Verses Technologies (VERS.NEO), a leading-edge AI company focused on building technologies to underpin the contextual computing age otherwise known as Web 3.0, announced today that it had become a card-carrying member of the Digital Twin Consortium
The Digital Twin Consortium is an international organization based in North America which assists in creating collaborative partnerships between digital twin users and experts in industry, government, academia and tech.
Members of this organization come from a wide variety of industries from academia and research to mobility and transportation. Members include Google, HSBC, Microsoft and Kaiser Permanente.
So, what is a digital twin? Digital twins are virtual representations of an object like a car or a system like a warehouse. This replication exists in tandem with the physical-world and is updated with data in real-time so that users can carry out simulations to assist with decision making.
This concept is perfectly illustrated by Verses’ flagship Wayfinder AI app which operates in real-time over a digitally mapped warehouse and guides both workers and automated devices to optimize picking routes and improve productivity.
Usage of Wayfinder has been found to increase warehouse picking productivity by as much as 40% over the traditional human-based seek and find methodologies.
The global digital twin market is emergent, estimated to be $6.9 billion in 2022 and is expected to grow to $73.5 billion by 2027.
However, as digital twinning is a new concept, companies utilizing digital twins are still unsure how to best apply the technology and according to a recent study, could be missing out on as much as 35-65% of possible value.
This is where Digital Twin Consortium steps in to save the day and put companies in their best possible position to benefit from the ground-breaking digital twin technologies.
Gabriel Rene, Verses founder and CEO, commented, “Digital twins play a key role in the contextual computing era. They connect data from real-world people, places and things and allow organizations to monitor, simulate, predict and direct activities to collectively enable a smarter, more sustainable and safer world. We are excited about the mission of the Digital Twin Consortium and look forward to collaborating with other leading members and demonstrating how VERSES can advance the capabilities and benefits of digital twins across various industries.”
What’s interesting about this partnership, is the skill level and foundational experience of Verses’ management team, who have written white papers on their technologies, making them a highly valued partner in the consortium.
Can Issacs, Digital Twin Consortium CTO, confirmed, “We are delighted to welcome VERSES as a member of the Digital Twin Consortium. Drawing on years of research and development, their experiences with spatial computing and digital twin technologies will be valuable to our members as we work together to use digital twins to streamline interactions between people, objects, and machines.”
In other news, Verses recently announced it had closed the first tranche of a $10.0 million CAD private placement for gross proceeds of $5.24 million to drive the company’s continuing growth.
This announcement came on the heels of the company partnering with leading global supply chain consulting firm, Tompkins Ventures, as well as Verses expanding its deployment of smart logistics solution, Wayfinder across leading fulfillment service company, NRI’s global operations.
It looks to be an exciting year for Verses who has more than doubled its share price since its IPO in June.
Here is a recent episode of The Gauntlet where Equity Guru’s own Chris Parry talks with Gabriel Rene and gets the skinny on the company, its ground-breaking COSM AI OS and leading-edge Wayfinder App and how Verses is set to change the way we handle our supply chains. Enjoy!
Verses currently trades at $0.98 per share for a market cap of $49.88 million.
–Gaalen Engen
Full Disclosure: Verses Technologies is an Equity.Guru marketing client