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Scryb Inc (SCYRF) is a venture builder driving innovation in applied AI, cybersecurity, digital health, and biotech through strategic investments and operational expertise. This page serves as the definitive source for Scryb-related news, offering investors and industry observers centralized access to official updates.
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Scryb Inc. (CSE: SCYB) has released its Q1 2025 financial results, reporting total assets of $13.5 million, marking a 54% increase from the previous quarter's $8.8 million. The company recorded a $9.3 million gain from Cybeats' accounting separation and a $1.36 million gain from selling its stake in Fionet Rapid Response Group.
Key financial positions include $2.2 million in cash and receivables, a significant stake in Cybeats Technologies (63 million shares, ~49% ownership), and over 16 million shares in Glow Lifetech. The company recently raised $1.1 million in financing and launched Raidian, an AI compliance and safety solution.
Cybeats' performance shows strong growth with total contract commitments exceeding $7 million in 2024, an 84% increase from 2023. The company achieved 148% net revenue retention and maintains a 90% trial-to-license conversion rate, recently securing a three-year contract with Rockwell Automation.
Scryb Inc. (CSE: SCYB) has strengthened its position in Cybeats Technologies Corp. through a $500,000 investment in a private placement at $0.16 per share on November 28, 2024, and additional open-market purchases of over 300,000 common shares in February 2025.
Key highlights from Cybeats' performance include: 148% net revenue retention for 2024, a multi-year agreement with Rockwell Automation, total contract commitments exceeding $7 million in 2024 (up from $3.8 million in 2023), and a 90% conversion rate from trial programs to commercial licenses.
Additionally, Scryb completed a secured convertible debentures offering, raising $1,175,300 in gross proceeds. The company has also granted 13,600,000 stock options at $0.05 per share, with 4,100,000 allocated to directors and officers.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) has sold its joint venture interest in Fionet Rapid Response Group (FRR Group) to a private corporate development company for CAD$3.5 million plus a 3% royalty on net revenue until December 31, 2025. The transaction, completed on December 6, 2024, includes quarterly fixed payments through August 15, 2025, with an initial $800,000 payment at closing.
FRR Group, known for developing mobile software platforms for community-level healthcare, has successfully implemented its technology nationally in an African country. The acquirer plans to expand operations to other African nations. Scryb retains rights to use FRR Group's technology for non-competitive projects.
Additionally, W. Clark Kent has resigned as President of Scryb but will continue providing capital markets consulting services.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) has launched Raidian, a new business unit focused on AI governance and compliance solutions. The unit has developed a SaaS prototype for managing AI risks and regulatory compliance in enterprise environments. Yoav Raiter, with 30+ years of software expertise, has been appointed as Raidian's CEO, stepping down from his positions at Scryb to lead this venture.
Raidian's solution addresses enterprise challenges in managing interconnected AI systems, offering real-time monitoring and risk mitigation capabilities. The venture targets the AI software and services market, projected to reach $741 billion by 2027. James Van Staveren has been appointed as interim CEO of Scryb Inc.
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.
