Insurtech Flamingo Ai says it has undertaken significant efforts to reduce operational costs as it lifted revenue to $276,000 in the three months to June 30, up from $133,000 in the prior three months.

The company reported a cash balance of $5.03 million at June 30, little changed from $5.12 million a year earlier.

Flamingo has bases in Sydney and the US working on cognitive virtual assistants, journey assist platforms and unsupervised machine learning algorithms.

The firm’s business strategy has moved from building its core AI technology platform to more recently developing its Virtual Employee Assistant product and engaging with select global brands as beta customers.

It is licensing its virtual assistant software to HSBC Australia under a three-year deal, deploying an assistant called MAGGIE for the bank’s FAQs and knowledge retrieval. The contract includes a monthly subscription and can be extended to five years.

Flamingo promoted COO Olivier Cauderlier to the CEO role last month, freeing-up founder Catriona Wallace to focus on growth.