Verses Tech (NEO: VERS) has entered into a strategic partnership with SimWell as it works to enhance its product offerings in the area of digital twins. SimWell is said to be a leader in digital simulations, which it creates through advanced analytics techniques.
Under the partnership, the two firms will collaborate to leverage their abilities in the area of digital twins to enhance the quality of the product offering. Given Verses’ experience in AI, and the experience of SimWell in digital twins, the duo collectively are to provide predictive modeling simulations to clients in the retail, manufacturing, logistics, supply chain and other industries. The simulations are expected to assist in optimizing processes and reducing costs via real-time models that it constructs.
“Spending $500K-$1M simulating your process before committing to multimillion dollar and multi-year projects only works if you trust the simulation and with SimWell that trust has been demonstrated repeatedly around the world. Our combined energy benefits global customers and partners with expertise and tools that drive transformation across enterprise verticals,” commented James Hendrickson of Verses.
The partnership is set to begin with the duo performing a joint project for an undisclosed global apparel brand, where digital twins will be used in an effort to enhance production processes while minimizing costs. Financial details of the project were not disclosed.
WATCH: VERSES Introduces AI-Based General Intelligent Agent — With Gabriel René
As part of the arrangement, SimWell is also set to become the first developer on Verses developer network that will focus on building what is referred to as Intelligent Agents within the KOSMOS system. Intelligent Agents are used to transform data into a knowledge model, from which actions are performed that develop into predictive and reactive autonomous systems.
Verses Technologies last traded at $1.06 on the Neo.
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