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Scryb Inc. (CSE: SCYB) (OTCQB: SCYRF) (FSE: EIY), a leading venture builder based in Toronto, Ontario, specializes in developing and scaling high-growth disruptive businesses in sectors like applied AI, digital health, cybersecurity, and biotech. With a focus on AI governance solutions, Scryb recently unveiled its 'AI Trace-Box' product to foster compliance, safety, and trustworthiness in AI systems. The company's CEO, Yoav Raiter, emphasizes the need for managing the risks associated with autonomous decision-making and emerging challenges in the AI landscape, aligning with NIST guidelines and the latest EU AI Act.Scryb has appointed Michael Kitchen to its Board of Directors, effective June 26, 2024. Kitchen, who has over 25 years of experience in executive roles, notably at BMO Financial Group, will bring valuable expertise in driving revenue growth, business expansion, and financial performance. His background includes managing teams of 1300 people and overseeing business units with annual revenue exceeding $5 billion. Kitchen's experience spans payment technology, fraud, and financial services sectors, and he has held leadership roles on various boards, including Moneris and Interac. Concurrently, Sudhir Thomas and W. Clark Kent will be stepping down as directors, with Kent continuing as President. Scryb is optimistic that Kitchen's appointment will bolster its growth and shareholder value.
Scryb announced the U.S. Senate's bipartisan $32 billion roadmap for AI policy, which highlights the need for AI regulation and governance solutions. This development validates the market opportunity for Scryb's AI compliance solutions. The roadmap, a significant increase from previous funding, emphasizes the importance of robust AI governance to manage risks and foster trust in AI systems. Scryb's AI Trace-Box is designed to help organizations navigate regulatory landscapes, aligning with guidelines from bodies like NIST and the EU AI Act. AI software spending is expected to reach $298 billion by 2027 with a CAGR of 19.1%, and AI services are projected to be a $443 billion market by 2027 with a CAGR of 16.9%.
Scryb Inc. announces an extension of its non-brokered private placement financing, aiming to raise up to $1,500,000 through the issuance of 60,000,000 units at $0.025 per unit. The offering has been extended until May 31, 2024, with each unit consisting of a common share and a warrant. Proceeds will be utilized for working capital and general corporate purposes, subject to regulatory approvals.
On January 9, 2023, Scryb Inc. reported significant commercial growth of Cybeats Technologies Corp., in which it holds a 65% stake. Cybeats recently secured several major contracts, boosting its market capitalization to approximately $140 million as of January 6, 2023. This elevates Scryb's stake value to $90 million. Cybeats signed a three-year contract with a leading energy management company and a two-year licensing agreement with Integral Ad Science, indicating strong demand for its SBOM Studio product, which addresses cybersecurity vulnerabilities.
Scryb Inc. announced that Pima Zinc Corp. has received conditional approval to list its shares on the Canadian Securities Exchange (CSE), pending compliance by February 15, 2023. This follows the Amalgamation Agreement with Cybeats Technologies and Pima Subco, wherein Pima will acquire Cybeats' shares. Scryb's CEO, Yoav Raiter, expressed optimism regarding the financing process despite challenging market conditions, highlighting the growing cybersecurity market and the potential showcasing of Scryb's value upon listing.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) announced a strategic partnership with Veracode, a leader in application security testing. This collaboration aims to enhance cybersecurity solutions by integrating Cybeats' SBOM Studio, which tracks third-party components used in applications. Veracode will guide the deployment of SBOM Studio within their client base, facilitating greater software security and reducing risks in software supply chains. Both companies aim to expand their influence in the global cybersecurity market, offering joint customers better technology investments and secure software development.
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