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Animoca Brands Corporation Limited (ASX:AB1) is into the development and publishing of a spectrum of original games. It offers free games mostly, with revenue generation primarily through consumers when they pay for virtual items or services in the games and when the company, sells in-game advertising across its network of several games through Animoca brands. The company serves as a global or regional publisher for select games that have been developed by third parties.
On 25 February 2019, the company announced that its subsidiary OliveX (HK) Limited (âOliveXâ) had secured US$1 million in funding from strategic investors including Alabaster and Antanas Guoga.
OliveX is a subsidiary of Animoca Brands. It was launched in March 2018, and the company is into the development and publishing of several mobile apps. The apps of the company are based on artificial intelligence (AI), that utilise gamification to improve the health, fitness, and engagement rates of users.
The mobile health market globally worth US$24.2 billion in 2017, as per the market researcher Mordor Intelligence. It is having been forecasted to grow at a compounded annual growth rate (CAGR) of 26.1%, reaching a worth of US$152.2 billion in 2026 as per Acumen Research and Consulting, 2018.
More than 1.4 million downloads have been collected by OliveX in the past twelve months, and the downloads included apps like 22 Push-ups, Vora-fasting tracker and Lympo Squat.
The apps of OliveX have received more than 30,000 reviews and with an average rating of 4.7 out of 5. The featured app in the ânew apps we loveâ segment of the App Store was 22 Push-Ups.
In January 2019, Animoca Brands, OliveX and Lympo announced the worldâs first âSquat for Cryptoâ initiative with the official launch of Lympo Squat. It is an app based on artificial intelligence and was promoted by world-famous tennis player Caroline Wozniacki.
The company announced that OliveX, its subsidiary had raised capital from strategic investors. The purpose for the capital raising is to make progress in the OliveXâs body motion AI initiatives coupled with several additional opportunities in the wellness space, also including optimally deploying the capital for the acquisition of apps. The investors include Alabaster and Antanas Guoga.
Alabaster is a start-up investor, and it has interest and focuses on companies that it believes to have an impact globally. Antanas Guoga is a distinguished Lithuanian businessman and politician. He is also the co-founder of Lympo and a member of the E.U. parliament with the responsibility of leading the blockchain for Sports Foundation of Lympo. Lympo has remained a partner and collaborator of both Animoca Brands and its subsidiary OliveX over a long-term period.
On the price-performance front, the stock of Animoca Brands Corporation last traded at $0.087 with a market capitalization of $65.43 million. The stock has generated a negative YTD return of 13.0% but posted returns of 10.13%, and 4.82% over the last six months and three months respectively, however the return for the past month remained at -8.42%. The stock has a 52-week high price of $0.115 and a 52-week low price of $0.036 with an average trading volume of ~2.32 million.
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