The CEO of Insig AI plc has been replaced by its executive chairman.

The data science and machine learning solutions company said Colm McVeigh has stepped down from the board and his role as CEO to pursue other opportunities with immediate effect.

Richard Bernstein has been appointed as CEO “to devote more time to engaging with asset managers, prospective customers and commercialising Insig’s product offering”.

Last month Insig AI said it would report lower-than-expected total revenue of around £1.3m for the 2024 financial year, below the £1.4m it had forecasted, after two significant contracts were delayed. Some £900,000 of that revenue came from its Sport in Schools business, which it sold in November 2023.

The “delayed commercialisation” of some of its key products had left it struggling for capital, with Bernstein offering to inject £250,000 of equity financing.

McVeigh joined the firm in November 2021 as chief commercial officer and was named CEO in April 2022.

How Mizaic CEO plans to double size of business

Chief technical officer Warren Pearson is also stepping down from the board, but will remain within the business as a full-time employee. 

Meanwhile John Wilson – CEO of Bulgin Limited, a manufacturer of sealed connectors and components – has been appointed as non-executive chairman with immediate effect. 

He joins Bernstein, chief product officer Steve Cracknell and non-exec director Richard Cooper on the board.

“I’m pleased to be appointed chief executive at a time when the priority for the business is to convert its strong machine learning repository and data science capabilities into client wins and revenues,” said Bernstein.

“Although sales cycles to large corporates for emerging technologies can take up to 18 months, with impending regulatory changes, our addressable market has enormous potential. Over time, my job will be to ensure that we fully capitalise on these substantial opportunities.”

10 speakers confirmed for AI innovators event