23 Dec , 2024 By : Debdeep Gupta
Shares of software development firm Intellect Design are higher by 10% in early trade on December 23 with volumes that are more than 10x the one-month average, testing levels last seen in October.
Last week, the company shared a presentation with analysts and institutional investors on its new Enterprise AI platform called Purple Fabric, which is tailored for the financial and insurance sectors. The presentation, shared on December 19, highlighted Purple Fabric's capabilities using a 'Multi-Agent' AI system to transform enterprise operations such as claims settlement.
The tool claims to help financial services companies in handling the data generated by the increasing number of products on offer to offer better customer service, and offers a simplified structure. Intellect claims that Purple Fabric leverages 'Thinking Brain' tools, which are based on Large Language Models, along with handling data integration and classification for better customer services. The tool claims to offer subject matter expertise without requiring extensive technical expertise.
The platform offers AI-based document management for various applications and allows product managers to design and implement AI use cases.
As part of the monetizing strategy, Purple Fabric offers tools for small and medium-sized enterprises to build and deploy AI solutions, which can help expand the customer base. Intellect Design Arena said it aims to generate significant revenue from Purple Fabric.
The company completed 10 years of existence as a listed company on December 18. So far this year, shares of the company are higher by 9%.
Intellect Design has been facing a delay in the revival in discretionary spending, and soft performance in the last two quarters.
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