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G42 announces US $10M Investment in VERSES

VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) (“VERSES” or the “Company”), a cognitive computing company developing next-generation intelligent software systems announces that it has entered into a funding agreement with Group 42 Holding Ltd (“G42”), a leading UAE-based AI technology group (the “Strategic Investment”).

“G42 has become a global leader in the AI world with a commitment to champion the technology to drive innovation and progress for every industry and society worldwide. VERSES shares this mission and we are excited and honored to announce this strategic investment to support our shared goal of ensuring that AI becomes smarter, safer, and more sustainable.” said Gabriel René, founder and CEO of VERSES.

Pursuant to the Strategic Investment, G42 has invested US$10,000,000 via a private placement of unsecured convertible debenture units of VERSES (the “Units”). Each Unit will consist of: (i) C$1,000 in principal amount of unsecured convertible debentures (“Convertible Debentures”); and (ii) 500 detachable share purchase warrants (the “Warrants”) to purchase Class A Subordinate Voting Shares of Verses (“Class A Shares”). The Convertible Debentures shall bear interest at a rate of 10% per annum and mature on June 20, 2026 (the “Maturity Date”).

G42 acquired the Verses Securities for investment purposes only and not with a view to materially affecting control of Verses.

Depending upon market conditions and other factors, G42 may, from time to time, acquire or dispose of additional securities of Verses, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Verses.

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G42’s Core42 Launches Compass 2.0

A Next-Generation Enterprise AI Platform – strengthened by Qualcomm Cloud AI 100 Ultra Inference Accelerators 

 

Core42, a G42 Company and leading provider of sovereign cloud, AI infrastructure and services, and Qualcomm Technologies, Inc., a global leader in high performance at low power AI solutions, today announced the launch of Compass 2.0. The Compass platform was soft-launched in January 2024 and has successfully processed approximately 150 billion tokens since its inception.

The Compass 2.0 offering is strengthened by Qualcomm® Cloud AI 100 Ultra inference accelerators and is designed to deliver industry-leading energy efficiency, portability, flexibility, and price performance for customers running modern AI workloads.

Compass is designed to enable customers and partners to use a wide variety of pre-optimized GenAI, Embeddings, Computer Vision, and Natural Language Processing AI models easily through the Compass API. The API now includes Qualcomm’s inference-as-a-service to support pre-trained models and fully containerized and scalable solutions. Additionally, this advanced platform provides Compass 2.0 users with access to many more open-source models, including JAIS, the world’s most performant Arabic Large Language Model, Llama3, as well as Azure OpenAI GPT-4 family models. Compass also enables expert solutions and services from application specialists, unlocking the potential of GenAI for applications such as:

 

  • – Generation of human-like text for personalized multi-lingual conversational agents
  • – Creation of engagement and support assistants to provide 24/7 patient interaction and support
  • – Transformation of data into meaningful insights within recommendation systems that are compliant and deployed in a sovereign cloud
  • – Text-to-Image, Document processing (Translation, Transcription, and Summarization)
  • – Chat with Retrieval Augmented Generation systems
  • – Code Development and Debug

 

Kiril Evtimov, Group CTO of G42 and CEO of Core42, said, “At G42, we collaborate with global technology leaders to deliver transformative capabilities to our customers, partners and the global community. Our joint efforts with Qualcomm Technologies on Compass 2.0 enable rapid deployment and seamless integration of many open-source AI models on an architecture optimized for inferencing.”

“Core42’s Compass 2.0 revolutionizes the field of Generative AI. It enables easy access and deployment while maintaining high standards of privacy and customization. At Qualcomm Technologies, we look forward to continuing our work with G42 to provide high-performance access that elevates language understanding and data analytics to new heights. Through our joint efforts, we hope to empower organizations to enhance patient care, make informed financial decisions, and improve public services,” said Rashid Attar, VP, Cloud Computing, Qualcomm Technologies, Inc.

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G42 Joins Global Tech Leaders in First-Ever AI Safety Commitment

New commitments to develop AI safely have been agreed with 16 AI tech companies spanning the globe.

