Try before you buy. It’s a time-honoured sales tactic that has worked for the most successful companies in history and artificial intelligence company Crowd Media (ASX: CM8) can join that list having converted a Proof Of Concept of their AI platform into a 2 year contract.
Healthcare company PangeaMed will one day lay claim to being Crowd Media’s first paying client. Based in South Africa, PangeaMed specialises in health advocacy, patient awareness, data, innovation, and training across more than 50 African countries, many of which are based in remote locations with limited access to healthcare services.
Utilising Crowd’s Talking Head platform, PangeaMed will apply the conversational AI capabilities to enable patients in developing countries to access immediate, reliable medical information before and after receiving medical treatment whereby patients can converse with a digital nurse that converses in real time.
“This agreement cements our partnership and kicks off the next step in our collaboration,” said Crowd Media CEO, Idan Schmorak.
“We’re working with them on the solution that will allow an interview with a digital nurse before a surgery.
“We made a use case that’s available on our website for knee surgery. You’ll get a few days before the surgery, a link to your smart device. The patient then clicks that and has an actual nurse that’s talking with you in a formal conversation that you’ll be able to have a question and answer session with.
“And later on, very soon, she’ll be able to record data and basically interview you.”
Key to the application of conversational AI in the field of healthcare is the limitation of medical professionals, especially in Africa. Using the platform, one trained nurse can effectively oversee up to 50 conversations at a time, only intervening when the AI cannot answer a medical question that has a pre-approved answer. By handling those conversations, other medical professionals are freed up to concentrate on more pressing medical needs that cannot be solved by AI.
An initial payment for $32,000 is to be paid by PangeaMed while Crowd advances the current digital nurse further. Additional chatbots and AI services are also on the agenda which Crowd expects would generate a minimum of $332,000.
While PangeaMed can claim the title of being Crowd’s first customer, others may soon be lining up behind them based on recent media appearances from Schmorak who emphasised the limitless potential of Crowd’s conversational AI beyond the healthcare industry.
The entertainment industry has been touted as one that Crowd would eventually penetrate based on its historic ties to celebrities and global network of social media influencers. In his recent interview with Proactive Investors, Schmorak offered a hypothetical situation where conversational AI could offer a link for artists to market directly to their fans.
“Imagine yourself going into an Uber in Las Vegas. And once you get into the Uber, there’s a screen on the head rest.
“And as you get in the Uber, a screen pops up with Britney Spears, which says, ‘Hey, Christine, great having you in Vegas. I can see that you’re going to the Bellagio. I have a concert there on Thursday. How about you scan this QR code and get a discount?’
“That’s only one part of what we’re doing.”
For the half year ended 31 December 2021, Crowd Media reported $2.85m in revenue primarily generated from its mobile subscription service. Notably however, the half year signalled an inflection point for Crowd which delivered an EBITDA profit of $109k for a substantial improvement on the previous year’s $703k loss.
Going forward, Schmorak has flagged an updated roadmap for Crowd which includes Metaverse integrations with avatar interactions, and an NFT project where Crowd has the technical capabilities to form a smart contract to access talking heads, allowing unique experiences.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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