
The stock rose 57 per cent to 2.2c, after they signed a deal for ‘self-organising library’ software called LIBBY with US insurer Nationwide Mutual.
The contract won’t deliver material revenue.
Flamingo AI listed in late 2016, yet by October this year hadn’t converted any of its 10 paid trialers into commercial deals.
Nationwide Mutual has been undertaking paid trials of Flamingo AI products since 2015 and said in October, after a trial, that it didn’t want to actually pay for the Cognitive Virtual Assistant product for its auto insurance line.
Flamingo has been contacted for comment.