Verofax Raises $3 Million to Develop Cutting-Edge AI-Powered Solutions in the Middle East and EU

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.

The newly acquired funds will support Verofax's upcoming projects in the Middle East and the European Union. These projects include the development of AI-powered guides in the GCC region and sports fan guides in the EU and North America.

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 venues, and destinations to create more interactive and engaging environments, boosting customer interaction, conversion rates, and social media virality. By incorporating gamification, brands can forge stronger connections with their customers, leading to improved outcomes from AI and AR-driven experiences.

Verofax’s products are already being utilized by major companies like Anheuser Busch Inc. and Emirates Airlines across various sectors, including retail, tourism, and sports.

Source: Startup Rise Asia