VERSES (VERS) Status update summary

Leadership transition and organizational focus

• Recent leadership changes include the departure of key founders and the appointment of an Interim CEO, David T. Scott, who brings extensive experience in technology and operational execution.

• The board has initiated a search for a permanent CEO, with Scott committed to leading commercialization efforts in the interim.

• The company remains fully remote, retaining a global team of engineers and researchers to meet commitments.

Scientific foundation and technology development

• The company's AI platform, AXIOM, is based on Professor Karl Friston's neuroscience research and is designed to emulate human-like thinking.

• AXIOM has demonstrated superior performance in benchmarks against Google's DeepMind and in robotics simulations.

• The technology is being applied to the ARC-AGI 3 challenge, aiming to showcase its broad applicability in AI.

Strategic market focus and commercialization

• The company is prioritizing financial services, especially portfolio management, as the initial commercialization target due to strong market interest and clear economic value.

• Active Inference-based technology offers transparency and risk quantification, addressing key industry needs and building trust with clients.

• Successful pilots with a global asset manager have led to recurring revenue and a scalable, repeatable product offering.