$3 million in bridge capital has been raised by Verofax, an Abu Dhabi-based provider of Web3 services.
Trove Capital UK, Plug & Play Tech Center, Navig8 Group, and King Abdullah University for Science and Technology were the round’s leaders. Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC were among the other participants.
The company will use the funds to execute its planned projects in the EU and the Middle East, such as sports fan guides in the EU and North America and AI-powered guides in the GCC.
With the help of patented Web3 technologies like augmented reality, blockchain, and artificial intelligence, Verofax, led by CEO Wassim Merheby, creates “Elevated tourist, shopper, and brand marketing experiences.”
Retailers, sports arenas, and other venues can use these technologies to enhance customer interaction, boost conversion rates, and encourage social media virality. Brands can create stronger customer relationships and improve the results of AI and AR experiences by involving customers directly and utilizing gamification.
Verofax products, which are applicable to a variety of industries, including retail, tourism, and sports, are currently used by well-known companies like Anheuser Busch Inc. and Emirates Airlines.
Wassim Merheby, CEO of Verofax, said, “Our solution helps tourists elevate their experiences, unlock personalised discounts and offer gamified ‘Explore to Win’ sponsored games in augmented reality. This allows enterprises and brands to sponsor and elevate their marketing efficiency, power direct-to-consumer communication and deliver amazing experiences to drive growth and boost loyalty. We are thrilled to be joined by strategic investors that will help us accelerate our AI guide solution and AR gamified experiences and grow through their collective network and with their advice.”
Verofax leverages patented Web3 technologies such as augmented reality, artificial intelligence, and blockchain to deliver “elevated tourist, shopper, and brand marketing experiences”.
This increases conversion and social virality by enabling travel destinations, shops, and sports stadiums to create interactive experiences. Brands can achieve unprecedented results from AI and AR experiences and deepen their relationship with consumers by gamifying and involving them directly.
Verofax has won multiple awards for its use of AI in the retail and travel sectors, and to date, it has generated over $3 million in sales for Fortune 100 companies across 50 nations.
