Verses Technologies (VERS.NEO) is a next-generation AI company providing foundational technology for the contextual computing era.
Modeled after natural systems and the design principles of the human brain and the human experience, VERSES’ flagship offering, COSM, is an AI Operating System for enhancing any application with adaptive intelligence.
That’s a mouthful.
The objective of Verses’ technology is to make big corporations more profitable.
Verses now has a market cap of $40 million. Equity Guru’s Founder and CEO Chris Parry, boils the story down into street language.
“A lot of times the struggle in this business is when you find a company that sounds like everybody else,” stated Parry on June 29, 2022, “And the struggle is to make it sound different.”
“With Verses Technologies, the struggle is to explain it to the average person, what they do, why they do it, why it's necessary,” continued Parry.
“We live in a world of data. Everything you do, everywhere you go, someone is collecting data on it, and it goes into a big bucket and 99% of it never gets accessed.
The reason it never gets accessed is because in order for it to really be useful, you need to use it in concert with other data that has been collected elsewhere.
These things that currently are done by a guy with a clipboard, and a laptop can be shrunk back into one group of IOI cameras at every post, watching what's happening in every part of that process. Analyzing, reformulating, figuring out what things can be done better.”
Verses is a company that promises to do that. Scalability is often a problem in technology companies. You got to go out and keep selling. But Verses will be getting license fees forever, which means every time they sell something, they sell another thing, sell another thing it grows. It's a subscription, its licensing, it's forever," says Parry.
“Spatial computing refers to the process of leveraging digital technology to enable computers to interact seamlessly in a 3-D world – using Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR),” writes Gabriel Alex Montes Ph.D on May 27, 2022.
“Spatial computing brings the real world and digital world together to make our reality and computer landscape intertwined. It explains how humans are increasingly stepping into the world of computers in order to engage with immersive technology, rather than interacting with it from a physical world”.
“One such great spatial computing application is the Wayfinder app powered by VERSES spatial networking technology.
Wayfinder utilizes spatial intelligence and AI to create a 3D twin model of a warehouse, allowing optimization of inventory location, storage space, and inventory flow for greater efficiency. The following are some benefits and features of Wayfinder:
- Improved inventory turnover: Wayfinder allows workers to pick more items within the same allotted person-hours.
- Unmatched compatibility: Wayfinder is compatible with handheld mobile devices and hands-free AR.
- 3D-visual and voice guidance: This feature allows pickers to go to the exact location of items in less time with minimal effort. It evaluates and plugs optimum routes for workers in real-time, reducing travel time between picks.
- High level of efficiency: With Wayfinder, there can be a 50% increase in daily order fulfillment across the distribution center (DC). Improvement at the DC has a positive downstream effect with customer satisfaction, retention and long-term loyalty – translating to rapid and sustained ROI and a better bottom line”.
On July 27, 2022 VERSES announced that it has entered into an operating partner agreement with Tompkins Ventures, an executive supply chain match-making firm, to introduce VERSES and its technology to companies within the supply chain industry to help accelerate the adoption of VERSES’ technology portfolio.
“In the last half century, the supply chain has reinvented itself repeatedly to give us the modern supply chain we have today,” said Gabriel René, Founder and Chief Executive Officer of VERSES. “During that time Jim Tompkins has invented, led, or played a part in a number of key innovations, technology shifts and major trends across the supply chain. We are incredibly proud to have Jim’s experience, vision, and wisdom through this partnership with Tompkins Ventures.”
Tompkins Ventures will receive a percentage-based commission on each successful business arrangement entered into by VERSES and a company introduced by Tompkins Ventures.
On July 19, 2022 VERSES announced that it is expanding deployment of Wayfinder spatial order picking software to all eighteen North American distribution centers for NRI Distribution Inc.
(NRI), a leading third-party logistics (3PL) provider, pursuant to a SaaS agreement previously entered into between VERSES and NRI. This deployment builds upon the success of a multi-site Wayfinder pilot program and is an important step in NRI’s growth strategy to provide comprehensive logistics services for their omnichannel partners and the ongoing commercialization and expansion of VERSES technologies in the global supply chain sector.
This announcement comes at a time when supply chain disruptions continue to occur globally, forcing many companies to examine and optimize all aspects of their operations.
“Wayfinder improves efficiency by reducing the cognitive effort that warehouse workers experience when utilizing text-based applications to look for products within the distribution center,” said René, “By shifting the work to the Wayfinder application and enabling AI to optimize the tasks and route each worker to the next pick location, we’re proud to deliver not only cost savings, but also improved worker
"Simply stated, we believe VERSES Wayfinder is a game changer, not only for us, but for the industry as a whole, which is why we are excited about our long-term relationship, ” said Peter McKenna, Chief Executive Officer of NRI. “Throughout our pilot, the Wayfinder application added significant and immediate value to our day-to-day operations, directing warehouse workers in the most efficient pathways to improve individual picking performance by nearly 40%. Bottom line – we believe Wayfinder is driving competitive advantage and we look forward to realizing additional warehouse talent and cost benefits in the coming years.”
Typically, there is a treacherous gap (sometimes called “The Valley of Death”) between the development of a technology and its commercialization.
It’s unusual to have a 5-week-old publicly traded company already on the other side of that valley.
The quick doubling of Verses’ share price, suggests that investors are taking notice.
Authored by Lukas Kane, Equity.Guru
Featured image sourced from Shutterstock
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