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

AI and Autonomy

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

Verses has so far announced partnerships with six beta program participants for its Genius platform

Verses AI raises CAD$10M in private placement and leans into AI product, Genius
Image from Pavel Danilyuk via Pexels.

Artificial intelligence company, VERSES AI Inc. (CBOE Canada: VERS) (OTCQB:VRSSF) is looking to raise CAD$10 million by selling 10 million warrants for CAD$1 per share at a private placement.

Announced earlier this month, the company has since closed the first tranche of the placement, having unloading 7 million shares for CAD$7 million.

The company is offering these special warrants as a share and warrant bundle, wherein each unit includes one class A subordinate voting share and a half warrant to purchase another share.

Investors can exercise this warrant over the following two years after the issuance date by paying CAD$1.50 per share.

The money raised through the placement will go towards several uses.

The first is for general business expenses and keeping the company running. The second is to continue developing its artificial intelligence-based Genius platform and for its beta launch. Additionally, Verses will use USD$2 million to pay back loans they took from two unrelated investors for its subsidiary, VERSES Technologies.

Beyond its core product, however, Verses is also looking to expand and develop its intellectual property portfolio.

It currently has 11 patent applications in progress, including ten provisional applications filed in the USA and one international application.

Additionally, the company has secured 14 registered trademarks split between the USA and European Union with an additional nine applications pending across various regions. Furthermore, Verses claims ownership of various trade secrets and copyrights associated with its software and other original creative works.

Read more: Pudu Robotics launches first industrial application robot at trade fair

Read more: Microsoft’s AI resurgence: rumored $500M robotics investment

Verses modelled Genius after natural systems and neuroscience

The private placement comes shortly after the completion of a major consolidation effort, wherein it merged its technologies and applications to form Genius.

The company launched a private beta program in October 2023 to showcase the program’s capabilities. This program grants early access to select partners from various industries. Verses has so far announced partnerships with six beta program participants: Nalantis, Cortical Labs, SimWell, NASA’s Jet Propulsion Laboratory (JPL), Volvo Cars, and Blue Yonder.

The upcoming public beta program’s limited private preview has garnered significant interest, with over 3,700 sign-ups.

In a recent update, Verses highlighted its progress across various areas. It signed a deal with a major US pharmacy chain to leverage its operational intelligence expertise and improve the efficiency of the chain’s distribution centers. Additionally, it announced a collaboration with Analog to explore potential smart city projects in Abu Dhabi.

On the research and development front, a roadmap outlining key milestones and benchmarks for measuring progress was issued in February 2024. These benchmarks will be used to compare Verses’ advancements against traditional deep learning approaches.

It has also made significant progress in standardization efforts. Its work on the Standard for Spatial Web Protocol, Architecture and Governance reached the final balloting stage at the Institute of Electrical and Electronics Engineers (IEEE) in April 2024, a crucial step towards formalizing the standard.

Verses AI is a cognitive computing company focused on developing biologically inspired distributed intelligence. The company modelled Genius after natural systems and neuroscience, allowing it learn, adapt, and interact with the real world.

Key features include generalizability, predictive queries, real-time adaptation, and an automated computing network.

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