 

New commitments to develop AI safely have been agreed with 16 AI tech companies spanning the globe, including companies from the US, China and the Middle East, marking a world-first on the opening day of the AI Seoul Summit (Tuesday 21 May).

As two days of talks get underway, Zhipu.ai (China) and the Technology Innovation Institute (UAE) are among companies that have signed up to the fresh ‘Frontier AI Safety Commitments’:

  • Amazon
  • Anthropic
  • Cohere
  • Google / Google DeepMind
  • G42
  • IBM
  • Inflection AI
  • Meta
  • Microsoft
  • Mistral AI
  • Naver
  • OpenAI
  • Samsung Electronics
  • Technology Innovation Institute
  • xAI
  • Zhipu.ai

Where they have not done so already, AI tech companies will each publish safety frameworks on how they will measure risks of their frontier AI models, such as examining the risk of misuse of technology by bad actors.

The frameworks will also outline when severe risks, unless adequately mitigated, would be “deemed intolerable” and what companies will do to ensure thresholds are not surpassed.

In the most extreme circumstances, the companies have also committed to “not develop or deploy a model or system at all” if mitigations cannot keep risks below the thresholds.

On defining these thresholds, companies will take input from trusted actors including home governments as appropriate, before being released ahead of the AI Action Summit in France in early 2025.

The 16 companies who have agreed to these commitments represent the most significant AI technology companies around the world, including representation from the US and China, the world’s two biggest AI powers.

Prime Minister, Rishi Sunak, said:

It’s a world first to have so many leading AI companies from so many different parts of the globe all agreeing to the same commitments on AI safety.

These commitments ensure the world’s leading AI companies will provide transparency and accountability on their plans to develop safe AI.

It sets a precedent for global standards on AI safety that will unlock the benefits of this transformative technology.

The UK’s Bletchley summit was a great success and together with the Republic of Korea we are continuing that success by delivering concrete progress at the AI Seoul Summit.

Technology Secretary Michelle Donelan said:

The true potential of AI will only be unleashed if we’re able to grip the risks. It is on all of us to make sure AI is developed safely and today’s agreement means we now have bolstered commitments from AI companies and better representation across the globe.

The UK is a world leader when it comes to AI safety, and I am continuing to galvanise other nations as we place it firmly on the global agenda and capitalise on the Bletchley Effect.

With more powerful AI models coming online, and more safety testing set to happen around the world, we are leading the charge to manage AI risks so we can seize its transformative potential for economic growth.

Republic of Korea Minister Lee said:

Ensuring AI safety is crucial for sustaining recent remarkable advancements in AI technology, including generative AI, and for maximizing AI opportunities and benefits, but this cannot be achieved by the efforts of a single country or company alone.

In this regard, we warmly welcome the ‘Frontier AI Safety Commitments’ established by global AI companies in collaboration with the governments of the Republic of Korea and the UK during the ‘AI Seoul Summit’, and we expect companies to implement effective safety measures throughout the entire AI lifecycle of design, development, deployment and use.

We are confident that the ‘Frontier AI Safety Commitments’ will establish itself as a best practice in the global AI industry ecosystem, and we hope that companies will continue dialogues with governments, academia, and civil society, and build cooperative networks with the ‘AI Safety Institute’ in the future.

These commitments build on the groundbreaking agreements made with leading AI tech companies at Bletchley Park during the first AI Safety Summit six months ago, as well as other existing commitments such as the US Voluntary Commitments and the Hiroshima Code of Conduct.

Tino Cuellar, President of the Carnegie Endowment for International Peace said:

As the world continues to wrestle with opportunities and risks from frontier AI models, governments, private actors, and civil society all have key roles to play and must find productive ways to work together. Efforts like the safety commitments announced at the Seoul Summit will play a central role in strengthening effective governance and helping countries strike a sensible balance between innovation and safety.

