Verses AI provides Q3 corporate update

VERSES AI provides a corporate update. VERSES recently entered into the first joint smart cities project with Analog, an edge computing company focused on seamlessly connecting people, places and things using smart sensors and mixed reality devices. This project is centered around taxi fleet management in Abu Dhabi with the objective of, utilizing Genius, to optimize fleet operations while minimizing congestion and emissions. This pilot project is the first in a series of commercial projects that VERSES and Analog, both G42-funded companies, are in talks to develop together in Abu Dhabi with expected initial generated revenue for VERSES of approximately US$3,000,000. Leveraging Genius, future initiatives in Abu Dhabi intend to focus on projects in key sectors such as smart mobility, healthcare, and energy. James Hendrickson was promoted to Chief Operating Officer to lead the internal organization to meet the staffing, operations, and financial initiatives that prepare VERSES for the future. Operations have already become more streamlined resulting in a 30% reduction in monthly costs and steps are being taken to prepare the Company for easier access to US investors and US markets. Former Chair Jay Samit moved to an executive role with VERSES as Head of Global Partnerships and Michael Blum was announced as the new Independent Chair. Mr. Blum is a co-founder and president of Hedgeye Risk Management, a premier independent investment research house whose customer base advises more than $10 trillion in assets and operates in close to 100 countries. VERSES began its Genius beta program earlier this year and is continuing to work with a targeted group of developers and expects the program to expand with new partners this quarter. The Company also announced completion of a research collaboration with NASA Jet Propulsion Laboratory, which successfully demonstrated cross-platform interoperability between Digital Twin systems for lunar explorations. The project is part of a research phase of the Genius beta program. VERSES, in partnership with the Spatial Web Foundation, worked with JPL researchers to model data using Spatial Web standards with the objective of allowing government agencies, private sector aerospace entities, and universities, each having different technology stacks, to collaborate in a unified real-time simulation of the lunar surface. VERSES research team led by Chief Scientist Dr. Karl Friston, published more than 25 papers in Q3, among which is a paper titled, “From pixels to planning: scale-free active inference,” which introduces an efficient alternative foundation to deep learning, reinforcement learning and generative AI called Renormalizing Generative Models that address foundational problems in artificial intelligence, namely versatility, efficiency, explainability and accuracy, using a physics-based approach. RGMs are a versatile “universal architecture” that can be configured and reconfigured to perform many or potentially all of the same tasks as today’s AI but with far greater efficiency.