• UAE-based Web3 services provider Verofax has raised $3 million in bridge round, led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.
• Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax uses Web3 technologies such as augmented reality, blockchain, and artificial intelligence to enhance tourist, shopper, and brand marketing experiences.
• The funding will aid Verofax’s to develop its projects in the Middle East and the EU, including AI-powered guides for the GCC and sports fan guides in the EU and North America.
• In 2022, Verofax raised $1.5 million in a pre-Series A round, led by Benson Oak Ventures, with 500 Global, Wami Capital, and Vernalis Capital.

Source: Startup Rise

The Abu Dhabi-based Web3 services provider Verofax has raised $3 million in bridge capital.

Leads in the round were King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.

The money will be used by the company to carry out its planned 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.

Verofax, led by CEO Wassim Merheby, uses patented Web3 technologies like augmented reality, blockchain, and artificial intelligence to create “Elevated tourist, shopper, and brand marketing experiences.”

These technologies allow retailers, sports stadiums, and destinations to make their experiences more interactive, increase conversion, and promote social virality. Through direct involvement and the use of gamification, brands can establish a closer relationship with their customers and achieve better outcomes from AI and AR experiences.

Leading companies such as Anheuser Busch Inc. and Emirates Airlines currently use Verofax products, which are applicable to a variety of industries, including retail, tourism, and sports.

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.”

In order to provide “elevated tourist, shopper and brand marketing experiences,” Verofax uses patented Web3 technologies like blockchain, augmented reality, and artificial intelligence.

This allows travel destinations, retailers, and sports stadiums to make their experiences interactive in order to increase conversion and social virality. Through direct involvement and gamification, brands can increase consumer intimacy and get unparalleled outcomes from AI and AR experiences.

Verofax has received numerous accolades for using artificial intelligence in the retail and tourism industries, and it has made over $3 million in sales for Fortune 100 firms in 50 different countries so far.