Tom Lue, General Counsel and Head of Governance, Google DeepMind said:

These commitments will help establish important best practices on frontier AI safety among leading developers. The agreement demonstrates the value of focused international Safety Summits, where scientifically-grounded conversations can take place.

Reid Hoffman, co-founder of LinkedIn and Inflection.AI, said:

AI is and will make massive improvements to human life and work. But it is also very important to navigate the risks. That’s why these commitments are such a crucial step forward in managing the most severe risks of advanced AI.”

We applaud the UK and Republic of Korea for ensuring that developers globally implement the state of the art in frontier AI safety. We look forward to discussing our safety framework alongside other companies at the upcoming France AI summit.

Peng Zhang, CEO of Zhipu.ai said:

Artificial General Intelligence (AGI) holds the promise of transforming numerous aspects of our lives, but with this advanced technology comes the crucial responsibility of ensuring AI safety. As we delve deeper into the realms of AGI, it is imperative that we prioritize the development of robust safety measures to align AI systems with human values and ethical standards, thereby safeguarding our future in an AI-driven world.

Professor Yoshua Bengio, World leading AI researcher, Turing Prize winner, Lead author of the International Scientific Report on the Safety of Advanced AI, said

I am pleased to see leading AI companies from around the world sign up to the Frontier AI Safety commitments. In particular, I welcome companies’ commitments to halt their models where they present extreme risks until they can make them safe as well as the steps they are taking to boost transparency around their risk management practices.

This voluntary commitment will obviously have to be accompanied by other regulatory measures, but it nonetheless marks an important step forward in establishing an international governance regime to promote AI safety.

Ben Garfinkel, Director, Centre for the Governance of AI said:

These commitments represent a crucial and historic step forward for international AI governance. My expectation is that they will speed up the creation of shared standards for responsible AI development, help the public to judge whether individual companies are doing enough for safety, and support informed policy making around the world.

David Zapolsky, Senior Vice President of Global Public Policy and General Counsel, Amazon said:

Amazon is proud to endorse the Frontier AI Safety Commitments, which in many ways represent the culmination of a multi-year effort to establish global norms for the safe, secure, and trustworthy development and deployment of frontier AI. As the state of the art of AI continues to evolve, we agree that it is important for companies to provide transparency about how they are managing potential risks of frontier models and honoring their global commitments.

Ya-Qin Zhang, Chair Professor and Dean, Institute for AI Industry Research, Tsinghua University

I strongly welcome the world’s leading AI companies committing to managing the most severe risks posed by frontier models. These commitments by a diverse group of Chinese, American and international firms represent significant step forward on the public transparency of AI risk management and safety processes.

Gillian Hadfield, Schwartz Reisman Chair in Technology and Society at the University of Toronto said:

While the capabilities of emerging models are rapidly evolving, it is clear that the public and government leaders lack visibility to be able to assess and mitigate the risks posed by frontier AI models. The Frontier AI Safety Commitments represent a significant step towards tangible and effective regulation of AI, demonstrating a joint commitment to best practices in AI safety, increasing public transparency, and offering flexibility to allow for change as the landscape evolves.

Anna Makanju, VP of Global Affairs, OpenAI said:

The Frontier AI Safety Commitments represent an important step toward promoting broader implementation of safety practices for advanced AI systems, like the Preparedness Framework OpenAI adopted last year.

The field of AI safety is quickly evolving and we are particularly glad to endorse the commitments’ emphasis on refining approaches alongside the science. We remain committed to collaborating with other research labs, companies, and governments to ensure AI is safe and benefits all of humanity.

Chris Meserole, Executive Director, Frontier Model Forum said:

The commitments announced today are a significant step forward for frontier AI safety – proactively identifying, assessing and managing risks is essential to the safe development and deployment of the most capable AI systems. We look forward to working with industry, government, and the scientific community to turn the commitments into practice.

Dr. Najwa Aaraj, CEO, Technology Innovation Institute said:

The age of AI has arrived and the opportunities for society are immense. The power of generative AI and large language models is already transforming industries, but for us to reap the maximum benefit, we must keep trustworthiness and safety at the core of the technology’s development. The Technology Innovation Institute is a firm believer of trust and secure AI, committed to open source its large language models, and I am delighted to join the other global AI players here in Seoul to discuss and outline the roadmap for AI and set the direction for a safe but prosperous future for us all.

