August 29, 2024
Verofax, a Web3 services provider based in Abu Dhabi, has secured $3 million in bridge funding. The funding round was led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK, with additional participation from Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC. This capital will support Verofax’s projects in the Middle East and the EU, including AI-powered guides in the GCC and sports fan guides in the EU and North America.
Project | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|
Verofax | August 29, 2024 | Bridge Round | King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK | Web3 |
Under the leadership of CEO Wassim Merheby, Verofax leverages patented Web3 technologies such as augmented reality, blockchain, and artificial intelligence to enhance tourist, shopper, and brand marketing experiences. These technologies enable retailers, sports stadiums, and destinations to create more interactive experiences, boost conversion rates, and increase social virality. By incorporating gamification and direct engagement, brands can foster closer relationships with their customers and achieve better results from AI and AR experiences.
Prominent companies like Anheuser Busch Inc. and Emirates Airlines use Verofax products, which are applicable across various industries, including retail, tourism, and sports.
Wassim Merheby highlighted that their solution helps tourists enhance their experiences, unlock personalized discounts, and participate in gamified “Explore to Win” sponsored games in augmented reality. This approach allows enterprises and brands to improve marketing efficiency, enhance direct-to-consumer communication, and deliver exceptional experiences to drive growth and loyalty. The strategic investors’ support will help Verofax accelerate its AI guide solution and AR gamified experiences, leveraging their networks and expertise.
Verofax has received numerous accolades for its use of artificial intelligence in the retail and tourism sectors and has generated over $3 million in sales for Fortune 100 companies in 50 countries.
About Verofax
Verofax is a tech company that uses advanced technologies like AR, blockchain, and AI to improve customer experiences. They help retailers, sports venues, and tourist spots create interactive and engaging experiences. Their tools make marketing more efficient and boost customer loyalty by personalizing interactions. Verofax makes it easy for companies to benefit from Web3. They offer services like managing NFTs, creating tokenized loyalty programs, providing AR experiences at events, and virtualizing brand ambassadors.
Website: https://www.verofax.com/
About Investor
The funding round was led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK, with additional participation from Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.
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