Nov 21 (Reuters) - Australia's AI firm Appen (APX.AX) said Tuesday it is mulling the sale of a part or whole of its business.
Appen, which was one of the world's largest AI training providers, has implemented a raft of cost-saving initiatives and has seen its executive team being entirely replaced over the last two years.
The company on Tuesday announced an equity raise of A$30-million ($19.52 million), aimed at boosting its working capital.
It also announced an additional $14 million of cost reduction, boosting its cost-saving initiatives this year to $60 million.
($1 = 1.5366 Australian dollars)Reporting by Nausheen Thusoo in Bengaluru; Editing by Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.
Persons:
Nausheen, Mrigank
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Thomson
Locations:
Bengaluru