FULL DISCLOSURE: This is sponsored content for Verses AI.
Verses AI (CBOE: VERS) has officially secured funding from artificial-intelligence focused investors. The firm this morning revealed it has entered into an arrangement to raise $20 million from AI-focused institutions along with certain existing investors under a unit offering.
The financing, which is expected to close within the next two days, will see the company sell 12.7 million units at a price of $1.57 per each. Each unit is to containing one subordinate voting share and one half of a subordinate voting share purchase warrant. Warrants are to contain an exercise price of $1.96 per share, and are valid for a period of three years from the date of issuance.
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Proceeds from the financing are to be used to provide liquidity to finance ongoing operations, with Verses heavily emphasizing that funding will go towards research and development objectives, along with working capital and general corporate purposes.
WATCH: Verses AI: Genius vs. OpenAI
The interest from AI-focused institutions notably follows the company releasing positive preliminary results from the Atari 10K Challenge, which aims for AI platforms to meet or exceed human-level performance across multiple Atari games.
Based on preliminary results, Verses AI’s Genius platform aid to have demonstrated that its Active Inference-based Bayesian models can “achieve comparable or better performance” than that of the “Bigger, Better, Faster” model developed by Google’s Deepmind, and other deep learning transformer-based models, such as Anthropic and OpenAI.
The preliminary data follows the announcement that Genius had outperformed an OpenAI model in a tech challenge based on Mastermind. Genius outperformed OpenAi’s o1 Preview model by being 140 times faster, and 5,000 times cheaper on a comparable basis.
Verses AI last traded at $1.96 on the CBOE.
FULL DISCLOSURE: VERSES AI is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Verses AI. The author has been compensated to cover VERSES AI on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
