Technology

Gabriel René Steers Verses AI Towards Promising Future

Verses AI (NEO: VERS, OTC: VRSSF, FRA: J9A), an AI company, is making waves under the leadership of Gabriel René, renowned as the #1 bestselling author of "The Spatial Web & SWF."

Spencer Duke

August 9, 2023

min read

Article Highlights

Verses AI (NEO: VERS, OTC: VRSSF, FRA: J9A), an AI company, is making waves under the leadership of Gabriel René, renowned as the #1 bestselling author of "The Spatial Web & SWF." With a strong focus on its groundbreaking KOSM product, which is the world's first network operating system for distributed intelligence, Verses AI recently secured several convertible debenture financings and forged a notable partnership with SimWell.

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VERSES Technologies Announces Name Change to VERSES AI

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Sector Overview

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The artificial intelligence market was valued at USD 136.55 billion in 2022 and is projected to grow at a CAGR of 37.3% from 2023 to 2030. Ongoing research and innovation by tech giants across industries such as manufacturing, healthcare, retail, and finance are driving the adoption of cutting-edge AI technology. Businesses are leveraging AI as a service (AIaaS) to reduce operating costs and enhance profitability, gaining a competitive edge in the cloud market. The AI services category is expected to witness substantial growth throughout the forecast period.

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Company Overview

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Verses AI (NEO: VERS, OTC: VRSSF, FRA: J9A) specializes in next-generation artificial intelligence as a cognitive computing company. Powered by KOSMOS, its network operating system enables distributed intelligence. The company's flagship product, GIA, is an Intelligent Assistant for Everyone designed based on natural systems and the principles of human brain functionality and experience. Leveraging open standards, KOSM combines diverse data to create knowledge models that foster reliable AI, machine, and human cooperation in both physical and digital realms. Verses AI envisions a future where nature-inspired inventions enhance human potential.

Major milestones for Verses AI are anticipated in 2025, including breaking even and uplisting to NASDAQ.

KOSM - World's First Network Operating System for Distributed Intelligence

KOSM is a revolutionary network operating system that interacts directly on behalf of users in the physical world. Combining AI with edge computing, robotics, and augmented reality, KOSM delivers real-world outcomes and experiences.

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Peut être une image de oiseau et texte qui dit ’VERSES ubiquitous agents, all flowing in unison, distributed mind’

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Verses AI recently joined forces with SimWell to leverage cutting-edge AI and SimWell's expertise in creating digital twins, enabling predictive modeling simulations. Through this partnership, enterprise clients in sectors such as retail, warehousing, consumer brands, manufacturing, logistics, and supply chain gain access to real-time models that facilitate data-driven decision-making, streamline processes, reduce costs, and gain a competitive edge in the global marketplace.

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About Gabriel René

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Gabriel René, the CEO and Founder of Verses Inc., brings a 25-year career in the Technology, Telecom, and Media Industries. He is a technologist, entrepreneur, and author specializing in emerging technologies like AI, IoT, and XR and their applications across industrial, fintech, govtech, and international standards organizations. Renowned for his #1 International Bestseller, "The Spatial Web: How Web 3.0 Connects People, Machines, and AI to Change the World," Gabriel has collaborated with numerous Fortune 100 organizations, including Verizon, Sony, Intel, Coca-Cola, Microsoft, Yahoo, Qualcomm, Apple, Samsung, Universal, AT&T, and the Obama Campaign, among others.

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Peut être une image de texte qui dit ’VERSES a tree of knowledge, branches interconnected, designed by nature’

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Vision and Mission

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Verses AI envisions a smarter world where technology and humans work harmoniously to generate shared prosperity. The company's mission is to elevate human potential through intelligent tools that significantly enhance mutual understanding.

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Share Structure / Financials

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Verses AI's latest financial statements, covering the period ending December 31, 2022, reported revenues of $560k and revenue costs of $475k. The company allocates nearly 33% of its expenses to research and development, amounting to $1.5M. Other significant expenses include personnel expenses ($732k), investor relations ($588k), and share-based payments ($720k).

An interesting observation from the company's financials is the substantial amount spent on travel and meal expenses, totaling $219k for just three months.

Before the recent financing rounds, Verses AI had $2.9M in cash, $8M in total assets, and $2.5M in total liabilities.

The share structure is intriguing, with 118M shares issued and outstanding. Notably, Gabriel René (Founder & CEO) and Mapes (Founder & President) hold 62.5M shares.

Verses AI successfully closed three tranches of financing, raising a total of $7.5M:

The first tranche reached $5M.
The second tranche amounted to $1.9M.
The last tranche raised $600k.

These funds will be utilized for general working capital purposes.

In terms of stock price, Verses AI has been enjoying a steady uptrend. Currently trading around $1.6 (April 9, 2023), it recently reached a 52-week high of $1.85 and remains significantly higher than its 52-week low of $0.39.

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Conclusion

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Under the leadership of Gabriel René, Verses AI (NEO: VERS, OTC: VRSSF, FRA: J9A) is poised for significant achievements. The company's valuation is compelling, backed by recent successful financing rounds and a strategic partnership with SimWell. With a substantial share structure held by the founders and Gabriel René at the helm, Verses AI is well-positioned to make strides in the AI industry.

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