Verses (VERS.NEO) enters supply chain market with ground-breaking Cosm OS and Wayfinder

Verses Technologies (VERS.NEO), an AI company headquartered in New Westminster, British Columbia with offices in California, announced today that it had released two solutions for the supply chain and logistics markets: Cosm OS, an artificially intelligent (AI) operating system, and Wayfinder, an AI-powered spatial picking software.

Verses’ business is based on the vision of the “spatial web” – an open hyper-connected, context-aware, governance-based network of humans, machines, and AI.

Cosm OS is the world’s first AI operating system and allows anyone to build intelligent apps for anything without having to learn a whole new programming language. The system works with legacy solutions without the need for custom programming or an API.

Verses’ AI operating system gives users the ability to aggregate the mountains of disparate data generated by IoT sensors, cameras, robotics systems, etc., analyze it, and run simulations, producing recommendations that can then be automatically carried out in the real world.

The company has entered into Proof-of-Concept agreements with Volvo, Honeywell, AstroZeneca and Mars to provide test tailored logistics solutions for manufacturing, warehousing and fulfillment operations based on the Cosm operating system.

Wayfinder is powered by the company’s spatial networking technology with open standards, making it interoperable and adaptable to any WMS or ERP.

VERSES Logistics: Introducing WAYFINDER from VERSES.IO on Vimeo.

Verses’ portfolio of technology looks to modernize the traditional approach to worker performance and experience, inventory and capacity planning and facility management and space utilization.

Gabriel Rene, co-founder and CEO, commented, “The supply chain is the nervous system of the global economy, so we believe equipping companies within that industry with Verses adaptive intelligence technology is the first step to truly understanding, optimizing and automating operational activities within and across supply chain organizations. Verses technology is designed to provide real-time visibility into all aspects of the supply chain as well as the ability to intelligently orchestrate human and robotic workers’ real-time activities and assignments.”

As a companion to Verses’ release, the company announced it had added to its leadership team by appointing James Hendrickson as President and General Manager of Verses Logistics, a wholly owned subsidiary and the company’s global enterprise-specific business unit.

Hendrickson is a veteran of both strategic and commercial leadership dealing with supply chains and supply chain technologies. He recently led strategic partnerships and alliances for the robotics automation company Berkshire Grey.

James Hendrickson added, “I am excited to join the talented leadership team at Verses as we focus on driving growth and modernizing the supply chain landscape. I believe Verses technology is positioned to resolve critical gaps in the supply chain by mapping and representing the entire supply chain in a digital spatial twin. The purpose of the spatial twin is to help capture context, navigate workers through the space, and apply Artificial Intelligence to solve a variety of supply chain problems, and I’m thrilled to bring these solutions to market.”

Verses recorded $2.77 million CAD in revenues in fiscal 2022 with a net loss of $8.89 million. The increased net loss was attributed to the loss on the reverse take-over of VT of $5.35 million.

Revenues increased by $2.68 million in fiscal 2022 compared to fiscal 2021, leaving the company with $5.59 million in cash and cash equivalents, an increase of $4.73 million from the year before.

The company currently trades at $0.72 per share for a market cap of $35.24 million.