Gfinity PLC (AIM:GFIN) shares rocketed in Friday’s early deals as the AIM-quoted firm’s AI pivot delivered encouraging initial commercial results.
The company told investors in a statement that Connected IQ (CIQ) generated revenue in the month of April, and the team is now in talks with major advertising agencies for CIQ brand campaigns and possible white-labelled services.
CIQ is an AI-powered advertising and marketing intelligence service that’s currently operated under license – though Gfinity announced in February that it had an option to acquire the business – with a logo detection model and emotion detection features being deployed.
At the same time, Gfinity is launching another AI business, Yentra.AI, which is to be a consulting and engineering services operation. The listed company will own 51% of this business, with the other 49% owned by management, led by Ignatius Rautenbach and supported by 12 engineers.
“We believe that Gfinity is positioning itself to be a clear part of the AI cycle in advertising,” chief executive David Halley said in a statement.
“In addition, by partnering with the experienced team at Yentra, we now have an internal resource to build out technology for the sector and benefit from both the revenue generated from Yentra and the ability to build further technology for Connected IQ and Gfinity."
In London, Gfinity shares were up 40% on Friday, changing hands at 0.095p, valuing the company at just over £3 million.