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Saturday, May 4
Is this AI OS Powering the Next Logistics Based Amazon?
5 Minute Read - Dec 09, 2022
KEY POINTS
- The company has attracted some of the largest organizations in the world as both customers and partners
- Verses underlying protocols are set to become the de facto global standard of for Web 3.0 and Spatial Computing
- VERSES’ AI Operating System is into revenue and optimizing the supply chain and warehousing sector
- They nearly doubled the efficiency of their first client's warehouses, and now receive US$2.5M per year with a 10 year contract
Canada: (NEO:VERS) USA: (OTCQX:VRSSF)
AI OS set to change the face of computing
Renowned theoretical neuroscientist and leading authority on brain imaging to lead VERSES research and application of Active Inference – Read Press Release
November 28, 2022 – Blue Yonder (largest warehouse management system in the world) just validated Wayfinder and will be reselling it to their 3,500 strong client base – Read Press Release
What you are about to read is a summary on a leading-edge company called VERSES Technologies. VERSES has developed an AI-powered OS. The company’s first use case is generating million-dollar contracts optimizing supply chain logistics and warehousing efficiency. We know your time is valuable, but due to the ground-breaking and globally transformative nature of this company, We urge you to keep reading.
The VERSES team created the underlying protocols that have been classified by the IEEE as a Public Imperative. For reference, the IEEE is the largest electronics electrical and electronic standards body which standardized Bluetooth, Ethernet and Wifi.The Spatial Web protocols are projected to be ratified as the global de facto standard for Web 3.0/Spatial Computing within 18 months. These open protocols give AI true human-like context to the world and act as an interoperable mesh between the physical and digital worlds. As of right now, the working group on this consists of over 100 members with many representatives from Fortune 500, Global 1000, government entities and thought leaders. Jay Samit, former Vice Chair of Deloitte and current Chair of VERSES had the following to say: “The impact of the Spatial Web will dwarf that of the Internet and change how we live, work and thrive.”
Every twenty years or so, a step-change in technology happens. This is that moment.
While the platform they are building out with their OS is formidable, they wanted to prove that they could go vertical and generate revenue here and now. For spatial applications, logistics was the lowest hanging fruit.
One of the most frequent queries that come up when presenting Verses’ logistics solutions and the automation of warehouse operations with its Wayfinder application is, “aren’t most modern warehouses fully robotic, like Amazon?”
There is a great kernel in that question. Approximately 92% of global warehouses are not automated but rather rely human workers for their operations. It can take an 8-plus figure investment in one of an overabundance of robotics solutions to automate a warehouse, and even then, the full scope of ROI’s may not be known for years. Additionally, such systems are siloed, walled gardens; closed loops that are not interoperable with other robotics systems, meaning that continued investment will need to be made to simply “keep up.”
Can automation in the global supply chain make you a profit?
By directing warehouse workers in the most efficient pathways, individual picking performance for these NRI workers has improved by up to 40%.
Now, we want to share with you why we believe that VERSES is on a similar trajectory to that of Amazon. Like Amazon, VERSES is starting with one of the simplest things – moving boxes around warehouses more efficiently. VERSES has attracted some of the biggest names in business. VERSES first client was NRI, a warehouse group with 18 facilities across Canada and the US that does approximately US$100M in annual sales and makes about US$8M profit per year. VERSES has now deployed Wayfinder in 15 of their locations. The first warehouse took months to deploy, and they now have installation down to under a week. Between the improvements in picking and the AI reorganizing the slotting of products, they nearly doubled the efficiency of NRI’s warehouses, resulting in an average of US$8M of annual savings and VERSES receiving approximately ~US$2.5M per year for their work, for a decade, because of the incredible impact they are making on NRI’s business. Further, in non-financial terms (and because people aren’t robots, though VERSES tech applies to those, too), the employee satisfaction has gone way up. Both training time and turnover are lower, as well.
Beyond their first major client, they have paid pilots and expect incoming multi-year contracts from a laundry list of marquee Fortune 500 and Global 1,000 clients.
From A Small Acorn, An Oak Tree
One of the most frequent queries that come up when presenting Verses’ logistics solutions and the automation of warehouse operations with its Wayfinder application is, “aren’t most modern warehouses fully robotic, like Amazon?”
