VERSES AI INC - VRSSF STOCK NEWS

VERSES AI (OTCQB:VRSSF) has released an updated version of its flagship product Genius™ to beta program participants. The new version introduces enhanced reasoning and planning capabilities, along with comprehensive explainability features. Key improvements include a new model building interface, simplified tutorials, and streamlined deployment processes based on early beta user feedback.

The updated Genius™ platform features a high-performing standard agent, intuitive low-code modeling interface, robust APIs, advanced Bayesian inference capabilities, and integrated user analytics. The release is currently available to existing beta partners, select journalists, and industry experts, with a commercial release planned for new partners in the coming months.

VERSES AI (OTCQB:VRSSF) announces upcoming year-end updates highlighting significant progress in research and product development. The company plans to share Atari 10K challenge benchmark results, demonstrate their Genius™ platform capabilities, and provide commercial updates. VERSES reports positive internal testing results for the Atari challenge and expects to release a Genius software update to beta users in December. The company will present 10 accepted papers at NeurIPS 2024, covering topics like active inference and predictive coding. Additional commercial activity is anticipated from existing partners, including Analog, and new relationships through 2024 and 2025.

VERSES AI announced a strategic partnership with Prodigii as part of their Genius™ beta program. Prodigii will utilize Genius' predictive and inferencing capabilities to develop intelligent solutions focused on sustainability planning and compliance for Fortune 1000 clients. The partnership aims to streamline Environmental, Social, and Governance (ESG) accounting standards and reporting requirements. Genius is designed to be composable, reusable, and capable of continuous learning, offering advantages over current static, pre-trained solutions that often produce unreliable results.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) has announced the initial results of its Genius™ Beta Partner collaboration with Volvo Cars. The companies have co-authored a paper demonstrating the use of VERSES' algorithms to predict the appearance of pedestrians, cyclists, and cars obscured behind stationary objects - an advancement beyond current autonomous vehicle AI capabilities.

The research, titled 'Navigation under uncertainty: trajectory prediction and occlusion reasoning with switching dynamical systems,' showcases a major improvement in autonomous vehicle safety. Using the Waymo open dataset, the experiments demonstrated significant enhancements in predicting animals, people, and objects entering the street from behind parked cars.

VERSES CEO Gabriel René stated that this advancement could help overcome a significant unsolved safety challenge in the autonomous vehicle industry, potentially paving the way for safer streets for all road users.

Verses AI Inc. (CBOE: VERS, OTCQX: VRSSF) announced a non-brokered private placement offering of up to 12,500,000 units at $0.80 per unit, targeting gross proceeds of up to $10,000,000.

Each unit includes one Class A Subordinate Voting share and one-half of one share purchase warrant, with each whole warrant exercisable at $1.20 per share for 36 months from the closing date, expected around September 25, 2024. The offering leverages the listed issuer financing exemption from prospectus requirements, making the shares freely tradeable without a hold period.

The offering will be conducted across Canada, excluding Québec, and may extend to the U.S. under Regulation D exemptions, subject to regulatory approvals. Finders and advisors will receive a 6.5% cash commission and compensation warrants. Net proceeds will fund general working capital and corporate purposes.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) and Analog have announced a smart city initiative in Abu Dhabi to simulate taxi fleet management. The project aims to optimize mobility and transportation using VERSES' Genius™ platform. Key objectives include increasing taxi operations during high demand, optimizing task allocation, and automating maintenance scheduling.

This collaboration is expected to generate approximately US$3,000,000 in revenue for VERSES. It's the first in a series of planned commercial projects between the two G42-funded companies in Abu Dhabi. Future initiatives will focus on smart mobility, healthcare, and energy sectors.

A webinar discussing the partnership and initiative will be hosted by VERSES CEO Gabriel René and Analog CEO Alex Kipman on October 1st at 1:00PM PT / 4:00PM ET.

VERSES AI Inc. (CBOE Canada: VERS) (OTCQX: VRSSF) held its Annual General and Special Meeting on September 13, 2024, in Vancouver. Shareholders approved all resolutions, including:

1. Fixing the board at four directors
2. Electing all director nominees
3. Re-appointing Smythe LLP as auditor
4. Renewing the omnibus share incentive plan
5. Altering the company's Articles

The board reappointed Michael Blum, resulting in a five-member board. Shareholders also authorized changes to share classes, including deleting special rights for Class A and B shares and re-designating Class A as 'Common Shares'. The board approved changing shareholder meeting quorum requirements to 33 1/3 percent of issued voting shares.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) has announced significant leadership changes. Jay Samit is stepping down as Chairman of the Board to become Head of Global Partnerships, focusing on deploying Genius to strategic partners. Michael Blum, co-founder of Hedgeye Risk Management, has been appointed as the new Chairman of the Board.

This transition comes at a important time for VERSES, following a strategic investment from G42, IEEE approval of Spatial Web standards, and recent research demonstrating the scalability of their technology. Samit's extensive experience and international contacts are expected to be valuable assets as VERSES rolls out Genius commercially. Blum, with his background in finance, space technology, and Silicon Valley, brings a wealth of experience to the board.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) announces its participation in the 5th International Workshop on Active Inference (IWAI 2024), taking place September 9th-11th in Oxford, UK. As the lead sponsor, VERSES will present 12 accepted scientific papers at this event, which is the largest conference dedicated to Active Inference, a field pioneered by VERSES Chief Scientist, Professor Karl Friston.

The research presentations will cover themes such as advancing Active Inference capabilities, multi-agent systems, real-world applications, emotional and social intelligence, ethical development, and explainability. IWAI 2024 has seen a 40% increase in attendance and a 70% increase in paper submissions compared to the previous year, indicating growing interest in Active Inference among AI researchers.