Vancouver, BC - August 16, 2022 (GLOBE NEWSWIRE) - 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 VERSES
VERSES 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 Consortium
Digital 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 the Object Management Group. For more information, visit https://www.digitaltwinconsortium.org.
On Behalf of the Company
Gabriel René
VERSES Technologies Inc.
Co-Founder & CEO
Media and Investor Relations Inquiries
Leo Karabelas
Focus Communications
President
info@fcir.ca
416-543-3120
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.
NEO 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.