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Wednesday, Jun 19, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

AI and Autonomy

Verses AI onboards chief product officer in push for AI product Genius

The Genius Intelligence-as-a-service platform is modelled after a breakthrough in biological processes

Verses AI onboards chief product officer in push for AI product Genius
Image via Meta Platforms.

VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF) promoted a Chief Product Officer to help narrow its focus on promoting and shipping its flagship artificial intelligence product, Genius.

Announced on Wednesday, the company promoted Hari Thiruvengada from his previous position of VP of Product to the new C-suite position to spearhead the company’s commercial progression, pushing towards the launch of Genius.

The company modelled its Genius Intelligence-as-a-service platform after a breakthrough in biological processes. Instead of relying on enormous data sets like traditional artificial intelligence, which excels at pattern recognition and reconstruction, Genius employs nature-inspired biological processes.

These processes generate agents that collaborate and exhibit the dynamic behaviours of autonomous intelligent systems. Furthermore, Genius actively manages uncertainty and risk as it works to create safe and sustainable environments at scale.

“I started my career in research and gravitated towards product management because I thoroughly enjoy nurturing emerging technologies into useful tools,” says Dr. Thiruvengada.

“I am pleased to apply my experience along with the discipline and rigor of product development to mature our research and technologies into commercial software.”

Thiruvengada holds a PhD in Industrial Engineering & Human Factors and an M.S. in Computer Science from Penn State, and he has over two decades of experience in research development and product management. The company has replaced the Chief Technology Officer role, previously held by Jason Fox who is no longer with the company, with the Chief Product Officer role.

Read more: Verses AI raises CAD$10M in private placement and leans into AI product, Genius

Read more: Verses Technologies’ COSM adds another dimension to artificial intelligence

AI-as-a-service market is growing in leaps and bounds

Artificial intelligence has profoundly reshaped various sectors, including healthcare, finance, education, and customer service, among others, by enhancing efficiency, accuracy, and personalized experiences.

The introduction of ChatGPT by OpenAI in November 2022 marked a significant milestone in AI’s evolution. Designed to generate human-like text responses, the conversational model has influenced how businesses interact with consumers as well as how education and information dissemination are approached.

Additionally, ChatGPT’s ability to understand and generate natural language has opened new avenues for automation and interaction, setting a precedent for future developments in AI technology.

According to marketing firm, Global Market Insights, the AI-as-a-Service market reached a value of USD 9.7 billion in 2023.  The firm also estimates the market will grow at a compound annual growth rate of over 33 per cent from 2024 to 2032. The Global AI as a Service Market will achieve significant gains throughout 2024-2032, driven by the escalating rollouts of industry-specific solutions.


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