AVENTURA, Fla., Aug. 06, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today that its subsidiary Cognitive Apps Software Solutions unveiled Aiki, an AI-based interactive assistant that makes it easy to measure, understand, and improve the mental health of employees. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by employers to raise awareness of employees’ mental health.
Aiki will target corporate users who want to use Cognitive Apps voice biomarkers to target improved employee mental health. Many employers have found their employees feel overwhelmed as a result of the pandemic, social distancing from colleagues and friends, and forgoing daily, dependable routines. According to a recent survey conducted by the National Institute for Health Care Managementi 51% of people said their mental health deteriorated at work since COVID-19 started, which has created a tremendous need for improved and expanded employee mental health initiatives.
Cognitive Apps’ target audience for Aiki is medium and large enterprises with more than 500 employees in the USA, Canada, and the UK. The Total Addressable Market (TAM) of the corporate health market is estimated at $61 billion. The Served Available Market (SAM), which includes the health risk assessment and stress management segment, is estimated to be $23 billion. 80% of U.S. small businesses now use HR software, or plan to use it in the next one to two years, according to Capterra. In a 2019 Artificial Intelligence Survey, Gartner said 17% of organizations use AI-based solutions in their HR function and another 30% will do so in 2022. U.S. corporations spend $100 billion annually to eliminate the consequences of burnout and depression of employees instead of preventing such conditions, according to Forbes.
The Aiki solution is based on voice tone analysis and context analysis processed by Cognitive Apps’ AI. Aiki's chatbot interaction includes general mood analysis, emotion detection, mental health state tracking, multi-day courses, and interactive content. Aiki will benefit an enterprise by monitoring a company’s overall mental health level, detecting early signs of burnout, depression, and anxiety.
According to a recent article in Forbesii, Ginger, an on-demand mental health technology platform founded by a team of entrepreneurs and data scientists at the MIT Media Lab, released its Third Annual Workforce Attitudes Toward Mental Health Report. According to Forbes, Ginger surveyed more than 150 CEOs in an effort to find out how they perceived the mental health of workers during the pandemic.
Here are some of the findings of the CEOs:
- 80% of CEOs believe that poor employee mental health negatively impacts worker productivity.
- 94% of CEOs report having received mental health support themselves over the past year.
- More than half of CEOs report that talking about mental health makes them a better leader (and nearly 90% of employees appreciate it)—even though 56% of them are concerned it might impact their credibility.
- 92% of CEOs report that their companies have increased focus on mental health, as a result of the pandemic.
Dr. Manideep Gopishetty, CEO and Co-founder of Cognitive Apps, said, “Aiki is the first of many AI-based products using our voice biomarkers that will be targeted toward corporations. Over the next five years the Cognitive Apps team plans to build an ecosystem of products designed to improve the quality and accessibility of predictive mental health analytics. Our global plan includes building both standalone and integrated solutions for businesses and individuals, which includes wearables, smart devices and cloud technologies that are evolving at a high speed. Our target is to utilize the power of all listed technologies and enhance Cognitive Apps analytics core to become industry leader in preventive analytics.”
Cognitive Apps is currently using voice biomarkers for mental health monitoring to identify early warning signs of mental health conditions to allow for early intervention with preventive care to determine underlying causes for stress, anxiety and burnout and to suggest an appropriate treatment plan for cases that require attention.
Robert Grinberg, CEO and President of Life Clips, Inc. said, “Dr. Gopishetty and his team are making major inroads on developing commercial products around their research in the vocal biomarker space. We are excited about Aiki being scheduled for release by the end of this month.”
About Life Clips, Inc.
Life Clips is the parent company of Cognitive Apps Software Solutions Inc. and distributes single-use and cordless batteries under the Mobeego brand for use with cellular phones and other mobile devices. Cognitive Apps is an AI-Powered mental health analytics platform that empowers businesses to measure, understand, and improve mental well-being of their employees, patients and customers. Drug development for mental health disorders and other cognitive impairments is hampered by the inability to identify at risk groups before the onset of clinically significant symptoms, as well as continuous assessments on the progress made by the participants. Cognitive Apps is addressing this problem by pioneering a speech-based AI technology which could help accurately predict risk for various types of depression and mood and anxiety-based disorders years before a clinical diagnosis is obtained. Our technology can help detect and monitor subtle changes in mental state by assessing individuals more frequently and more objectively than the assessments used today.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.
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i https://nihcm.org/publications/covid-19s-impact-on-mental-health-and-workplace-well-being
ii https://www.forbes.com/sites/jackkelly/2021/03/26/its-time-for-companies-to-focus-on-helping-employees-with-their-mental-health-and-well-being/?sh=255ca08944a1
