VERSES Joins the Digital Twin Consortium®
August 16 2022 - 8:00AM
VERSES Technologies Inc. (NEO:VERS) ("VERSES" or the Company), a
contextual computing platform provider, announces that it has
become a member of the Digital Twin Consortium, an international
organization based in North America dedicated to creating
collaborative partnerships between digital twin users and experts
working in industry, government, academia and the tech sector. As a
member of the Consortium, VERSES may collaborate with members like
Google, HSBC, Microsoft, Kaiser Permanente and Esri across a range
of industries including academia and research; aerospace and
defense; agriculture; engineering; construction; healthcare and
life sciences; manufacturing; mobility and transportation; natural
resources, and such other industries currently supported by the
Digital Twin Consortium that are investing in and promoting the
benefits of digital twins and related technologies.
A digital twin provides a virtual representation of an object or
system that spans its lifecycle, is updated from real-time data,
and uses simulation to help guide decision-making. As the digital
twin market continues to grow, a challenge companies face is to
rapidly generate and deploy digital twins as a real time data
source for visibility, simulation, and performance improvement. As
reported by Research and Markets, the digital twin market is
expected to grow from $6.9 billion in 2022 to USD $73.5 billion by
2027; however, according to Accenture research many companies could
be missing out on 35-65% of possible value and failing to realize a
maximum return on their digital twin investments. The Digital Twin
Consortium was formed to help companies overcome this utilization
challenge as well as develop industry-best practices to improve the
long-term adoption and performance of digital twins in a variety of
industries.
“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,” said Gabriel René, Founder and CEO of VERSES. “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.”
“We are delighted to welcome VERSES as a member of the Digital
Twin Consortium,” said Dan Isaacs, CTO, 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.”
About VERSESVERSES is a next-generation AI
company providing foundational technology for the contextual
computing era. Modeled after natural systems and the design
principles of the human brain and the human experience, VERSES’
flagship offering, COSM™, is an AI Operating System for enhancing
any application with adaptive intelligence. Built on open
standards, COSM transforms disparate data into a universal context
that fosters 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 Digital Twin ConsortiumDigital Twin
Consortium® is The Authority in Digital Twin. It coalesces
industry, government, and academia to drive consistency in
vocabulary, architecture, security, and interoperability of digital
twin technology. It advances digital twin technology in many
industries, from Aerospace to natural resources. Digital Twin
Consortium® is a program of Object Management Group. For more
information, visit https://www.digitaltwinconsortium.org.Note to
editors: Digital Twin Consortium is a registered trademark of
OMG. See listing of all OMG trademarks. All other trademarks
are the property of their respective owners.On Behalf of
the Company Gabriel RenéVERSES Technologies Inc.Co-Founder
& CEO323-314-0678Media and Investor Relations
Inquiries Leo KarabelasFocus
CommunicationsPresidentinfo@fcir.ca416-543-3120NEO Exchange has not
reviewed or approved this press release for the adequacy or
accuracy of its contents. 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
collaboration with other members of the Digital Twin Consortium,
the expected benefits and purpose of the Digital Twin Consortium,
the Company's involvement with certain industries pursuant to its
membership in the Digital Twin Consortium and the expected growth
and future challenges of the digital twin market. 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 to be an active member of the
Digital Twin Consortium, that the Digital Twin Consortium will
provide the expected benefits, that the digital twin market will
grow at the rate and in the manner expected, that the Company will
be successful in collaborating with other industry members, that
the Company will be successful in the deployment of its resources
and personnel, that the digital twin technology will continue to be
adopted and perform as anticipated and that the Company’s
operations and ability to develop its products 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 to be a member of the Digital Twin Consortium
at any time, the failure of the Company to successfully collaborate
with industry members or take advantage of the benefits of the
Digital Twin Consortium, the digital twin technology may not become
widely adopted or may not perform as expected, the impact of
technological inefficiencies, cyber security attacks, adverse
changes in legislation relating to the digital twin market,
increase in competition, 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.
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