AVENTURA, Fla., April 15, 2021 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today announced that its subsidiary Cognitive Apps Software recently participated in the February 2021 Y Combinator cohort receiving an award as one of the most promising Artificial Intelligence (AI) startups in the space of healthcare and technology.
This success has further validated Cognitive Apps proof of concept and has energized the entire Cognitive Apps team and motivated us to push the boundaries of innovation in the space of AI. Following this success, Cognitive Apps is developing a series of new features rolling out in coming weeks including speech to text for clinical documentation purposes in the healthcare and a series of intuitive chat bots targeting various mental health care indications.
Additionally, Cognitive Apps has signed three LOI’s for the licensing of its technology to other technological companies. Cognitive Apps plans to apply its existing technology, as well as the new technologies being rolled out, disrupting industries with intuitive chatbots targeting insurance companies and corporate wellness, diagnostic monitoring tools for outpatient for hospitals and clinics, and AI diagnostic algorithms for mental healthcare clinical trials. The global chatbot market size was estimated at $352.8 million in 2019 and is expected to reach $1.250 billion by 2025.i
Dr. Manideep Gopishetty, CEO and Co-founder of Cognitive Apps, said, “Receiving recognition and an award from such a highly regarded organization that has produced over 25 unicorns, is a tremendous achievement for Cognitive Apps. With this spirit and responsibility my team and I plan to push our innovation to the next level, where it can have profound impact on the mental health care and AI technology sector for the next decade.”
"We are honored to have Cognitive Apps recognized as one of the most promising AI startups in healthcare and technology," said Robert Grinberg, CEO and of Life Clips, Inc. "I believe our recent acquisition of Cognitive Apps will be very beneficial to our shareholders. We look forward to building a competitive brand as we move forward with other acquisitions."
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.
Life Clips, Inc.
David L. Kugelman
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