Dan Hendrycks, Safety Advisor to xAI said:

These voluntary commitments establish that the major AI companies around the globe agree on basic safety standards. This helps lay the foundation for concrete domestic regulation.

Professor Yi Zeng, Director of Center for Long-term AI, China, said:

These commitments should not only be welcomed in principle, but also be supported for actions. Assessing risks across the full lifecycle of AI and setting out risk thresholds for meaningful, effective and sufficient human control are the cores for raising the levels of safety for Frontier AI.

Experiences for actionable risk assessment need to be shared broadly so that mistakes do not repeat again and again across different institutes, companies, and countries. Thresholds need to be interoperable so that we are weaving a web of safe AIs, ensuring the safety not only for the self, but also for others, and for all of humankind.

Brad Smith, Vice Chair and President, Microsoft said:

In 2016, Microsoft began the work to implement a principled and human-centered approach to advancing AI systems in a safe, secure, and trustworthy manner. The Frontier AI Safety Commitments are an important acknowledgement of how safety frameworks must help to address risks that may emerge at the frontier of AI development, especially as their capabilities advance. The tech industry must continue to adapt policies and practices, as well as frameworks, to keep pace with science and societal expectations.

Christina Montgomery, Chief Privacy and Trust Officer, IBM:

IBM believes that effective regulation coupled with corporate accountability will allow businesses and society at large to reap the benefits of AI. As such we are proud to continue our international engagement and our commitment to safe and responsible development of these technologies via the AI Seoul Summit.

Brian Tse, Founder and CEO, Concordia AI, Beijing-based social enterprise focused on AI safety and governance, said:

The Frontier AI Safety Commitments represent a crucial step forward in the risk management of advanced AI models. Building on the foundation laid by the Bletchley Declaration, the Commitments hold frontier AI developers accountable for the risks posed by their most powerful systems. I look forward to working with AI developers, governments, third-party evaluators, and other stakeholders to ensure the highest standards of AI safety are upheld for the benefit of humanity.

Beth Barnes, founder and head of research at METR, globally leading research non-profit for Frontier AI model safety, said:

We think it’s vital to get international agreement on the “red lines” where AI development would become unacceptably dangerous to public safety without adequate mitigation. We’re excited to see many parties agreeing to set out such red lines in the Frontier AI Safety Commitments. We admire the UK and South Korea’s leadership in establishing these commitments.

Michael Sellitto, Head of Global Affairs at Anthropic said:

The Frontier AI safety commitments underscore the importance of safe and responsible frontier model development. As a safety-focused organization, we have made it a priority to implement rigorous policies, conduct extensive red teaming, and collaborate with external experts to make sure our models are safe. These commitments are an important step forward in encouraging responsible AI development and deployment.

Nick Clegg, President, Global Affairs at Meta said:

Ensuring that safety and innovation go hand and hand is more critical than ever as industry makes massive strides in developing AI technology. To that end, since Bletchley last year, we’ve launched our latest state-of-the-art open source model, Llama 3, as well as new open-source safety tooling to ensure developers using our models have what they need to deploy them safely. As we’ve long said, democratizing access to this technology is essential to both advance innovation and deliver value to the most people possible. Ahead of next year’s Summit, we look forward to continued streamlining of international initiatives to ensure a global approach to responsible AI.

Aidan Gomez, Co-founder and CEO of Cohere said:

We are grateful for the UK and Republic of Korea’s leadership developing a framework to address potential risks associated with frontier AI models. Cohere is encouraged that in the months since Bletchley Park, the UK, and the industry generally, have increasingly focused on the most pressing concerns, including mis- and dis- information, data security, bias and keeping humans in the loop. It is essential that we continue to consider all possible risks, while prioritizing our efforts on those most likely to create problems if not properly addressed.

