SKIN.L Share News (SKIN)

(Sharecast News) - Integumen announced the launch of 'Rinodrive' as an independent artificial intelligence (AI) platform for collaboration and joint venture partners on Tuesday, as an open-source cloud-based ecosystem.
The AIM-traded firm said the stand-alone platform was currently being rolled out with existing healthcare clients, a growing list of higher educational establishments, and was being tested in government departments, in a "reputable UK bank" and an international financial advisory firm.

Since 2016, Rinocloud - a wholly-owned subsidiary of Integumen - had developed Rinodrive as a data aggregation, refining and AI analysis open-source ecosystem, designed to provide third-party service providers with the ability to offer their clients insights that supported clinical, operational and financial decisions in healthcare services, third-level education, government departments and the financial sector.

"Following the transformational change with the Integumen business model achieved in just a few months by adding AI to Labskin, we are now delighted to be able to offer the same benefits across multiple industries," said chief executive officer Gerard Brandon.

"Rinodrive will act as an independent AI platform which will allow the management of Integumen to remain focused on their core Labskin AI business while deriving revenues from clients across healthcare services, third-level education, government departments and the financial sector.

"In the three years prior to the Rinocloud acquisition in May 2019, Rinodrive had been developed to deal with the explosive growth of data across multiple industries."

Brandon said the company had seen it successfully work with genetic data at Labskin, and also at various scientific data at research institutes such as the University College Cork, Cambridge University and the Centre for Advanced Photonics and Process Analysis at the Cork Institute of Technology.

"Rinodrive AI is now ready to help our clients and partners advance their work beyond Labskin and add a further revenue sharing source of income as we head into 2020."