VERSES and Analog Announce Smart City Initiative in Abu Dhabi

Rhea-AI Summary

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.

Positive

• Partnership with Analog for smart city projects in Abu Dhabi
• Expected revenue of approximately US$3,000,000 for VERSES from the initial project
• Potential for future projects in key sectors like smart mobility, healthcare, and energy
• Utilization of Genius™ platform for optimizing fleet operations and reducing congestion and emissions

Negative

• None.

Project will simulate taxi fleet management to optimize mobility and transportation

CEO Gabriel René and Analog CEO Alex Kipman to Host Webinar on Tuesday, October 1st at 1:00PM PT / 4:00PM ET

VANCOUVER, British Columbia, Sept. 18, 2024 (GLOBE NEWSWIRE) -- VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) ("VERSES'' or the "Company”), a cognitive computing company specializing in next generation intelligent systems, announces the first in a series of joint smart city projects with Analog, an edge computing company focused on seamlessly connecting people, places and things using smart sensors and mixed reality devices, to simulate taxi fleet management in Abu Dhabi. Utilizing Genius™, the project objective is to understand how to optimize fleet operations while minimizing congestion and emissions.

“We are excited to kick off this first commercial project and partnership with Analog,” said Gabriel René, CEO of VERSES. “Genius is ideally suited for smart cities where there are many stakeholders, each with different systems, hardware and methods for capturing and processing real-time sensor data. We aim to empower Analog with the tools to transform data from various sources into a unified model upon which Genius agents continuously generate insights and recommendations in order to optimize activity, with the goal of producing significant cost savings and efficiency improvements for fleet operators.”

The project objectives include 1) increasing the number of taxis in operation during designated periods of high demand, ensuring the highest possible fleet activity, 2) determining the optimal allocation of tasks for each taxi and driver, balancing operational demands with available resources and 3) automatically scheduling and conducting maintenance activities, ensuring that each taxi receives timely maintenance, and the arrangement aligns with facility capacities and capabilities.

By combining real-time disparate data sources into a probabilistic world model with factors such as local events, weather, fleet details, personnel preferences, legal requirements, maintenance schedules, and inventory Analog will be able to better monitor and respond to the dynamics of the overall city ecosystem, with a positive impact on several dimensions, including improved traffic and reduced air pollution.

“Our vision of AI-powered edge computing is well aligned with VERSES' vision of a smarter world and we are eager to leverage Genius to not only provide business value but also to amplify human skills and simplify everyday life,” said Alex Kipman, Analog Founder and CEO. “This smart city project is a testament to Abu Dhabi’s commitment to advancing technology for the benefit of society. We expect a string of smart city projects that will address challenges in mobility, healthcare, energy, and more, paving the way for a more connected and sustainable future.”

This pilot project is the first in a series of commercial projects that VERSES and Analog, both G42-funded companies, expect to develop together in Abu Dhabi with expected generated revenue for VERSES of approximately US$3,000,000.

Leveraging VERSES' Genius platform, future initiatives in Abu Dhabi intend to focus on projects in key sectors such as smart mobility, healthcare, and energy, in collaboration with UAE industry stakeholders.

Both CEO Gabriel René and Analog CEO Alex Kipman will host a webinar to discuss their Company's partnership and this smart city initiative on Tuesday, October 1st at 1:00PM PT (4:00PM ET). Interested parties can use the link below to register beginning today until the event.

Webinar Registration link: https://event.webinarjam.com/register/331/m4yk8c29

About VERSES
VERSES is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of Nature. Designed around first principles found in science, physics and biology, our flagship product, Genius™, is a toolkit for developers to generate intelligent software agents that enhance existing applications with the ability to reason, plan, and learn. Imagine a Smarter World that elevates human potential through technology inspired by Nature. Learn more at verses.ai, LinkedIn and X.

About Analog
Analog is an AI company focused on edge computing solutions that seamlessly connect people, places and things using smart sensors and mixed reality devices. Across all sectors, Analog's approach to AI ensures that technological advancements are not just about efficiency and convenience, but about enriching human experiences and fostering a more connected and mixed world. Embodying a philosophy of deep customer empathy, Analog’s journey from concept to reality is marked by human-focused innovation, design, and solutions that resonate on a human level. Learn more at Analog.io.

On behalf of the Company 
Gabriel René, Founder & CEO, VERSES AI Inc.
Press Inquiries: press@verses.ai 

Investor Relations Inquiries 
U.S., Matthew Selinger, Partner, Integrous Communications, mselinger@integcom.us 415-572-8152
Canada, Leo Karabelas, President, Focus Communications, info@fcir.ca 416-543-3120

Analog Media Inquires
Press Inquiries: media@analog.ai

Cautionary Note Regarding Forward-Looking Statements

When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although VERSES believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. The forward-looking statements and information in this press release include, among other things, statements regarding potential future smart city projects, and the ability of the Company to satisfy the intended goals and objectives of the current smart city project.

There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. In making the forward-looking statements in this news release, the Company has applied various material assumptions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause VERSES actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: the ability of the Company to negotiate contracts for future smart city projects, the ability of the Company to achieve the intended goals and objectives of the current smart city project. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of its securities or its financial or operating results (as applicable).

Additionally, forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the risk that the Company will be unsuccessful in negotiating contracts for future smart city projects; and that the Company may not be able to achieve the intended goals and objectives of the current smart city project. VERSES cautions that the foregoing list of material factors is not exhaustive. When relying on VERSES’ forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. VERSES has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of VERSES as of the date of this press release and, accordingly, are subject to change after such date. VERSES does not undertake to update this information at any particular time except as required in accordance with applicable laws.

FAQ

What is the purpose of VERSES and Analog's smart city initiative in Abu Dhabi?

The initiative aims to simulate taxi fleet management to optimize mobility and transportation in Abu Dhabi, using VERSES' Genius™ platform to increase operational efficiency, reduce congestion, and lower emissions.

How much revenue is VERSES (OTCQX:VRSSF) expected to generate from the initial Abu Dhabi project?

VERSES is expected to generate approximately US$3,000,000 in revenue from the initial smart city project in Abu Dhabi.

When is the webinar discussing VERSES and Analog's partnership scheduled?

The webinar with VERSES CEO Gabriel René and Analog CEO Alex Kipman is scheduled for Tuesday, October 1st at 1:00PM PT / 4:00PM ET.

What are the main objectives of the taxi fleet management project in Abu Dhabi?

The main objectives are to increase taxi operations during high demand periods, optimize task allocation for taxis and drivers, and automate maintenance scheduling to ensure timely upkeep of the fleet.