Kiril Evtimov, Group CTO, G42, said:

G42 is proud to join this coalition of companies dedicated to advancing AI safely and responsibly. By committing to rigorous safety frameworks and transparent governance, we are not only safeguarding our technological advancements but also paving the way for a future where AI benefits all of humanity. This agreement underscores our collective responsibility and the power of international collaboration in shaping the ethical development of AI.

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G42 and Microsoft announce $1 billion comprehensive digital ecosystem initiative for Kenya

Largest single private-sector digital investment in Kenya’s history will support economic development across East Africa

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Microsoft Corp. and G42 on Wednesday announced a comprehensive package of digital investments in Kenya, as part of an initiative with the Republic of Kenya’s Ministry of Information, Communications and the Digital Economy.

In collaboration with Microsoft and other stakeholders, G42 will lead the arrangement of an initial investment of $1 billion for the various components outlined in the comprehensive package. One of the Kenyan investment priorities is a state-of-the-art green data center that will be built by G42 and its partners to run Microsoft Azure in a new East Africa Cloud Region.

The initiative will include four additional pillars that will be pursued with local partners: (1) local-language AI model development and research; (2) an East Africa Innovation Lab coupled with broad AI digital skills training; (3) international and local connectivity investments; and (4) collaboration with the government of Kenya to support safe and secure cloud services across East Africa.

A letter of intent formalizing the relationship will be signed on Friday as part of Kenyan President William Ruto’s state visit to the United States of America, the first state visit to Washington, D.C., by a sitting African head of state in nearly two decades. The letter of intent will be signed between Microsoft, G42 and Kenya’s Ministry of Information, Communications and the Digital Economy, and was crafted with the assistance of the governments of the United States and the United Arab Emirates.

Sustainable data center infrastructure and new East Africa cloud region

As part of the agreement, G42, in collaboration with local partners, will design and build a state-of-the-art data center campus in Olkaria, Kenya, run entirely on renewable geothermal energy and designed with state-of-the-art water conservation technology. The data center will run on and provide access to Microsoft Azure through a new East Africa Cloud Region, which will become operational within 24 months of the signing of the definitive agreements.

This cloud region will provide customers access to scalable, secure, high-speed cloud and AI services to accelerate cloud adoption and the digital transformation of businesses, customers and partners across Kenya and East Africa.

His Excellency, President, Dr. William Samoei Ruto, stated that, “This partnership is bigger than technology itself. It is about coming together of three countries with a common vision of a nation empowered by technology, where every citizen has the opportunity to thrive in the global digital landscape. It’s about building a future where Kenya flourishes as a digital leader.”

The President emphasized, “In the spirit of mutual growth and shared prosperity, this LOI is a stepping stone toward a brighter, more connected and digitally empowered future for the USA, Kenya and the UAE. It embodies our collective aspiration to bridge the digital divide, accelerate technological innovation, and pave the way for a thriving digital economy that benefits the entire African continent and beyond.”

“This partnership between two companies and three countries highlights a real opportunity to bring digital technology to the Global South in a safe and secure manner,” said Brad Smith, vice chair and president of Microsoft. “This represents the single largest and broadest digital investment in Kenya’s history and reflects our confidence in the country, the government, its people and the future of East Africa.”

Peng Xiao, group chief executive officer of G42, said: “In partnership with Microsoft, we are excited to work with the Kenyan government to usher in a transformative era for the digital ecosystem in Kenya and the region. By establishing a green data center and developing AI tailored to the local culture, G42 is committed to fostering sustainable technological growth. This initiative will empower the Kenyan government and communities with robust, secure cloud services and AI capabilities, providing the foundation for a thriving digital economy across the region.”


Development of Swahili/English AI models and launch of AI societal services

To support national economic growth and development and support Kenya’s unique cultural and linguistic needs, G42 has begun work through its data infrastructure in the United States to train an open-source large language AI model in Swahili and English. To build on this and help accelerate advanced research in Kenya, Microsoft and G42 will increase their combined collaboration and support for local universities, through the Microsoft Africa Research Institute, the Microsoft AI for Good Lab, the Mohammed Bin Zayed University of Artificial Intelligence in Abu Dhabi, and select universities from Kenya and East Africa.

