VANCOUVER, British Columbia, Aug. 28, 2023 (GLOBE NEWSWIRE) -- VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) ("VERSES'' or the "Company”), a cognitive computing company specializing in the next generation of artificial intelligence, today announced the successful completion of Flying Forward 2020 (FF2020). The three-year project that began in November 2020 was funded by the European Union to test the viability of autonomous drones across five European cities. The final two trial cities, Oulu, Finland and Tartu, Estonia, join the three other sites – Eindhoven, Netherlands, Milan, Italy, and Zaragoza, Spain – in demonstrating essential digital infrastructure for governing autonomous drones.
VERSES platform, KOSM, was deployed in Oulu to map navigation routes and landing zones in urban areas based on 5G/6G signal strength as well as inspect locations such as winter roads and parking spaces while in Tartu, KOSM was implemented for preventative maintenance by automatically monitoring solar panels.
“Today’s conclusion went extremely well,” said Guido Maria Magliano, VERSES AI, Director of Operations. “In order to unlock the tremendous latent value of autonomous systems, public and private stakeholders need a radically new approach to interoperability, governance and coordination and we believe VERSES platform, running on open standards deployed alongside our partners, proves that the EU’s vision for a smarter world with safer AI powered vehicles has been demonstrated through a wide variety of use cases is now possible, necessary and at hand.“
The FF2020 consortium includes 12 global partners, working in concert to define a governance model, a regulatory framework, a geospatial digital infrastructure, a Digital Toolbox, an Identity of Things (IDoT) scheme and interoperability frameworks for autonomous drones. These deliverables were identified in the scope of the program as foundational to enabling a vast array of unmanned drone use cases including emergency response, surveillance, last mile delivery and taxi drones which collectively represent significant commercial value in efficiency, effectiveness and safety. Straits Research estimates that the commercial drone market is expected to reach USD $1.2 trillion by 2030.
“We’re thrilled with our results of the program and their validation of how VERSES technology has paved the way for legally compliant commercialization – not just for autonomous drones but for autonomous vehicles, sensors and AI powered systems of all kinds,” said Gabriel René, Founder and CEO of VERSES.
Learn more about how VERSES is providing guidance for governments on the importance of governance of Artificial Intelligence by reading “The Future of Global AI Governance,” a recent collaboration between VERSES and DENTONS, the world’s largest law firm.
About VERSES
VERSES is a cognitive computing company specializing in next-generation Artificial Intelligence. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES flagship offering, GIA™, is an Intelligent Assistant for anyone powered by KOSM™, a network operating system enabling distributed intelligence. Built on open standards, KOSM transforms disparate data into knowledge models that foster trustworthy collaboration between humans, machines and AI, across digital and physical domains. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES, LinkedIn, and Twitter.
About Flying Forward 2020
Flying Forward 2020 (FF2020) is a three-year research and innovation project funded by the European Union, under grant agreement number 101006828. The project focuses on creating a state of the art Urban Air Mobility (UAM) ecosystem for autonomous drone missions. It includes a governance model and framework, a regulatory framework, a geospatial digital infrastructure, a Digital Toolbox, an Identity of Things (IDoT) scheme and several interoperability frameworks. The solutions developed during the project will be tested in five living labs across Europe: Eindhoven, Milan, Zaragoza, Tartu and Oulu. For more information, visit www.ff2020.eu.
Media Inquiries on behalf of the Company
Eric Holder, VERSES AI Inc., Director of Communications, press@verses.ai
Investor Relations Inquiries
Leo Karabelas, Focus Communications, President, info@fcir.ca, 416-543-3120
Forward-Looking Statements Cautionary Note
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the Company's ongoing work with autonomous drone flights operating BVLOS through Flying Forward 2020. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will continue working with autonomous drone flights operating BVLOS through Flying Forward 2020, and that the Company’s operations will not be adversely impacted by COVID-19 or the ongoing conflict in Eastern Europe. These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks relating to the Company ceasing its work with autonomous drone flights operating BVLOS through Flying Forward 2020 at any time, adverse changes in funding of Flying Forward 2020 or legislation relating to the autonomous drone flights operating BVLOS, the volatility of global capital markets, political instability, the lack of access to capital or financing when required, the loss of key personnel, the Company could face technology or software disruptions, unanticipated costs, risks related to the COVID-19 pandemic, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets and other risk factors disclosed in the Company’s disclosure record on www.sedar.com under the Company’s profile. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
