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- Unith (UNT) successfully taps private investors for $4.5 million to integrate ChatGPT conversation artificial intelligence into its Talking Head platform
- Under the placement, Unith will issue over 136 million new shares at 3.3 cents, along with a $500,000 share purchase plan at the same price
- Unith upsized the placement due to strong demand from institutional and sophisticated investors, including a “prominent Australian family office”
- The company says it is now well-funded to accelerate the development and commercialisation of its conversational AI products in 2023
- Shares in Unith are down 5.13 per cent to 3.7 cents at 1:55 pm AEDT
Unith (UNT) has successfully tapped private investors for $4.5 million to integrate ChatGPT conversation artificial intelligence (AI) into its Talking Head platform.
The AI specialist upsized its planned placement due to strong demand from institutional, sophisticated, and professional investors, including a “prominent Australian family office” that “cornerstoned” the cap raise.
Unith will now issue 136 million new shares at 3.3 cents to raise the funds — a 15.3 per cent discount to its last trading price on February 8.
The company said it also planned to launch a $500,000 share purchase plan to give retail investors the chance to subscribe for up to $30,000 new shares at the same price as the placement.
Unith CEO Idan Schmorak said the company was “incredibly pleased” with the demand for the placement.
“Interest continues to grow in conversational AI globally, and Unith is strongly positioned at the forefront of the industry, with our unique proprietary technology to benefit from this growing demand,” Mr Schmorak said.
“The company is now well-funded to continue progressing our development and commercialisation activities, which will focus on building scalability into our business model and further enhancing our technological edge.”
The 2023 launch of OpenAI’s ChatGPT chatbot has taken the world by storm, with the AI-based platform helping users write essays, create social media blogs, complete maths equations, and even code.
Unith said it would use the funds from the capital raise to develop ChatGPT-driven conversational AI features into its Talking Head platform. The company said this would improve its software efficiency on the end-user side and remove friction from the client side, allowing for easier onboarding on the platform.
The company will also put the funds towards accelerating the development of the Talking Head platform, increasing sales capacity, driving sales and marketing initiatives, and general working capital.
Unith’s Talking Head tech is designed to provide a way for businesses to use AI to onboard and educate customers, upsell products, handle complaints, and more — all with a digital avatar and AI voice to improve the customer’s experience.
Shares in Unith were down 5.13 per cent to 3.7 cents at 1:55 pm AEDT.
