The non-executive chair at Insig AI has moved into an executive role.

Richard Bernstein will become exec chair from 1st June, the listed company stated.

Insig AI, which provides environmental, social and governance data solutions including a disclosure research tool, has raised £900,000 in a share placing and taken the final tranche of a £750,000 loan facility from Bernstein.

The London firm also revealed £2m group revenue for the year ended 31st March 2023, comprising £1.4m from the group’s legacy Sport In Schools business and £600,000 from Insig AI, representing 60% growth at the latter.

It forecasted further sales growth, with revenue of not less than £1.4 million in FY24.

“The board remains optimistic that it will achieve operating profitability in FY24,” it said.

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Insig AI will provide its data and software platform to the Global Financial Innovation Network’s Greenwashing TechSprint run by the Financial Conduct Authority. This will bring together 13 international regulators and multiple participants in each jurisdiction, including innovative tech firms and teams from large consultancies.

The goal of the project is to develop a tool or solution that can help regulators tackle or mitigate the risks of greenwashing in financial services across the globe, using technology to monitor, collate and identify examples of greenwashing from websites, social media platforms and other documentation or data.

“We have previously spoken about the nascent nature of the ESG market. However over time, we will see the exclusion of greenwashing being rigorously policed by regulators and financial products with transparent ESG credentials,” said CEO Colm McVeigh. 

“Insig AI will be extremely well placed from our judicious investments, ahead of the market yielding significant results. I am also mindful that in a bear market for asset managers, it is all too easy for many to defer investment. 

“However, for those who see that now is the right time to apply advanced technologies to underpin a step change in their business to identify market trading opportunities, reduce risk and to better protect their investors, we know how our team can deliver positive, high impact benefits for our customers.”

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