The line that separated the digital world from the physical world is no longer as clear-cut as it used to be. In today’s world, we can see how surgeons experiment with holographic atomic models during their procedures.
We can also see how the Internet of Things and Augmented Reality help manufacturing, warehouse, and maintenance employees be more efficient. Moreover, cities are creating 3D duplicates of themselves to improve scenario-planning and decision-making.
Even so, we still feel like we’re not quite “there” yet. Current technology applications are glimmers of the upcoming Spatial Web, also referred to as 3D Web or Web 3.0. The Spatial Web is the next stage of evolution in information and computing technology, following Web 1.0 (world wide web) and Web 2.0 (mobile web).
The Birth of Web 3.0
Web 3.0 is unfolding right before our eyes and it will eventually remove the limit between physical objects and digital content as we know it. It’s called Spatial Web because digital information will integrate into the physical world, becoming inseparable from it.
The vision will come true thanks to the growth and intersection of a variety of enabling technologies, such as Virtual Reality (VR), Augmented Reality (AR), advanced networking such as 5G, IoT (Internet of Things) sensors and devices, geolocation, Artificial Intelligence (AI), Machine Learning (ML), and distributed ledger technology such as blockchain.
According to predictions, the complete establishment of Web 3.0 may take 5 to 10 years. However, early-stage applications have provided quite the competitive advantage and are attracting attention from investors who want to be the first to stake their claim in this budding sector. One such company is VERSES.
VERSES (NEO: VERS) is a Los Angeles-based next-gen AI company that was listed on the NEO as VERS this past June 28th. The company had its first market success in the logistics and supply chain sectors, landing a US$25-million contract over 10 years and quite a few paid pilots with Fortune 500 companies.
The company has a string of incoming contracts, channel partners, and pilots coming down the pipeline, and they are expected to lead to tremendous growth in the Web 3.0 sector. Here’s an overview of all that VERSES brings to the table.
The company has created a disruptive platform technology protocol named after the Spatial Web. It provides AI with an effective understanding of how reality works for humans. This will enable users to develop applications that apply AI to real-world problems.
Additionally, VERSES (NEO: VERS) is developing the first Artificial Intelligence (AI) operating system (OS), which they’ve named COSM. This has provided the company with a multi-year kickstart without competitors. Their edge stems from working on open protocols since 2018.
Speaking of COSM, the company expects to open it in 2023 and make it available to third-party developers. This is meant to allow third-party developers to use it to create their own AI-driven Spatial Web applications. This would make COSM the first Spatial Web App Store, a sort of Shopify for AI apps.
VERSES has also been working on its own “killer applications” for supply chain and logistics. The first application is focused on logistics, and it has reduced the average cost to choose a package by 35% for NRI, which is a $100-million annual sales warehouse group in the United States and Canada. Additionally, further warehouse reorganization performed by their technology is demonstrating additional 25% efficiency gains.
That means that VERSES is helping NRI save an average of 8 million dollars every year. As a result, they obtained a 10-year, 25 million dollars contract. The technology applications that this company brings forward have the potential of solving plenty of elements in the supply chain crisis. VERSES is scaling in one of the largest sectors and it seeks the productivity and margin gains resulting from providing AI apps to workers.
Running the numbers
VERSES (NEO: VERS) has a rich set of paid logistics pilots ($100,000 to $300,000) with major auto manufacturers, logistics companies, pharmaceutical conglomerates, and consumer product brands. The company expects to convert many of these pilots to 7 or 8-figure contracts over the following quarter or two.
Additionally, the European Commission has given them the top spot in the EU for the development of autonomous drone infrastructure, which will begin in 5 cities, netting the company an initial 1 million dollars.
Moreover, the company has a large pipeline of inbound leads from over a hundred Fortune 500 and Global 1000 companies, several major partnerships and arrangements with companies like Deloitte, and is finalizing reseller agreements with two of the largest warehouse management systems, which want to add and resell VERSES tech to 6000 customers around the world, spread over 80 countries.
It’s also worth noting that in the fiscal year 2022, VERSES reported US2.7 million dollars and the company is projecting a revenue of US7.5 million dollars for the fiscal year 2023. Additionally, VERSES is locked onto several important contracts that will continue supporting their revenue increase well into 2024.
Investing the future of tech
The technology that VERSES provides helps companies accomplish a lot more while using fewer resources, reducing emissions and waste, and increasing their bottom line. Moreover, the company is leading the ability to follow the trail and seize the carbon credits produced by the efficiencies from both their applications and (soon) third-party applications on the AI OS.
Since November 2020, VERSES has raised C$ 33.5 million. The most recent raise stood at $1.00 and VERSES has 118 million outstanding shares. 62.5 million of those shares are owned by CEO Gabriel Rene and President Dan Mapes.
VERSES Establishes Itself as an Industry Thought Leader
In 2020, Deloitte published a landmark report which, in essence, summarized the book The Spatial Web written by VERSES CEO Gabriel Rene and President Dan Mapes, which introduced the term. The report has contributed to the increase of sales leads from Global 1000 CIOs and CTOs that comprise their sales pipeline.
As mentioned before, Deloitte is partnered with VERSES and is exploring and number of different opportunities for 2023. Additionally, Deloitte’s former Independent Vice Chairman has joined the VERSES board of directors.
Setting the Standard
The Spatial Web protocols are being developed into open standards within the Internet and Electronics Standards Development Organization (IEEE) and designated as a “public imperative”. It’s expected that these Web 3.0 protocols will receive certification in the following 18 months and become the global de facto standard for this new generation of computing.
Representatives from a hundred companies, governments, and NGOs have come together with the working group to advance and support the adoption of these protocols. For reference, the IEEE rules over and has standardized over a thousand of the most essential internet and electronic standards. Including Bluetooth, WiFi, and Ethernet, which are used by 98% of the global internet traffic.
VERSES has made all the right moves to make itself one of the most promising is companies in the the Spatial Web space. On track to become one if its major players, investors looking to claim their stake in a sector that is sure to revolutionize the way logistics (and more) are managed will want to keep an eye on this blue-chip prospect.
About VERSES
Verses Technologies Inc. (NEO: VERS) operates as a technology company. The company engages in developing COSM operating system that accelerates next generation application development and deployment for the Internet of Things by helping manage location-based network level resources on the Spatial Web. It also develops Spatial Web applications built on COSM. The company was formerly known as Chromos Capital Corp and changed its name to Verses Technologies Inc. in June 2021. Verses Technologies Inc. was incorporated in 2020 and is headquartered in New Westminster, Canada.
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