There is a great kernel in that question. 92% of global warehouses are not fully automated. It takes an 8-plus figure investment in one of an overabundance of robotics solutions to automate a warehouse, and even then, the full scope of ROI’s may not be known for up to half a decade. Additionally, such systems are siloed, walled gardens; closed loops that are not interoperable with other robotics systems, meaning that continued investment will need to be made to simply “keep up.”
Now, we want to share with you why we believe that Verses is on a similar trajectory to that of Amazon. Like Amazon, Verses is starting with one of the simplest things – moving boxes around warehouses more efficiently. Verses has attracted some of the biggest names in business. Verses’ first client was NRI, a warehouse group with 18 facilities in Canada and the US that does US$100M in annual sales and makes about US$8M per year. Verses has now deployed Wayfinder in all of their locations. The first warehouse took months to deploy, and they now have installation down to under a week. Between the improvements in picking and the AI reorganizing the slotting of products, they nearly doubled the efficiency of NRI’s warehouses, resulting in US$8M of annual savings and Verses is now receiving ~US$2.5M per year for their work, for a decade, because of the incredible impact they have made on NRI’s business. Further, in non-financial terms (and because people aren’t robots, though Verses’ tech applies to those, too), the employee satisfaction has gone way up. Both training time and turnover are lower, as well.
Below is a customer success story from NRI’s own employees.
Is the "Spatial" web the next definition of Web 3.0?
There is a reason that over 100 companies are lined up to work with VERSES, including many Fortune 500 and Global 1,000 companies. VERSES cracked the code for logistics and, in our view, will be a key part of solving the world’s supply chain crisis. Based on the “Green Grass” of what VERSES logistics is doing, this has incredible potential and we believe the next 6-12 months will demonstrate that potential as they convert pilots to contracts, and bring on integration partners and resellers who will begin to scale them to the equivalent of hundreds, then thousands of companies like NRI.
All that said, their aforementioned OS, KOSM (the first AI OS) and the underlying open standard Spatial Web protocols they’ve invented go far beyond that. From a warehouse to a port, a factory, a city, a country, the technology and the spatialized, contextually aware capabilities of KOSM could enable an entirely new era of next-generation intelligent applications. Once the implications of the Spatial Web and its protocols are understood, it becomes one of those “it’s so obvious” things, just as the internet, smartphones and all the other tech we now take for granted. The Spatial Web is just now coming into the vernacular, and we believe it is indeed the next big thing, the next era of computing. Like Amazon Web Service and cloud computing today, KOSM and its context-aware computing capability is positioned to become the next big computing platform.
This is the inflection point. Beyond the Wayfinder application, there are multiple other apps VERSES is developing for manufacturers, retailers, and even smart cities. The “Blue Sky” however, as mentioned above, is that KOSM is being built on the new Spatial Web protocols which are being standardized by the IEEE as the new global de facto standard for Web 3.0 and Spatial Computing. This is important because it positions KOSM as the default platform for Global 1000 corporations, international system integrators, and millions of software developers to develop AI-driven applications. Not merely because of the ability KOSM enables to more easily add AI to applications, but also because the default interoperability features of the standards give them a leapfrog opportunity while guaranteeing future interoperability. We believe this gives VERSES a good 5-year head start and will place them at the center of the market as the go-to platform for the development and deployment of smarter applications for everything.
Like Amazon, VERSES is one of those uniquely positioned companies, at the right time and the right place. Like Bezos, the VERSES leadership understood from the beginning the implications of the broader technology trends on the market, and like Bezos, they specifically selected a target market to disrupt to demonstrate this. But there was always more to the plan. There is an old saying, “the oak tree is in the acorn” – what this means is that the blueprint, the genetic design for an oak tree to grow to its full size and promise, is already inside of the acorn, and all that is needed is good soil and the right amount of sun and rain. That early Amazon acorn had a trillion-dollar oak tree in it, and we believe that VERSES may as well. From humble beginnings to the operating system for everything.
Canada: (NEO:VERS) USA: (OTCQX:VRSSF)
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