Business
Joint venture to build new AI-driven products
Joint venture to build new AI-driven products.
About this update from Electric Guitar Plc
[{"type":"text","content":"\n\n \n31 July 2024\n \n\n \nElectric Guitar PLC\n(\"Electric Guitar\" or the \"Company\")\n \nElectric Guitar establishes joint venture to build new AI-driven products\n \nThe Board of Electric Guitar PLC (LSE: ELEG), the digital marketing and advertising company providing first-party data solutions, is pleased to announce that it has agreed to launch Marcomms.ai as a UK joint venture with Exelia Technologies Limited (\"Exelia\"). Exelia is a Cyprus-based software development business with a specialised team of developers proficient in blockchain, machine learning, data processing and AI.\n \nMarcomms.ai is a 50:50 joint venture that combines Exelia's technical capabilities in all forms of AI and data transformation with Electric Guitar's administration, sales and general commercialisation expertise, and the unique global dataset (\"Global Data Store\") owned by 3radical, Electric Guitar's principal operating subsidiary. In addition, the joint venture will benefit from 3radical's established clients in the marketing communications and advertising industry, providing valuable data and a ready market for the joint venture's offerings in the marketing communications and advertising sectors.\n \nMarcomms.ai will harness the transformative potential of AI in the marketing communications and advertising sector to position the joint venture, and by extension Exelia and Electric Guitar, as a leading authority in AI-enhanced marketing and advertising solutions.\n \nMarcomms.ai's first product development will use 3radical's Global Data Store, which contains over 1 billion data points, to create advanced machine learning algorithms to help clients increase consumer engagement and allow them to understand their audience at a new level.\n \nWork on Marcomms.ai's first product has already begun, and the parties expect to start user acceptance testing with Electric Guitar's key clients in the autumn.\n \nExelia will fund Marcomms.ai's initial working capital in relation to data engineering and transformation, data analysis and dashboard creation based on the Global Data Store. Electric Guitar will fund the initial costs in relation to incorporation and administration of the joint venture company, access to the Global Data Store, and the initial productisation and introduction of the minimum v...