VERSES Technologies (VERS.NE) today announced the successful completion of its first-of-a-kind autonomous drone or urban air mobility (UAM) test in Zaragoza, Spain.

This test was part of the Flying Forward 2020 project, a three-year collaborative research project, funded by the European Commission, that will develop a new Urban Air Mobility (UAM) ecosystem aligned with the Digital Government Transformation (DGT) of European countries, which focuses on incorporating UAM within the geospatial data infrastructure of cities. Essentially developing an ecosystem to help society fly forward in a safe, secure and effective way. This will ensure products across Europe are received and sent more faster and more efficiently.

VERSES successfully deployed multiple autonomous drones to provide real-time aerial views in order to monitor the safety of hundreds of thousands of visitors participating in the cultural procession that runs through the streets of Zaragoza during the festival of La Virgen del Pilar. Autonomous drone crowd safety monitoring.

VERSES AI operating system, COSM, allowed local authorities in Zaragoza to remotely monitor the entire celebration at the Square and its surrounding neighbourhood.

VERSES’ COSM operating system employs artificial intelligence and digital twins to govern the behavior of the autonomous drones to ensure strict compliance with the air traffic regulation and data privacy laws. The COSM-enabled autonomous drones used in this UAM mission provided continuous, real-time monitoring of the flow of traffic, safety and security assessments and the ability to proactively identify unusual or atypical occurrences, reducing the need for extra monitoring teams on the ground and air. Powerful tool for first responders and law enforcement.

COSM AI-platform ensured the governance of the autonomous drone flights were in compliance with all local laws, data management policies and security regulations, a first of its kind real-world demonstration of the goals set out by the European Commission to enable automated compliance of AI powered drones within the European Union.

“This was an exciting project for VERSES, and we appreciate the collaboration from the city of Zaragoza as we developed and delivered an urban air mobility plan for the Pilar Festival,” said Gabriel René, Founder and CEO of VERSES. “This autonomous drone work is another example of our COSM operating system in action. From the spatial mapping of an entire city to the creation of flight plans and the governance of drones via geospatial contracts in real time – this is all possible because of the adaptive intelligence capabilities that are unique to our COSM platform.”

“The collaboration with VERSES and Flying Forward 2020 made it possible for autonomous drones to operate safely over the crowds, collect images of key areas of the festival and provide essential data to our first responder teams on the ground,” said Miguel Ángel Ania, Head of Innovation for the city of Zaragoza. “This information not only provided a real-time view of the city, but will help with future event planning– from the creation of evacuation routes for emergencies to the prevention of crowd surges in public spaces.”

VERSES expects to continue to work with autonomous drone flights through Flying Forward 2020. They are definitely off to a great start.

Here at Equity Guru, we have been telling the exciting story of VERSES technologies and their technology, presenting the value they bring to the world. This was one of the hottest Canadian tech IPOs of 2022, and their future looks bright. A big 2023 is in store for VERSES and their projects including their drone program in Europe.

The stock is currently up over 6% with over 71,000 shares traded at time of writing.

Back in September 2022, I outlined that the stock broke down below a major support level. This was the $0.95 zone. I did tell investors that I expected the stock to drop to its next support level. Nothing to do with the fundamentals of the company, but due to a technical breakdown.

Our support target has been met, and the stock is now basing. There could be a double bottom pattern forming which is a reversal pattern. This pattern looks like the shape of the letter “W” and it indicates reversal because no new lows are made.

For VERSES, the base (or support) of this double bottom comes in at the $0.57 zone. As long as price remains above this level, the double bottom is in play. The trigger is the breakout above $0.73. This would initiate a new uptrend which would take us back to $0.95 and then back over $1.00 on the path to make new record highs.

Alternatively, if VERSES breaks below the $0.57 support, then we would move down to the previous record lows at the $0.39 zone.

Full Disclosure: VERSES Technologies Inc. is a marketing client of Equity Guru.