Microsoft’s AI for Good Lab in Nairobi will use AI technology to work with nonprofit organizations and other partners to help address economic and societal priorities across East Africa. This will include work to enhance food security by using advanced AI techniques to make site-specific fertilizer recommendations that increase agricultural productivity while minimizing environmental impacts. It will also include support for The Nature Conservancy (TNC), using AI high-resolution satellite data to monitor and reduce water risks for downstream wildlife and communities in northern Kenya.

In addition, collaborating with the Kenya Red Cross Society, Kenya Space Agency and National Disaster Management Unit, the AI for Good Lab will work to improve climate resilience by applying AI models to high-resolution satellite data for both disaster preparedness and disaster response. And in collaboration with the Smithsonian and Kenya Wildlife Trust, the Lab will use high-resolution satellite imagery and AI to monitor wildlife populations and track livestock expansion near protected areas in East Africa.

East Africa Innovation Lab and skilling support

Microsoft and G42 will launch and operate an East African Innovation Lab in Nairobi to help Kenyan and other East African startups, entrepreneurs, companies and organizations develop and implement cloud and AI services. The East Africa Innovation Lab will provide design sessions and rapid prototyping using Microsoft tools and technology, with skilling and mentorship support from Microsoft developers who work in the company’s Africa Development Center, which has 500 employees in Nairobi.

To help accelerate digital adoption, Microsoft and G42 will collaborate with a wide array of local partners to provide a range of digital and AI skills across Kenyan society and create a future-ready workforce. This will include offering digital and AI skilling programs to all government employees, a cybersecurity skilling program for more than 2,000 people per year, and a business skilling program for young entrepreneurs aged 18 to 24. The two companies will expand on ongoing relationships and work with the Kenya Private Sector Alliance, Stanbic Kenya Foundation, MPESA Foundation, UNDP Kenya, Young African Leaders Initiative, Jomo Kenyatta University of Agriculture and Technology, and the United States International University-Africa.

Internet connectivity

Kenya’s Ministry of Information, Communications and the Digital Economy will continue to expand work with Microsoft and G42 to broaden internet connectivity. G42 and its UAE ecosystem partners will leverage their resources to support Kenya’s development of international and domestic marine and terrestrial fiber cable infrastructure.

Microsoft will continue to expand its work to bring last-mile wireless internet access to 20 million people in Kenya and 50 million people across East Africa by the end of 2025. This will build on the company’s partnerships with Mawingu Networks, Liquid, CSquared and other local partners in Kenya. It will also include work with M-KOPA, one of the largest providers of solar home systems globally. As part of a fintech financing platform, M-KOPA has pioneered a pay-as-you-go model for smartphones ownership, with 2 million devices sold to date across the region.

Digital safety, privacy and security

Microsoft and G42 will work with the government of Kenya and will design and operate the new East Africa cloud region as part of a “trusted data zone” based on global standards to protect digital safety, privacy and security. With technical assistance and support from G42 and Microsoft, Kenya will establish the new data center as part of a “trusted data zone” under which data from other countries may be governed by their local laws, even while stored and resident in Kenya.

Kenya will utilize the new data center and cloud services for governmental and citizen services, and it will provide government support by adopting a “cloud-first” policy like those enacted in other countries to permit and encourage the government, its agencies, state-owned enterprises and other local entities to move their data and computing services to the cloud.

The parties will also work together to pursue the steps needed to ensure Kenya has sufficient contractual and technical assurances to support trusted digital and sovereign cloud services from the UAE, to facilitate rapid digital transformation even before the completed construction of the G42-Microsoft services in Kenya itself.

Microsoft will provide cybersecurity assistance and support to its customers in Kenya and across East Africa, including through the Microsoft Threat Intelligence Center (MSTIC) and the Microsoft Threat Analysis Center (MTAC).

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.