Just one month since being appointed CEO of artificial intelligence company Crowd Media (ASX: CM8), Idan Schmorak has set tails wagging with his plans to expand the Company’s chatbots beyond eCommerce and into the lucrative healthcare industry.
“A broad and detail-oriented onboarding process with all of our teams was one of the first steps in the 100-day plan we have formulated to accelerate the platform towards its planned commercialization in 2022,” said Schmorak in an investor update.
“The journey included an intensive 3-day workshop bringing together our investee partners and development teams where the main building blocks of our first product were set, and mechanisms for end-to-end product rollout were formed.
“Having seen the potential for our AI, I am particularly keen to capitalize on its applications in other industries beyond eCommerce. Cornerstones for the first potential deals are in place and I hope to bring you an update on the new commercial partnerships we are looking at, in the months ahead alongside finalizing the first technology stack.”
Key to the underlying tech behind the conversational AI that enables avatars to interact in real time is the growth of influencer marketing which has meant influencers and celebrities no longer have the time or resources to respond to their fans.
“Crowd Media long ago marked conversation AI as the future – a face-to-face chatbot system that will open new ways for brands, businesses, and anyone to interact with their audience. Imagine opening a bank account with the presenter of your bank or buying espresso capsules in a one-on-one with George Clooney,” said Schmorak.
By leveraging Crowd’s AI which replicates the visuals using advanced imaging technology combining 3D and deepfake, and replicates the audio using voice cloning together with state-of-the art AI, the Crowd’s system can converse in eCommerce settings like the George Clooney example referenced by Schmorak. Crowd’s ties with Nespresso date back to 2017 when Crowd was engaged to run influencer marketing campaigns for the coffee pods manufacturer.
Ideas linking Crowd’s conversational AI to the healthcare industry were first circulated when Crowd entered into a Heads of Agreement with South African healthcare company PangeaMed.
Time scarcity is rampant across the healthcare industry where a lack of trained resources make it difficult for medical professionals to meet the demand for their services. This is accentuated further in remote regions lacking access to Western medicine where telehealth can fill the void courtesy of tech advancements such as satellite communications.
This would potentially position Crowd’s conversational AI as a telehealth platform where the AI has potential to solve real world healthcare problems.
Shortly after Crowd confirmed the appointment of Schmorak, they also strengthened their Board with the recent addition of Sytze Voulon as a Non-Executive Director. Voulon most recently served as CEO of biotech business Synlab Analytics & Services which was acquired last year via a €550 million merger.
Alongside the global impact of COVID-19, businesses around the world have been increasingly turning to chatbot services where automation has created a win-win situation for addressing labour shortages.
A 2020 Markets and Markets research report estimates that The global conversational AI market, including chatbots and intelligent virtual assistants, is expected to grow at a CAGR of 22% during 2020–25, reaching almost US$14 billion by 2025.
A similar study by Gartner estimates that 70% of white-collar workers will interact regularly with conversational platforms by 2022.
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