Electric Guitar PLC (AIM:ELEG) shares soared over 30% on Wednesday morning after the firm unveiled a new AI-driven marketing joint venture.
Shares added 31.9% to reach 0.89p following the AIM-listed data solution firm’s announcement that Marcomms.ai would be launched in partnership with Exelia Technologies.
The joint venture’s initial product, aimed at boosting consumer engagement and providing deeper audience insights, is already in the works, Electric Guitar said on Wednesday.
This will use sophisticated machine learning algorithms based on global data stored by Electric Guitar subsidiary 3radical.
Access to this data for AI tools gives the joint venture a “significant advantage,” Electric Guitar boss John Regan commented.
“Marketers have barely scratched the surface of the benefits that AI has to offer. We are looking forward to creating groundbreaking products which help transform how marketing works,” Exelia chief executive Margarita Maimoni added.