VERSES and Analog Announce Smart City Initiative in Abu Dhabi

The project will simulate taxi fleet management to optimize mobility and transportation

CEO Gabriel René and Analog CEO Alex Kipman will host a webinar on Tuesday, October 1 at 1:00 PM PST/4:00 PM EST

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 intelligent sensors and mixed reality devices, to simulate the management of a taxi fleet in Abu Dhabi. Using Genius™, the project aims to understand how to optimize fleet operations while minimizing congestion and emissions.

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

The project objectives include 1) increasing the number of taxis in service 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 demand with available resources, and 3) automatically scheduling and executing maintenance activities, ensuring that each taxi is maintained in a timely manner and that arrangements are consistent with the capabilities and capacities of the facility.

By combining diverse real-time data sources into a probabilistic model of the world that takes into account factors such as local events, weather, fleet data, staff preferences, regulatory requirements, maintenance schedules and inventory levels, Analog will be able to better monitor and respond to the dynamics of the entire city ecosystem, which will have a positive impact on several dimensions, including improving traffic flow and reducing air pollution.

“Our vision for AI-powered edge computing aligns with VERSES’ vision for a smarter world, and we look forward to leveraging Genius to not only deliver business value but also to empower people and simplify everyday life,” said Alex Kipman, founder and CEO of Analog. “This smart city project is a testament to Abu Dhabi’s commitment to advancing technology for the good of society. We look forward to a range of smart city projects that 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, plan to jointly develop in Abu Dhabi, with expected revenues for VERSES of approximately USD 3 million.

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

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 1 at 1:00 PM PST (4:00 PM EST). Interested parties can use the link below to register for the event today.

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

ABOUT THE VERSES
VERSES is a cognitive computing company that creates next-generation intelligent software systems modeled on the wisdom and genius of Nature. Our flagship product, designed around the first principles of science, physics, and biology, Genius™, is a toolkit for developers to generate intelligent software agents that add reasoning, planning, and learning capabilities to existing applications. Imagine a smarter world that elevates human potential with technology inspired by nature. Learn more at poems.ai, LinkedIn AND X.

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

On behalf of the Company
Gabriel René, Founder and CEO, VERSES AI Inc.
Press inquiries: [email protected]

Investor Relations Inquiries
United States, Matthew Selinger, Partner, Integrous Communications, [email protected] 415-572-8152
Canada, Leo Karabelas, president of Focus Communications, [email protected] 416-543-3120

Analog Media Inquiries
Press inquiries: [email protected]

Note Regarding Forward-Looking Statements

In this press release, the words “estimate,” “project,” “believe,” “anticipate,” “intend,” “expect,” “plan,” “predict,” “may” or “should” and the negatives of these words or variations thereof or comparable terminology are intended to identify forward-looking statements and information. Although VERSES believes, in light of the experience of its respective officers and directors, current conditions and expected future events and other factors deemed 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. Forward-looking statements and information in this press release include, but are not limited to, statements regarding potential future smart city projects and the Company’s ability to meet the intended goals and objectives of the current smart city project.

There are risks and uncertainties that could cause actual results to differ materially from those anticipated in these forward-looking statements and information. The Company has used various material assumptions in making the forward-looking statements in this press release. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements or other future events to differ materially 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 the actual results of VERSES to differ materially from those indicated or implied by the forward-looking statements and information. These factors include, but are not limited to: the Company’s ability to negotiate contracts for future smart city projects; the Company’s ability to achieve the intended goals and objectives of the current smart city project. The Company undertakes no obligation to comment on the analyses, expectations or statements of third parties with respect to its securities or its financial or operating results (as applicable).

In addition, forward-looking statements involve various known and unknown risks, uncertainties and other factors that may cause the actual plans, intentions, actions, results, performance or achievements of the Company to be materially different from any future plans, intentions, actions, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the risk that the Company will not be successful 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 in making decisions, investors and others should carefully consider the above factors and other uncertainties and potential events. VERSES has assumed that the material factors referred to in the preceding paragraph will not cause such forward-looking statements and information to be materially different from actual results or events. However, this list of 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 VERSES’s expectations as of the date of this press release and is therefore subject to change after such date. VERSES does not undertake any obligation to update this information at any particular time, except as required by applicable law.