Predictive AI company Veriluma ready for second shot on ASX
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Veriluma (ASX:VRI), which provides innovative prescriptive and predictive AI analytics software solutions, is ready for a second life on the ASX after an oversubscribed recapitalisation.
The company has been working diligently to re-emerge on the local bourse after it was suspended and then placed into voluntary administration in 2017.
And after closing an oversubscribed $5.4m capital raise, backed by Taurus Capital and King Corporate, it now has the fundamentals in place for business, product development and marketing activities.
Veriluma relists on Monday September 9, after issuing the maximum 180 million shares that were subscribed for under its offer.
Izzy Whitelock, managing director of Veriluma, said the company had enjoyed a successful few months on the business development side, including securing a three-year contract to supply the Australian Department of Defence with software and services.
“As part of that we will be supporting them with training, mentoring and consulting,” she told Stockhead. “It is a major boost to our position.
“We have also greatly expanded our team, including a wealth of appointments to our advisory board, as well as investments in sales and marketing. We’ve established our UK business unit, so we are kicking some really fantastic goals.
“We are absolutely right and ready to relist, we’ve given the company some rocket fuel to take off in the direction it needs to go.
“The market is now more accepting of AI than ever before and we’re well-stocked in terms of cash and people.”
Veriluma’s technology allows for highly useful predictive analytics, melding both an objective and subjective approach, according to Whitelock.
The company also has an added advantage in that it is able to create analytics even if a client is low on data.
It is currently being white-labelled by tech startups AVVA and Marketlend as a way of providing accurate estimations of the likelihood of business success.
“The product is capable of providing answers and insight to various questions and problems that people have across a wide range of industries and sectors,” Whitelock said.
“We’re able to say how likely something is to happen, and then also how confident we are in that outcome being reached. It is very stable and produces wonderfully accurate results.”
Whitelock said the company was also examining expanding the platform to include complementary AI and analytics technology and services to increase the company’s revenue streams.