Insig AI PLC on Monday said it had signed a consultancy agreement with a London based alternative investment manager.

The deal, expected to be completed by December 31, is worth £120,000. The unnamed investment manager has over $1 billion in assets under management.

Insig AI is a London-based data science and machine learning company.

The consultancy agreement will see the investment manager draw on Insig AI’s fintech data science capabilities with the aim of ‘generating alpha’. Alpha is a measure of the active return on an investment, the performance of that investment compared with a suitable market index.

Insig AI noted it is ‘in active discussions with other institutions.’

Chief Executive Officer Colm McVeigh said: ‘It is encouraging to see our customers investing as they look to exploit opportunities in the current dynamic market. We see a strong business case for other progressive asset managers to work with us to add value to their businesses.’

Shares in Insig AI were trading 1.3% higher at 18.22 pence each in London on Monday morning.

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